Analyst Comment
Preliminary phase of Solar Foods' Factory 02 progressing in Lappeenranta
Translation: Original published in Finnish on 8/12/2025 at 7:45 am EEST.
On Monday, Solar Foods announced that it is preparing a cooperation agreement with the City of Lappeenranta. The purpose of reserving the site is to enable the preliminary studies required for the implementation of Solar Foods' Factory 02 production facility, which is currently in the pre-engineering phase. However, the cooperation agreement is not yet binding, and the company continues to also explore other possible locations for the 02 production plant. Thus, the news does not yet specify the location of the future production facility, although with the cooperation agreement, the City of Lappeenranta agrees not to transfer or give the right to investigate the site to others.
Lappeenranta would offer clear strengths as a location
According to Solar Foods, the 13.5-hectare area in Selkäharju offers exceptional electricity supply opportunities and possibilities to integrate into the city's district heating network, which would enable the commercialization of the heat generated by the production facility. In our view, local knowledge could also influence the decision to invest in Lappeenranta or, more broadly, in Finland, as we believe this could mitigate the political risk associated with the investment decision and improve the chances of obtaining public grants for the investment.
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 Figures2025-02-28
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 0.0 | 0.5 | 2.3 |
| growth-% | 275.5 % | 2,741.3 % | 331.2 % |
| EBIT (adj.) | -8.9 | -9.2 | -11.9 |
| EBIT-% (adj.) | -47,635.3 % | -1,721.2 % | -520.8 % |
| EPS (adj.) | -0.45 | -0.42 | -0.51 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | neg. | neg. |
| EV/EBITDA | neg. | 252.5 | neg. |
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