- Series B Financing for Solar Foods: Agronomics’ portfolio company, Solar Foods, has secured €8 million in a Series B financing round, showcasing significant investor confidence in the future of cellular agriculture.
- Technological and Regulatory Progress: Solar Foods has made notable strides in improving its product, Solein, including a 10x increase in productivity and gaining regulatory approval in Singapore.
- Agronomics’ Investment and Valuation Uplift: Agronomics has invested €6 million in Solar Foods, with its Series A investment now valued at £8.3 million, indicating a substantial return on investment.
- Innovative Protein Production: Solein is a groundbreaking protein powder made using carbon dioxide, hydrogen, and electricity, offering a sustainable alternative to traditional agriculture.
- Cellular Agriculture’s Potential: Cellular agriculture, including cultivated meat and fermentation processes, is poised to revolutionize the food industry, offering sustainable, efficient, and ethical alternatives to traditional food production methods.
Agronomics (LSE: ANIC), a pioneering listed company in the realm of cellular agriculture, recently announced a significant financial milestone for one of its portfolio companies, Solar Foods Oy. In a Series B financing round orchestrated by Springvest Oyj, Solar Foods raised €8 million, marking a significant step forward in the cellular agriculture sector.
This financing round is a testament to the growing interest in sustainable food solutions and highlights the advancements made by Solar Foods in the field. Since Agronomics’ initial investment, Solar Foods has achieved a tenfold increase in the productivity of the organism used in producing Solein, a single-cell protein. This achievement, coupled with regulatory approval in Singapore and ongoing efforts for approval in the European Union, signals a significant leap in bringing this innovative food solution to the global market.
Agronomics has played a crucial role in Solar Foods’ journey, with a cumulative investment of €6 million. The company’s strategic investment in Solar Foods reflects its commitment to nurturing technologies that offer sustainable and ethical alternatives to conventional animal-derived products. The valuation uplift of Agronomics’ Series A investment to £8.3 million underscores the potential financial rewards of investing in disruptive technologies within the agriculture sector.
Solar Foods stands out by producing Solein, a protein-rich powder containing all essential amino acids. This product uses a unique bioprocess that feeds microbes with carbon dioxide, hydrogen, and oxygen. The process, akin to winemaking but with gases replacing sugar, can potentially revolutionize how and where we produce food. Its independence from traditional agricultural constraints like weather and climate makes it ideal for diverse environments, including deserts, arctic regions, and even space.
Beyond Solar Foods, Agronomics’ focus on cellular agriculture indicates a broader shift in the food industry. Cellular agriculture, encompassing cell culture for meat production and advanced fermentation processes, offers a sustainable, ethical, and efficient alternative to traditional agriculture. It is a critical innovation for addressing global challenges such as food security, environmental sustainability, and animal welfare.
The global consultancy firm AT Kearney projects that by 2040, cultivated meat could account for 35% of the market share. This, coupled with the Good Food Institute’s estimate of a $1.8 trillion investment needed to produce just 10% of the world’s protein using cellular agriculture, underscores the sector’s immense potential and the urgent need for continued investment and innovation.
The recent financing round for Solar Foods and the ongoing efforts of Agronomics highlight cellular agriculture’s rapid advancement and growing importance. This field is not just a promising investment opportunity but a necessary evolution in our approach to food production, aligning with global sustainability goals and offering a viable solution to some of the most pressing challenges of our time.
Image provided by Agronomics