Business
Investee Company Update: Solar Foods
Investee Company Update: Solar Foods.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 8330U\n Agronomics Limited\n 08 April 2021\n \n \n \n \n 8 April \n 2021\n \n \n \n \n \n \n Agronomics Limited\n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n Investee Company Update: Solar Foods receives €10 million capital loan from Finnish Climate Fund to build a new demonstration facility \n \n \n \n \n \n Agronomics, the leading listed alternative proteins company with a focus on cellular agriculture and cultivated meat, is pleased to announce portfolio company Solar Foods Oy (\"Solar Foods\") has received a €10 million capital loan from the Finnish Climate Fund to build a new demonstration facility in Finland. Agronomics currently has a 5.35% equity interest (on a fully diluted basis) in Solar Foods following a €3 million investment in September 2020. \n \n \n The full announcement is set out below with no material changes or adjustments:\n \n \n Finnish Climate Fund's first investment target Solar Foods strives to achieve significant emissions reductions in food production\n \n \n \n \n \n The Finnish Climate Fund has decided on a 10 million euro capital loan for Solar Foods to build a new demonstration factory in Finland. The factory will be globally the first industrial scale facility to produce protein from carbon dioxide and electricity. The new factory is set to be operational early 2023. \n \n \n \n \n \n Born out of joint research by VTT Technical Research Centre of Finland and LUT University, the innovation by Solar Foods enables low-emissions protein production utilising renewable energy. According to Pasi Vainikka, the CEO of Solar Foods, \"what sounded a few years ago like science fiction is now tested in a continuous mode. Solein protein has proven its qualities as a food product and will proceed towards the shelves of our markets with the Climate Fund's participation\".\n \n \n \n \n \n The CEO of the Climate Fund, \n \n Paula Laine\n \n , is pleased with the cooperation with Solar Foods. \"The mission of the Climate Fund is to boost significant climate solutions into an industrial scale so that participate in supporting the carbon neutrality targets of the EU and Finland. By taking part in the investment, we'll enable Solar Foods' factory sooner and thus opening a faster path to emissions reductions.\"\n \n \n \n \n \n The emissions r...