Agronomics participates in Solar Foods Bridge Round for €3 million

Agronomics, the leading listed company focused on the field of cellular agriculture, has participated for €3 million in a €6 million Bridge Round for investee company Solar Foods Oy in the form of a Convertible Loan Note.

This follows the announcement that the State-owned Finnish Climate Fund has invested €10 million to aid the build-out of Solar Food’s demonstration facility. Also joining this round are existing investors CPT Capital and Happiness Capital Limited and new investor, LOSA Group.

The CLN is expected to convert to give Agronomics an approximate equity ownership of 5.80 percent, inclusive of its prior investment announced in September 2020. In the past year, Solar Foods has made strong R&D progress and is now focused on building its new demonstration facility that is set to be operational early 2023.

Solar Foods’ novel technology has recently been recognised by NASA as part of their Deep Space Food Challenge – looking for new solutions to feed astronauts.

Jim Mellon, Non-executive Director of Agronomics commented: “Recently, our team visited Solar Foods in Finland and were very impressed by the operation’s scientific rigour, and the potential of Solein as a sustainable protein source to meet future protein demand. We look forward to the build out of the demonstration facility”

Pasi Vainikka, CEO and Co-founder of Solar Foods, added: ”Solein can be used in a wide variety of foods, supplementing the nutritional profile of plant-based products and enabling them to replace animal-based foods without compromising nutritional value.”