Business
Solar Foods to list on Nasdaq First North Finland
Solar Foods to list on Nasdaq First North Finland.
About this update from Agronomics Limited
[{"type":"text","content":"\n\n29 August 2024\nAgronomics Ltd\n(\"Agronomics\" or the \"Company\")\nSolar Foods to list on Nasdaq First North Growth Market Finland\nAgronomics (LON: ANIC), a leading listed company in the field of cellular agriculture, is pleased to report that portfolio company Solar Foods Oyj (\"Solar Foods\") has announced that it is planning a listing and application for admission of its shares to trading on the Nasdaq First North Growth Market Finland. The planned listing will be carried out in September 2024. No share issue or sale will be arranged in connection with the listing. Solar Foods represents 6.7% of Agronomic's last stated Net Asset Value (30/06/2024).\nSolar Foods explains that the main purpose of the listing is to enable them to enact their global growth strategy, which involves the commissioning of Factory 02, a commercial-scale production facility. Solar Foods is already a notably advanced company in the field, given its wholly owned and fully operational facility (Factory 01), which launched in April this year. This facility can produce 160 tonnes of Solein® per year, which can be used as a food raw material with high protein content and which will be sold to customers for testing, marketing and piloting new products. Factory 02 is critical to Solar Foods' growth strategy, given it is estimated to be 50-100 times larger than Factory 01, allowing for the production of Solein® at a favourable cost of EUR 4.3-5.2/kg, which is expected to decrease further with future technical developments.\nAlong with financing the construction of Factory 02 to scale production, achieving regulatory approval in other jurisdictions is key to Solar Foods' growth strategy. Solar Foods' management expects to achieve self-affirmed Generally Recognised as Safe status in the US by the end of 2024, allowing sales to begin and making the US the second jurisdiction to approve Solein® alongside Singapore. Solar Foods also has applications pending approval in the UK and in the EU.\nThe direct listing on the Nasdaq First North Growth Market Finland will allow the company to access new and larger pools of capital, facilitating the implementation of its growth strategy. Following the close of its oversubscribed EUR 16 million Series B round on the Finnish fundraising platform Springvest Oyj, Solar Foods meets the requirements for the listing and is wel...