Solar Foods raises $8.8m to ramp up production of its protein made from CO2

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🗞️ Driving the news: Finnish startup Solar Foods, known for producing the protein-rich ingredient Solein, has secured €8 million in a Series B funding round
• This investment, led by Springvest with participation from existing investors, will aid in scaling up production at their Helsinki facility

🔭 The context: Established in 2017 as a spinoff from VTT Technical Research Centre of Finland and LUT University, Solar Foods specializes in an innovative method of producing protein by feeding microbes with elements from the air
• The company uses carbon dioxide and hydrogen, offering an environmentally friendly alternative to traditional protein sources

🌍 Why it matters for the planet: Solar Foods' technology, powered by renewable energy, presents significant environmental benefits, such as lower emissions, reduced water and land use, and proximity to consumers
• Their process is likened to a combination of oil refining, brewing, and dairy processing

⏭️ What's next: The startup aims to enhance its production capabilities, targeting a capacity of 120 tons per year by early 2024
• They are also pursuing regulatory approvals in various regions, including self-GRAS status in the US and a novel food application in the EU

💬 One quote: "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" (Pasi Vainikka, CEO)

📈 One stat: Solar Foods achieved novel foods approval in Singapore last year and competes cost-effectively with traditional protein sources like whey and soy at large scale production

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