Investments & Acquisitions

Air Protein Producer Solar Foods Raises €8M in Oversubscribed Funding Round

Finland’s Solar Foods, a company developing “food out of thin air”, has raised €8 million in an oversubscribed funding round.

The round was conducted via Finnish investment organiser Springvest Oyj, and is the largest to ever take place on the platform. Registration was initially planned to be open until November 10, but the round reached capacity almost two weeks early following “overwhelming demand” from investors.

“We are excited to amplify our impact in the food industry”

Solar Foods will use the funding to ramp up production at its first commercial-scale facility, Factory 01, and commercialise Solein (the company’s protein) in food products. Operations at the facility are expected to begin in the first half of next year.

Solar Foods produces protein by feeding microorganisms with carbon, hydrogen, oxygen, and nitrogen from the air; the hydrogen and oxygen are obtained by using renewable energy to split water. The microorganisms then grow through fermentation in a process said to be up to 20 times more efficient than photosynthesis. The end result is a powder that contains up to 70% protein.

An ice cream made with Solein
Solein ice cream © Solar Foods

“Mark of confidence”

At the start of 2022, Solar Foods received a €10 million investment boost from the Pharmacy Pension Fund of Finland, with the capital contributing to the construction of Factory 01. Solein was tasted by the public for the first time in Singapore in May of this year, marking the first ever tasting event for air-based protein.

The following month, Solar Foods partnered with Japanese food and biotech company Ajinomoto to develop products made from Solein and introduce them globally. Just weeks later, dairy-free chocolate gelato made with Solein was launched at Singapore-based Italian restaurant Fico.

“We are incredibly thankful for the trust and confidence the investor community has shown in Solar Foods,” said Pasi Vainikka, CEO and co-founder of the company. “This funding is more than a financial boost: it’s a mark of confidence in the future of sustainable food solutions that Solar Foods represents. We are excited to channel these resources into our new factory and amplify our impact in the food industry.”

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