Agronomics investment Solar Foods gets development grant in Finland
By Josh White
Date: Wednesday 02 Dec 2020
(Sharecast News) - Agronomics announced on Wednesday that its portfolio company Solar Foods, which is developing the novel protein 'Solein', had received €4.3m of new funding to support its €8.6m development project for the commercialisation of Solein.
The AIM-traded firm described Solein as a novel protein "made from air".
Agronomics has a 5.35% equity interest in Solar Foods on a fully-diluted basis, following a €3m investment in September.
It said Solar Foods was granted the new financing by Business Finland, which took the total Solar Foods financing to €24.8m.
Solar Foods was currently focussing on finalising the development of Solein to become market-ready, and constructing its demonstration factory.
It was aiming to be the first company to produce food by using air-captured carbon dioxide in a continuous mode, including the preparation of the actual final food products.
"After carrying out basic engineering, the Solar Foods production facility is now entering the permitting process," said Solar Foods chief technology officer Dr Juha-Pekka Pitkänen.
"Its function is to demonstrate the future of food production."
At 1449 GMT, shares in Agronomics were up 11.13% at 7.89p.
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