Solar Foods (SFOODS) Investor update summary

EU regulatory milestone

• EFSA completed its scientific safety assessment and issued a positive opinion that Solein is safe under proposed conditions of use; Solein is the first gas-fermentation novel food ingredient to receive a positive EFSA opinion.

• The European Commission must draft an implementing act, seek a Member State vote and publish the authorization; the remaining process is expected to take 7–9 months, with EU approval expected in 2027.

• Final approval will define permitted food uses; 92% of positive EFSA opinions end in Commission authorization.

Market opportunity and demand

• The addressable US and EU market is projected at €18bn by 2030, including ~€7bn in the EU and ~€11bn in the US, with ~8% annual growth.

• Protein fortification is spreading into everyday foods and beverages; functional food launches grew 2–4x in 2026 vs. 2022, across categories including bars, drinks, ice cream and baked goods.

• EU and US GLP-1 users could reach ~70m by 2030, potentially adding 250kt of annual protein demand; yogurt, meat snacks and nutrition bars are target categories.

• Solein contains 80% protein, 10% fibre, 6% fat and 4% minerals; gas fermentation enables production independent of agricultural land, weather and climate, with consistent quality and year-round output.

Commercialization and partnerships

• US commercialization is underway, with products in market; Ambrosia Collective reported Solein as a bestseller on its online channels and as its bestselling RTM protein powder.

• EU product launches are planned for 2027, targeting CPG majors, health and performance brands, selected fast movers and distributors; several major European brands are in concept or recipe development.

• Fazer is ready to launch Solein-containing products in Europe after final European Commission approval; pilots in Singapore and the US emphasized familiar formats, clear communication and consumer tasting.

• The positive EFSA opinion is expected to accelerate existing opportunities, attract new prospects and move discussions with major food companies toward binding agreements.