Solar Foods proceeds to the final design phase of Factory 02
Summary
- Solar Foods has completed the advanced conceptual design phase for Factory 02 and is now entering the final design phase before making the ultimate investment decision.
- Factory 02 aims to increase production capacity from 160 tons to 6,400 tons per year, with the first phase of 3.2 kilotons targeted for completion by the end of 2028.
- The company estimates that a 6.4 kiloton capacity could generate revenue of 97-119 MEUR and an operating profit of 31-37 MEUR.
- Solar Foods' strategy involves partnerships, including an exclusive agreement with GEA for equipment and design, to reduce its investment burden.
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Translation: Original published in Finnish on 3/31/2026 at 8:21 am EET.
Solar Foods announced on Monday that the advanced conceptual design phase for the Factory 02 production facility has been completed, and the company is now moving into the final design phase before the ultimate investment decision. We consider the news an expected and positive step towards the company's first industrial-scale production facility. We emphasize that the final investment decision targeted by the company during the current year is at the core of the investment story, as it plays a critical role in achieving industrial-scale Solein production and concretizing the current growth strategy.
Factory 02 is a strategically critical step towards a commercial breakthrough
Factory 02 is designed to increase Solar Foods' production capacity from Factory 01's 160 tons to as much as 6,400 tons per year. The company intends to implement the facility in two phases: it aims to complete the first 3.2 kiloton phase by the end of 2028 and to double capacity to 6.4 kilotons during the following year. According to the company's own estimates, a production capacity of 6.4 kilotons could enable revenue of 97-119 MEUR and an operating profit of 31-37 MEUR.
Solar Foods' strategy for Factory 02 relies heavily on partnerships, which allows the company to focus on its core technology. The company has already signed an exclusive agreement with global technology supplier GEA for equipment deliveries and design. In addition, the goal is to find 2–3 other partners to be responsible for, for example, hydrogen production and energy infrastructure. We consider the model sensible, as it lightens Solar Foods' own investment burden.
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Solar Foods established in 2017 is a global leader in sustainable protein production, solving the global food production problem by offering a completely new alternative to existing animal and plant proteins. Solar Foods’ first product is the naturally occurring single-cell protein Solein®, which can be used as a food raw material with high protein content. In the long run, Solein production will improve global availability of protein and increase price and quality stability of food raw materials by disconnecting food production from agriculture.
Read more on company pageKey Estimate Figures27.02.
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 0.1 | 1.9 | 4.3 |
| growth-% | 560.1 % | 1,455.6 % | 125.7 % |
| EBIT (adj.) | -10.4 | -12.7 | -19.9 |
| EBIT-% (adj.) | -8,414.9 % | -660.1 % | -459.7 % |
| EPS (adj.) | -0.47 | -0.46 | -0.70 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | neg. | neg. |
| EV/EBITDA | neg. | neg. | neg. |
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