Business
Solar Foods receives Euro34 million in grant
Solar Foods receives Euro34 million in grant.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n 23rd December 2022\n \n \n \n \n \n \n \n Agronomics Limited\n \n \n \n \n \n \n \n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Portfolio Company Solar Foods Receives a €34 million Grant to\n \n \n \n \n Support Funding for its First Fermentation Commercial Facility\n \n \n \n \n \n \n \n \n Agronomics, the leading listing company in cellular agriculture, is delighted to share that its Finnish portfolio company Solar Foods Oy, \"Solar Foods\", focused on commercialising its Solein protein made from air, has received a €34 million grant to support the build of their first fermentation facility and start preparations for their full scale facility. Agronomics has invested a total of\n \n \n €\n \n \n 6 million to date and owns approximately 5.80% of Solar Foods, subject to conversion of the outstanding CLN.\n \n \n \n \n \n The full announcement is set out below without any material changes.\n \n \n \n \n \n \n \n \n \n Solar Foods receives a €34 million grant to ramp-up Factory 01 and start preparations for Factory 02\n \n \n \n \n \n \n \n Business Finland has approved a €34 million grant funding to Solar Foods. To date, this is the single largest public grant funding for cellular agriculture in the world. The grant is the first batch of funding for Solar Foods due the recent IPCEI notification.\n \n \n In September 2022, Solar Foods was selected to be a part of the European Commission's strategic hydrogen economy core. Solar Foods' €600 million investment programme, which also includes the future Factory 02, was notified as a hydrogen IPCEI (Important Project of Common European Interest) project with a maximum state aid of €110 million.\n \n \n In alignment with the R&D phase plan of the IPCEI notification, Solar Foods will use the grant to ramp up its hydrogen fermentation facility, Factory 01, and enter the engineering phase with the following Factory 02.\n \n \n The 'hydrogen IPCEI' initiative is about research, innovation, and first industrial deployment (FID) of relevant infrastructure in the European hydrogen value chain. The grant decision announced today supports the first phase of the IPCEI project roadmap where the engineering, construction and ramp-up of Solar Foods Factory 01 is a central piece.\n \n \n \"With Christmas on the ...