Finnish Climate Fund’s €10 Million Investment in Solar Foods

Castrén & Snellman advised the Finnish Climate Fund on the deal.

The Finnish Climate Fund has decided on a 10 million euro capital loan for Solar Foods to build a new demonstration factory in Finland. The factory will be globally the first industrial scale facility to produce protein from carbon dioxide and electricity. The new factory is set to be operational early 2023.

Solar Foods’ factory will be globally the first industrial scale facility to produce protein from carbon dioxide and electricity. Born out of joint research by VTT Technical Research Centre of Finland and LUT University, the innovation by Solar Foods enables low-emissions protein production utilising renewable energy. The new factory is set to be operational early 2023.

The Finnish Climate Fund is a Finnish state-owned special-assignment company. Its operations focus on combating climate change, boosting low-carbon industry and promoting digitalisation. Approximately 65% of the Climate Fund’s investments shall relate to climate change and about 35% to climate-related digitalisation.

Solar Foods produces protein using air and electricity. Solar Foods revolutionises food production with a method that is not dependent on agriculture, the weather, or the climate.

The Castrén & Snellman team included Jarno Tanhuanpää (Picture), Tuomas Honkinen and Anna Kuusniemi-Laine.

Involved fees earner: Tuomas Honkinen – Castrén & Snellman; Anna Kuusniemi-Laine – Castrén & Snellman; Jarno Tanhuanpää – Castrén & Snellman;

Law Firms: Castrén & Snellman;

Clients: Ilmastorahasto – The Finnish Climate Fund;

Author: Federica Tiefenthaler