Solar Foods Solein Disrupts Food Production and Lands 3.5 M EUR Funding

Climate change is an urgent issue that demands swift global intervention and a Finnish food company, Solar Foods, has raised 3.5 million Euros to further this course. Four investors— Fazer Group, Holix Oy Ab, Turrent Oy Ab, and Lifeline ventures – were instrumental to the success of the funding process.

The Solar Foods team have finalised their feasibility study on Solein. Solein is a protein product that reportedly needs no agricultural feedstocks and has little impact on climate change, since it doesn’t require the use of pesticides. 

According to the co-founder and chairman of Solar Foods, Dr Juha-Pekka, “We are excited to go full-steam ahead towards the commercialisation of Solein.”

Provided that the current amount of Solein produced per day is 1kg, can the world count on Solar Foods to cater for her needs?

A critic’s point of view on Solar Foods

Peter H. Tyedmers, a professor of resource and environmental studies, thinks Solein is a laudable product that might never get the approval of the public, let alone scale to a phase that would go head to head with the present agro industry. Also, he noted that the proposed price range (7.32 Euros- 10.06 Euros per kilo) is too outrageous to help tackle Global Food insecurity.

In a conversation with Audrey Carleton, Peter said, “This is a technological marvel, perhaps, but it’s not a food system,”

What’s next for Solar Foods?

In the midst of criticism and uncertainty, Solar Foods plans to end its series A financing in early 2020. According to its official press release, “The Series A round would enable the actual go-to-market factory investment, including the ramp-up and market launch.”

From the look of things, Solar Foods should advance from pilot phase to commercial operation in early 2021. All that is required to initiate a full-scale market production is the development of consumer-product and pre-engineering of go-to-market factory.

Solein might someday replace meat and soy, both of which require agricultural land and the use of fertilisers.

Takeaway points

  • Solar Foods has attracted 3.5 million Euros Investment, thanks to Fazer Group, Holix Oy Ab, Turrent Oy Ab, and Lifeline ventures.
  • The current amount of Solein produced in the Lab everyday is 1kg (which is assumed to be enough for 7-10 individuals per day)
  • According to Vainikka, the proposed price range 7.32 Euros- 10.06 Euros per kilo.
  • The future seems bright as Solar Foods is set to advance from pilot phase to commercial operation in early 2021.

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