RCS - Agronomics Limited - Solar Foods Secures €10 million Grant

AgronomicsAnnouncement

04/03/2025 08:00

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RNS Number : 2584Z  Agronomics Limited  04 March 2025

4 March 2025

 Agronomics Limited

("Agronomics" or the "Company")

 

Solar Foods Secures €10 million Grant

 

Agronomics (LSE: ANIC), a leading listed company in the field of clean
food, is pleased to announce that its portfolio company, Solar Foods Oyj
("Solar Foods"), has been granted €10 million in funding by Business
Finland, the Government agency part of the Finnish Ministry of Employment and
the Economy.

 

Founded in 2017, Solar Foods produces protein, named Solein®, using carbon
dioxide and electricity. Solar Foods unique technology allows for the
production of protein, irrespective of weather, climate conditions or farmable
land and liberates global protein production from the constraints of
conventional agriculture.

 

Business Finland's €10 million - part of the €600 million Important
Projects of Common European Interest run by the European Commission - follows
on from a €33.6 million grant first secured in 2022. This grant was to
assist with the construction of Solar Foods Factory 01 which launched in April
2024 and is already producing 160 tonnes of Solein® per year. Solein® is
highly versatile with a creamy, neutral flavour which can be used as a food
raw material with high protein content and will be sold to customers for
testing, marketing and piloting new products.

 

The additional funding will support the commissioning of Factory 02, a
commercial-scale production facility, as well as achieving novel food
regulatory approval and launching products to market. Factory 02 is critical
to Solar Foods' growth strategy, given it is estimated to be 50-100 times
larger than Factory 01, allowing for the production of Solein® at a
favourable cost of €4.3-5.2/kg, which is expected to decrease further with
future technical developments. Solar Foods is also in discussion with Business
Finland about additional grants.

 

Pasi Vainikka, CEO of Solar Foods, said: "We are extremely pleased to receive
this additional funding for research, product development and the
pre-engineering phase of Factory 02. We are continuing according to plan
towards the realisation of Factory 02, of which we will have more news soon.
When realised, Factory 02 is a unique project in terms of science, technology
and climate impact."

 

Jim Mellon, Co-Founder and Executive Chair of Agronomics commented: "Solar
Foods is one of few companies in the field with a wholly owned and fully
operational facility, delivering a real volume of its Solein® product at
accessible commercial prices. This additional government support, alongside
private capital backing, shows the continued belief in the management team, in
their execution of the business strategy and achieve their key objectives on
time. This additional funding will support the progress of the next stage of
its growth strategy, investing in developing and expanding its production
capability and commercialisation of products in key markets where regulatory
approval is imminent."

 

About Solar Foods (https://solarfoods.com/)

 

Solar Foods produces protein using carbon dioxide and electricity.
Solein® production, irrespective of weather and climate conditions,
liberates global protein production from the constraints of traditional
agriculture. Solar Foods, founded in 2017 in Espoo, Finland by Dr Pasi
Vainikka, Dr Juha-Pekka Pitkänen, Sami Holmström, Jari Tuovinen, Professor
Jero Ahola, and Janne Mäkelä as a spinoff from VTT Technical Research Centre
of Finland and LUT University. www.solarfoods.com
(http://www.solarfoods.com/) .

 

About Agronomics

Agronomics is a leading London-listed company focussing on investment
opportunities within the field of clean food. The Company has established a
portfolio of over 20 companies in this rapidly advancing sector. It seeks to
invest in companies owning technologies with defensible intellectual property
that offer new ways of producing food and materials with a focus on products
historically derived from animals. These technologies are driving a major
disruption in agriculture, offering solutions to improve sustainability, as
well as addressing human health, animal welfare and environmental damage. This
disruption will decouple supply chains from the environment and animals and
improve food security for the world's expanding population. A full list of
Agronomics' portfolio companies is available at https://agronomics.im/
(https://agronomics.im/) .

 

 Agronomics Limited                               Beaumont Cornish Limited  Canaccord Genuity Limited  Cavendish Capital Markets Limited  Peterhouse Capital Limited  33Seconds Limited
 The Company                                      Nomad                     Joint Broker               Joint Broker                       Joint Broker                Public Relations
 Jim Mellon                                       Roland Cornish            Andrew Potts               Giles Balleny                      Lucy Williams               Jack Ferris

 Denham Eke                                       James Biddle              Harry Pardoe               Michael Johnson                    Charles Goodfellow          Calum Warren-Piper

 +44 (0) 1624 639396                              +44 (0) 207 628 3396      +44 (0) 207 523 8000       +44 (0) 207 397 8900               +44 (0) 207 469 0936        agronomics@33seconds.co

 info@agronomics.im (mailto:info@agronomics.im)

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

END

 

 

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