TIDMANIC
Agronomics Limited
26 October 2022
26th October 2022
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company Solar Foods Receives Novel Food Regulatory
Approval for its Solein protein grown with CO2 and Electricity
Agronomics, the leading listing company in cellular agriculture,
is delighted to share that its Finnish foodtech portfolio company
Solar Foods Oy, "Solar Foods", has received its first regulatory
approval in Singapore for its novel protein by the Singapore Food
Agency. Agronomics has invested a total of EUR 6 million to date
and owns approximately 5.80% of Solar Foods, subject to conversion
of the outstanding CLN.
The full announcement is set out below without any material
changes.
Solar Foods receives novel food regulatory approval for a
protein grown with CO2 and electricity
The regulatory approval for the novel food, given by the
Singapore Food Agency (SFA), allows for the sale of food products
containing Solein(R) in Singapore. The highly sustainable protein
is planned to begin commercial production and sales in 2024.
Finnish foodtech company Solar Foods submitted a novel food
dossier on Solein for SFA's consideration in September 2021. Solar
Foods first commercial-scale production facility, Factory 01, is
set to begin operations in Finland in 2024.
The regulatory approval is a major milestone for both Solar
Foods and global food supply in general.
A historic moment for food: "Comparable to the discovery of the
potato"
Solein is a new crop to harvest for humankind, probably for the
first time in centuries. Disconnected from the limitations of
traditional agriculture, this type of production method has the
potential to transform the sustainability, availability and
transparency of what we eat and where food can be produced.
"I'd compare this to the discovery of the potato: we are
introducing an entirely new ingredient to the world of food. It's a
watershed moment for how we think of what we eat", commented Solar
Foods CEO Pasi Vainikka.
"This is also a huge day for us as a company. The food
revolution we have been working towards for years has taken a major
step forward and we are highly excited about the prospect of
bringing Solein to the market in Singapore. We have tested Solein
rigorously in a wide variety of foods over recent years. However,
the impact of any food product, no matter how innovative, is truly
realised only once it can be put on the plates of consumers."
Singapore is first, but other markets are expected to follow
Solar Foods plans to seek GRAS (Generally Recognized As Safe)
status assessment for Solein soon in the United States, and
applications for novel food authorisation have been filed earlier
in other key markets such as the UK and the European Union.
"As urbanisation continues across the globe, megacities and
metropolitan areas like Singapore will need more sustainable
solutions to feed their citizens. Solein represents an answer to
this challenge; a vision where food is grown with minimal resources
and without arable land in deserts, Arctic regions, cities, or even
outer space. Our pioneering bioprocess is all about making
something that was previously impossible now possible", Vainikka
describes.
What is Solein?
-- Solein is a microbial protein-rich powder that contains all
the essential amino acids. It can be used to replace existing
proteins in a variety of foods, for example in alternative dairy
and meat, different snacks and beverages, noodles and pasta, or
breads and spreads. It is the first ever novel food disconnected
from the limits of traditional agriculture. This type of production
method has the potential to transform the sustainability,
availability and transparency of what we eat and where food can be
produced.
-- Solein is produced using a bioprocess where microbes are fed
with gases (carbon dioxide, hydrogen, and oxygen) and small amounts
of nutrients. The bioprocess resembles winemaking, with carbon
dioxide and hydrogen replacing sugar as the source of carbon and
energy, respectively.
-- Solein is 65-70% protein, 5-8% fat, 10-15% dietary fibres and
3-5% mineral nutrients. The macronutrient composition of Solein
cells is very similar to that of dried soy or algae. Solein
provides iron and B vitamins and is exceptionally functional.
Solein can be used with a wide variety of other ingredients: it
vanishes into foods and doesn't change the taste of familiar,
everyday food products.
-- The production of Solein is not reliant on agriculture,
weather, or climate: it can be produced in harsh conditions such as
deserts, Arctic areas, even space. The process does not require
animals or photosynthetic plants, making Solein the world's most
sustainable protein.
-- Solein will become available for commercial use for the first
time. It is aimed at food brands looking for nutritious,
functional, and sustainable protein ingredients of consistent
quality that can be reliably delivered for their products.
Singapore is the first market to grant Solein a regulatory
approval, but Solar Foods is also seeking authorisations in other
markets across the world.
-- Factory 01 is Solar Foods' first commercial production
facility, which will begin to produce Solein in 2024. Construction
of the facility started in Vantaa, Finland during Q4 2021. Factory
01 will scale Solein production to a level where it can be brought
to market for the first time. Solar Foods has plans to expand its
network of production facilities in the coming years.
-- Learn more about Solein at www.solein.com
For more information and requests for interviews:
Solar Foods Ltd.
Pasi Vainikka
DSc (Tech), CEO
pasi@solarfoods.com
+358 10 579 3286
About Solar Foods Ltd .
Solar Foods produces protein using carbon dioxide and
electricity. Solein production, independent of weather and climate
conditions, liberates global protein production from the
constraints of traditional agriculture. Solar Foods was founded in
Espoo, Finland, in 2017 by Dr Pasi Vainikka, Dr Juha-Pekka
Pitkänen, Sami Holmström, Jari Tuovinen, Professor Jero Ahola, and
Janne Mäkelä as a spinoff from VTT Technical Research Centre of
Finland and LUT University. www.solarfoods.com
About Agronomics
Agronomics is a leading listed alternative proteins company with
a focus on cellular agriculture and cultivated meat. The Company
has established a portfolio of 24 companies at the Pre-Seed to
Series C stage in this rapidly advancing sector. It seeks to secure
minority stakes in companies owning technologies with defensible
intellectual property that offer new ways of producing food and
materials with a focus on products historically derived from
animals. These technologies are driving a major disruption in
agriculture, offering solutions to improve sustainability, as well
as addressing human health, animal welfare and environmental
damage. This disruption will decouple supply chains from the
environment and animals, as well as being fundamental to feeding
the world's expanding population. A full list of Agronomics'
portfolio companies is available at https://agronomics.im/ .
About Cellular Agriculture
Cellular Agriculture is the production of agriculture products
directly from cells, as opposed to raising an animal for slaughter,
or growing crops. This encompasses cell culture to produce
cultivated meat and materials, and fermentation processes that
harness a combination of molecular biology, synthetic biology,
tissue engineering and biotechnology to massively simplify
production methods in a sustainable manner.
Over the coming decades, the source of the world's food supply
traditionally derived from conventional agriculture is going to
change dramatically. We have already witnessed the first wave of
this shift with the consumer adoption of plant-based alternative
proteins but today, we are on the cusp of an even bigger wave of
change. This is being facilitated by advances in cellular
agriculture. This change is necessary, given scientists claims that
if we maintain existing animal protein consumption patterns, then
we will not meet the Paris Agreement's goal of limiting warming to
1.5 '
AT Kearney, a global consultancy firm, projects that cultivated
meat's market share will reach 35% by 2040. This combined with the
Good Food Institute's estimate that a US $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however still less than US$ 4 billion has been invested worldwide
since the industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Canaccord Cenkos Peterhouse
Limited Cornish Genuity Securities Capital TB Cardew
Limited Limited Plc Limited
The Company Nomad Joint Broker Joint Joint Broker Public Relations
Broker
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Richard Reed Roland Andrew Potts Giles Lucy Williams
Denham Eke Cornish Harry Rees Balleny Charles Ed Orlebar
James Alex Aylen Max Gould Goodfellow Alistair Walker
Biddle (Head of Michael
Equities) Johnson
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0777
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0) +44 (0) 7738
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info@agronomics.im 3396 8000 8900 0936 agronomics@tbcardew.com
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