Solar Foods to list on Nasdaq First North Finland

Agronomics (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).

Solar 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.

Along 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.

The 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 well positioned, given the demand for its shares has been tested.

Jim Mellon, Co-Founder and Executive Chair of Agronomics commented:

"Solar Foods has shown an impressive ability to execute particularly regarding securing the financing for and the construction of Factory 01, which makes the company one of few in the field with a wholly owned and fully operational facility. We are confident in the ability of Solar Foods' management team to deliver on the next stage of its growth strategy, investing in developing and expanding its production capability and the commercialisation of products in key markets where regulatory approval is imminent."

For the Solar Foods' full announcement please see the following link:

About Solar Foods

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