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Solar Foods

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Introducing a game-changing natural protein for the global food industry

Helsinki, FinlandFounded 2017Space
Valuation $83M Market cap · 2024
Revenue $136K Latest reported FY
Total funding $100–500M Disclosed equity funding

About Solar Foods

Solar Foods is a Finnish food-technology firm established in 2017, emerging from a joint research initiative between the VTT Technical Research Centre of Finland and LUT University. The company was founded by a team including Dr. Pasi Vainikka and Dr. Juha-Pekka Pitkänen, who combined their expertise in renewable energy and bioprocess engineering to explore food production independent of agriculture. Vainikka, with a background in energy systems research, and Pitkänen, a specialist in biotechnology and fermentation, were inspired by the potential to create edible calories from carbon dioxide and electricity. Their journey began with a successful lab-scale production of a hydrogen-fermented biomass in 2017, leading to the company's formation.

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The company's core business revolves around the production and commercialization of Solein®, a novel single-cell protein. This protein is created through a bioprocess using a natural, unmodified microbe. The process, likened to fermentation in breweries, feeds the microbe with CO2, hydrogen (produced by splitting water with renewable electricity), and mineral nutrients. This method is significantly more resource-efficient than traditional agriculture, requiring a fraction of the land and water. The resulting product is a fine, mustard-colored powder rich in protein.

Solein is a highly versatile food ingredient, composed of up to 78% protein, along with fats, dietary fibers, and minerals. It contains all nine essential amino acids and is a source of iron and B vitamins. Its neutral taste allows it to be incorporated into a vast range of food products, from dairy and meat alternatives to noodles and ice cream, without altering their flavor profile. The business model is twofold: supplying Solein as a B2B ingredient to global food manufacturers and licensing its patented hydrogen fermentation technology platform to other producers. Key partners include the Fazer Group for research collaboration and Ajinomoto for developing Solein-based products. The company is also collaborating with flavor manufacturer Sensapure Flavors to develop product concepts for the US market.

Solar Foods has achieved significant milestones, including raising over $52.4 million in funding from investors like Lifeline Ventures and receiving substantial grants from entities such as Business Finland and the European Union. In 2022, Singapore became the first country to grant novel food approval for Solein, allowing for its commercial sale. A major achievement was the launch of 'Factory 01' in Vantaa, Finland, in spring 2024, the world's first commercial-scale facility producing food from air. This facility serves as a demonstration plant to prove the technology's scalability, with plans for much larger factories in the future. The company has also gained recognition from NASA's Deep Space Food Challenge.

Source: Dealroom company data

At a glance

Status
Operational
Founded
2017
Headquarters
Helsinki, Finland
Listing
IPO 2024
Employees
74
Open positions
None listed
Dealroom signal
83.9/100
Sub-industry
Innovative Food
Sector
Space, Food Processing, Biotechnology, Social Entrepreneurship, Solar Energy, Nutrition, Chemical, Synthetic Biology, Spinout
Technology
Hardware, Deep Tech
Business model
Manufacturing
Client focus
b2b, b2c

Funding history

10 recorded events

Company financing events and reported valuations.

Deal typeDateAmountValuationInvestorsSource
POST IPO DEBTDebt Jun 2026 $42M — Undisclosed ↗
GRANTOther financing Jun 2026 $44M — Business Finland ↗
Showing the latest 2 of 10 recorded eventsBook a demo for the full funding history →

Financials

Revenue, earnings and profit over time

Revenue, earnings and other financial measures where available. Years marked “E” are estimates.

YearRevenueGrowthEBITDAMargin
2026 $21K 0% −$2M -9630%
2025 $21K 0% −$2M -9630%
2024 $21K +274.5% −$2M -9630%
2023 $6K — −$2M -36060%
2022 $0 — −$2M —
2021 $0 — −$953K —
2020 $0 — −$469K —
Company filings, research estimates and Dealroom dataBook a demo for the full financial model →

Growth signals

Solar Foods website traffic

Latest recorded traffic for Solar Foods is 17K monthly website visits, up 41.7% over the last three months. Solar Foods's team grew 4.2% over the past year.

Latest monthly visits17K 3-month web change+41.7% 1-year team growth+4.2%
Summary metrics are public; monthly history is available with a demoCompare with peers →

Investments and acquisitions

Capital deployed

Recent portfolio relationships for companies that also act as investors or acquirers.

Investors

16 investors on the cap table

From Dealroom's funding and investor records, grouped by the round each investor first entered.

Seed1 investor entered at this stage

  • EIT FAN Helsinki (Food Accelerator Network)

Series A12 investors entered at this stage

  • Lifeline Ventures
  • VTT Ventures
  • Green Campus Innovations
  • Fazer
  • Holdix
  • Agronomics
  • CPT Capital
  • Bridford Group
  • Business Finland
  • Finnish Climate Fund
  • Springvest
  • Happiness Capital

Other known investors3 additional known investors

  • ESA BIC Finland
  • Lappeenranta University of Technology
  • VTT Technical Research Centre of Finland
Team profiled 13 named & role-tagged
Founders Hidden — book a demo/100 quality score
Key operators 7 quality Hidden — book a demo/100
Potential founders Hidden — book a demo likely future founders
Startup mafia Hidden — book a demo alumni-founded startups
Talent movements Hidden — book a demo in · Hidden — book a demo out past 12 months

Source: Dealroom Talent Intelligence.

Global footprint

Workforce and web traffic by country
Workforce by country
3 countries with
team presence
🇫🇮 Finland92.3%
🇩🇰 Denmark3.9%
🇺🇸 United States3.9%
3 countries shown

Market sentiment

Posts on X, past 7 days

An AI-synthesised read of the highest-engagement posts about Solar Foods on X, ranked by likes and reposts, corporate channels excluded.

Reading the room on X — pulling top posts and synthesizing themes…

Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour

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