Fazer Group: announces investment in Solar Foods

Helsinki / FI. (fg) Finland’s Fazer Group sees food innovations as integral for a more sustainable future. Fazer is The Food Experience Company, and by investing in foodtech, Fazer strengthens its focus on the sustainable food solutions of the future. Among a range of foodtech initiatives, Fazer has invested in Solar Foods as the lead investor in the Series A financing round along with four other investors. The Series A financing round in Solar Foods is one of the most significant ones within the Nordic foodtech space to date.

Fazer Group continues to execute its growth strategy. As a part of this journey and with the ambition to become a forerunner in foodtech, Fazer leads the Series A financing round in the novel protein start-up Solar Foods. Fazer and Solar Foods entered into a strategic partnership in 2019. Solar Foods is a Finnish foodtech start-up, which has developed a novel protein ingredient, Solein[®]. With investments from Fazer and the four other partners, Bridford Investments Limited, Agronomics Limited, Lifeline Ventures and CPT Capital, Solar Food’s aim is to further develop the novel protein for broader consumer use as well as to build a demo scale production plant. Fazer will continue to support Solar Foods in the form of research, innovation and commercial development. After the financing round, Fazer is the largest single shareholder in the Finnish start-up, with an approximately 15 percent ownership stake.

Sustainability in food and nutrition is high on Fazer’s research agenda, and Fazer sees innovations and foodtech as key enablers in executing its strategy.

«Our strong heritage offers us the roots necessary to take on bold innovations. We know that we need to transform the global food system to be able to respond to the growing food demand in the future. By strategic partnerships and investments into foodtech, we can and will be part of creating a more sustainable future. The investment into Solar Foods and our strategic partnership with them will take us forward on this journey.» says Christoph Vitzthum, President and CEO of Fazer Group.

Active co-operation with focus on research and innovation

The strategic partnership started in September 2019 and is focused on R+D, innovation and commercial development. Fazer Group has made available applicable resources in these fields to support the Solar Foods team in taking the novel protein ingredient Solein[® ]forward. Solein[®] is a carbon neutral protein, which can be produced completely independently from soil, negative land use impacts, weather and climate. The partnership with Solar Foods will support many of Fazer’s targets including the sustainability core goal of 50 percent less emissions by 2030.

Fazer believes in Solar Foods’ innovation and the novel protein ingredient’s transformative potential across food applications. Fazer is committed to supporting Solar Foods in scaling its business by sharing industry expertise and by an active R+D as well as commercial development co-operation.

«Fazer will continue to explore the ingredient and its functionality in different food applications. Our aim is to be the first to launch food products that contain this ingredient to the market. We look forward to continuing the co-operation.» says Jussi Loponen, Head of Fazer Lab, the research and innovation unit of Fazer Group.

«We are extremely delighted by this investment of Fazer, a leading food experience company, who shares our vision of a more sustainable future of food. The funds raised on this financing round enable us to successfully proceed with our planned production facility and to commercialise the Solein® protein and bring it on consumer plates.» says Pasi Vainikka, co-founder and CEO, Solar Foods.

Sustainable food for a more sustainable future

Sustainability is an integral part of Fazer’s strategy. Fazer sees food innovation as a solution to a more sustainable future. How we grow, produce and consume food has a significant impact on the environment, on society and on our well-being. Changes in the food system and consumption habits are key to abate climate change but changing the food system requires fearless research and innovation. To meet the growing food demand in the future, more fundamentally game changing innovations are needed. Fazer believes in open innovation and cross-disciplinary collaboration when creating sustainable and socially significant solutions.

Fazer’s recent concrete examples of investments into innovations include the LOFO[TM]enzyme and the ground-breaking xylitol factory, which is being built in Lahti and which will use state-of-the-art technology to produce xylitol from oat hulls.

bakenet:eu