Finnish protein producer Solar Foods announced that it is planning to list on the Nasdaq First North Growth Market Finland marketplace.
The company – one of only a small handful in the world offering an air-based alternative to plant and animal proteins – said in a statement that the purpose of the listing is to grow its business to a global scale.
Solar Foods’ first product, Solein, is a food protein grown out of a tiny micro-organism with CO2 and electricity, similar to the way wine production uses sugar. The company opened the world’s first production facility for air-based proteins earlier this year in its native Finland with the aim increasing annual production of Solein up to a maximum of 160 tons.
Solar Foods claims to have proven the functionality of its technology and production process for 5 years on a pilot scale along with its ability to function at industrial scale with its new facility. It also says that Solein’s functionality in food products has been tested with product prototypes, some of which have been sold in Singapore.
Solar Foods has said it is seeking novel food regulatory approvals for Solein in markets including the EU, the UK, and the United States, with the aim to enter the US market in late 2024.
The company said that alongside the food approval processes, it is preparing strategic launch and partnership agreements with major food and biotechnology companies.
Solar Foods added that through these approvals and partnerships, it aims to invest in a second production facility that will have a profitable production scale.
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