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Biomass fermentation · Vantaa, Finland

Solar Foods

Solein® single-cell protein grown from CO₂, hydrogen and electricity · Nasdaq First North Growth Market Finland: SFOODS · solarfoods.com ↗

Makes Solein®, a protein powder grown by microbes that feed on CO₂ and hydrogen instead of farmland. It is Agronomics' only listed holding and publishes its own financial reports.

Stage

Early commercial (step 5 of 6)

Factory 01 has been running since April 2024, but its capacity is limited. Solein is on sale in Singapore and the US. EFSA gave a positive opinion in Nov 2026, and the company expects EU authorisation within 7–9 months. The investment decision on Factory 02 is still to come, with 71% of the €190m funding plan secured.[1] [2] [3] [4]

Revenue

Early revenue

H1 2026 revenue was about €0.1m, below the €0.4m analysts expected, because Factory 01's capacity is limited. Operating loss was €6.8m. Revenue comes from deliveries to US customers.[1] [2]

Next EU authorisation (expected 7–9 months after EFSA's Nov 2026 opinion); FDA 'no questions' letter (targeted for end-2026); Factory 02 investment decision.

Agronomics' holding

Fair value
£5.98m 30 Jun 2026
Portfolio weight
4% 30 Jun 2026
Stake
5.3% 30 Jun 2026
Invested
£5.28m since Sep 2020
Multiple
1.13× +£0.70m
Per year
+2.4% all holdings
Last round
Private placement 26 Jun 2026 · 4 months ago

Valued at its quoted share price each quarter: −£0.9m (H2 2025), −£0.12m (Q1 2026), +£0.1m (Q2 2026), +£0.4m (Q3 2026).

Sources[5] [6] [7] [8] [9]

Investments
What Agronomics put in, at the sterling cost it carries
DateCostRound
1 Sep 2020£2.64m€3m Series A[10] [11]
26 Oct 2021£2.64m€3m convertible note[12] [11]

Approvals & markets

  • Approved

    Singapore[1]

    Solein® as a food ingredient (commercially available)

  • Approved

    USA · 3 Sep 2024[13]

    Self-affirmed GRAS status

  • Pending

    USA (FDA) · Sep 2025[14]

    GRAS notice for a 'no questions' letter

  • Pending

    EU[4] [1]

    Novel food authorisation for Solein® (positive EFSA opinion, Nov 2026)

HQ
Finland
Selling in
Singapore[1], United States[1]

Timeline

  1. Regulatory

    Positive EFSA opinion on Solein[4]

    EFSA found Solein safe under the proposed uses, a first for a gas-fermented novel food. A Commission act and a member-state vote must follow, which the company expects to take 7–9 months.

  2. Valuation

    £0.4m fair-value gain in Q3 2026[9]

    From the quoted share price.

  3. Results

    H1 2026: revenue ≈ €0.1m, operating loss €6.8m[1] [2]

    Revenue rose about 270% year on year but missed analyst estimates. The order book fell from €1.5m to €0.2m during the period.

  4. Commercial

    US consumer launch with Ambrosia Collective[1] [2]

    'Planta powered by Solein', a ready-to-mix protein powder.

  5. Regulatory

    Files GRAS notice with the FDA[14]

    Seeks a 'no questions' letter, which it expects by the end of 2026.

  6. Commercial

    Solein ice cream with Ajinomoto in Singapore[16]

    Launched at the World Aquatics Championships, Singapore 2025.

  7. Funding

    €10m Business Finland grant for Factory 02[17]

  8. Corporate

    Listed on Nasdaq First North Growth Market[18]

    Ticker SFOODS.

  9. Regulatory

    US self-affirmed GRAS[13]

    Self-affirmed GRAS status for Solein, its first step into the US market. Solar Foods also aims to obtain FDA-notified GRAS status.

  10. Commercial

    Two Solein products unveiled with Ajinomoto[19]

    Two Solein-powered products made with Ajinomoto, to launch in Singapore.

  11. Facility

    Factory 01 starts operating[3]

Sources

  1. Half-year report January–June 2026 Solar Foods Oyj · 11 Aug 2026
  2. Solar Foods H1'26: Factory 02 investment decision looms Inderes · Aug 2026
  3. Annual Report 2025: year to 30 June 2025 Agronomics Limited · 30 Dec 2025
  4. Inside information: Solar Foods receives positive EFSA Scientific Opinion for Solein® – Groundbreaking milestone towards commercialisation in Europe Solar Foods Oyj · 9 Nov 2026
  5. Q2 2026 Investor Report (portfolio at 30 June 2026) Agronomics Limited · 21 Aug 2026
  6. Interim Report: six months to 31 December 2025 Agronomics Limited · 17 Feb 2026
  7. Net Asset Value calculation as at 31 March 2026 Agronomics Limited (RNS) · 18 May 2026
  8. Net Asset Value as at 30 June 2026 Agronomics Limited (RNS) · 10 Jul 2026
  9. Net Asset Value as at 30 September 2026 Agronomics Limited (RNS) · 20 Oct 2026
  10. Investment in Solar Foods EUR 15million Financing Agronomics Limited (RNS) · 1 Sep 2020
  11. Annual Report 2022: year to 30 June 2022 Agronomics Limited · 20 Dec 2022
  12. Agronomics EUR3 million investment in Solar Foods Agronomics Limited (RNS) · 26 Oct 2021
  13. Solar Foods obtains self-affirmed GRAS status for Solein in the United States Agronomics Limited (RNS) · 3 Sep 2024
  14. Solar Foods has submitted a GRAS notification on Solein® in the United States to obtain a no questions letter from the FDA Solar Foods Oyj · 16 Sep 2025
  15. Solar Foods Wikipedia
  16. Solar Foods and Ajinomoto debut Solein-powered ice cream in Singapore Agronomics Limited (RNS) · 24 Jul 2025
  17. Solar Foods secures €10m grant Agronomics Limited (RNS) · 4 Mar 2025
  18. Solar Foods commences trading on Nasdaq First North Agronomics Limited (RNS) · 10 Sep 2024
  19. Solar Foods launches new Solein-powered products in Singapore Agronomics Limited (RNS) · 19 Aug 2024