Solar Foods to list on Nasdaq First North Finland

Agronomics Limited

29 August 2024

 

29 August 2024

Agronomics Ltd

("Agronomics" or the "Company")

Solar Foods to list on Nasdaq First North Growth Market 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:

https://investors.solarfoods.com/release/0fefa5b3-76a7-4c99-9dc8-e9943a466aff

About Solar Foods

Solar Foods produces protein using carbon dioxide and electricity. Solein^® production, irrespective of weather and climate conditions, liberates global protein production from the constraints of traditional agriculture. Solar Foods, founded in 2017 in Espoo, Finland 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 London-listed company focussing on investment opportunities within the field of cellular agriculture. The Company has established a portfolio of over 20 companies in this rapidly advancing sector. It seeks to invest 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 and improve food security for the world's expanding population. A full list of Agronomics' portfolio companies is available at https://agronomics.im/.

For further information please contact:

Agronomics Limited	Beaumont Cornish Limited	Canaccord Genuity Limited	Cavendish Capital Markets Limited	Peterhouse Capital Limited	SEC Newgate
The Company	Nomad	Joint Broker	Joint Broker	Joint Broker	Public Relations
Jim Mellon Denham Eke	Roland Cornish James Biddle	Andrew Potts Harry Pardoe Alex Aylen (Head of Equities)	Charlie Combe Michael Johnson	Lucy Williams Charles Goodfellow	Bob Huxford Anthony Hughes
[phone] [e-mail]	[phone]	[phone]	[phone]	[phone]	[e-mail]

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

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