Finnish startup Solar Foods has made a significant leap forward in its mission to revolutionize food production with protein from air. The company has successfully concluded its Series B funding round, raising €8 million from retail investors in Finland.

Solar Foods’ proprietary technology utilizes a unique microbe that feeds on carbon dioxide (CO2) and hydrogen to produce a high-protein food ingredient called Solein. This breakthrough innovation offers a sustainable and resource-efficient alternative to traditional protein sources like meat, poultry, and fish.

The funding round, conducted through the Finnish investment organizer Springvest Oyj, marks the largest to date on Springvest’s platform. The oversubscribed round reached its capacity almost two weeks ahead of schedule, indicating strong investor confidence in Solar Foods’ potential.

With this funding, Solar Foods will accelerate its production efforts at its inaugural commercial-scale production facility, Factory 01. The facility is expected to commence operations in the first half of 2024, marking a crucial milestone for the company.

Apart from ramping up production, Solar Foods also plans to utilize new production organisms and explore commercialization opportunities for Solein in various food products. The company’s goal is to make Solein a widely available and affordable protein source, contributing to a more sustainable and resilient global food system.

“We are incredibly thankful for the trust and confidence the investor community has shown in Solar Foods,” expressed Pasi Vainikka, CEO and co-founder of Solar Foods. “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. We are excited to channel these resources into our new factory and amplify our impact in the food industry.”

Solar Foods’ groundbreaking technology has the potential to transform the food industry, offering a sustainable and scalable solution to address the growing global protein demand. With its Series B funding success, the company is poised to make a significant impact on the world’s food systems.