Solar Foods Oy gets two-million euros in startup funding for producing food out of air
Method is based on the research projects of the VTT Technical Research Centre of Finland and the Lappeenranta University of Technology
The Finnish company Solar Foods Oy produces an entirely new kind of nutrient-rich protein using only air and electricity as the main resources. The goal of the company is to start commercial production of the environmentally revolutionary protein in 2020.
“We are starting test production in Finland this year, and are applying to the European Food Authority for approval as a novel food whose testing will take a few years. At the same time, we will begin testing the production of consumer products with our partners,” says company founder and technology director, D.Sc. (Tech.) Juha-Pekka Pitkänen.
“Our goal is to develop the protein into a high-quality product whose environmental impact will be 10-100 times smaller than those of meat products or their substitutes currently in the market,” says D.Sc. (Tech.) Pasi Vainikka, the company’s incoming CEO.
Solar Foods’ concept redefines the basics of food production, as it is not dependent on agriculture, the weather, or the climate. The price of the protein product is also competitive compared to sources such as soy protein.
The company’s production method is based on the research projects of the VTT Technical Research Centre of Finland and the Lappeenranta University of Technology (LUT) that proved the viability of the production concept for extremely protein-rich food. The results of these research projects have attracted a lot of international attention.
Solar Foods’ round of investment was led by Lifeline Ventures. The other investors were VTT Ventures Oy and Green Campus Innovations Oy. In addition to capital investment, the company was granted a development and piloting loan by Business Finland.
“Solar Foods will take the environmental requirements of food production to an entirely new level, and can do it in a way that is competitive in terms of cost and can be sized to a large scale,” says Lifeline Ventures partner Juha Lindfors.
Source: Solar Foods Ltd., press release, 2018-03-28.