Solar Foods Oyj, press release 13 May 2026 at 15:15 EEST
Solar Foods partners with Fortum on energy services for Factory 02
Solar Foods has entered into a development agreement with leading Nordic energy company Fortum on the energy services of the upcoming Factory 02 production facility. According to the agreement, Fortum will take responsibility for the design and pre-engineering work related to hydrogen production, heating and cooling solutions and electricity infrastructure of Factory 02. The companies have made no final investment decisions yet.
According to its business model, specified in October 2025, Solar Foods will build Factory 02 together with strategic partners, which allows the company to focus more strongly on developing its core technology of gas fermentation and related bioprocess, as well as on the global commercialization of Solein.
Fortum's strategic goal is to deliver reliable energy to its customers and drive the decarbonisation of industries and societies. The company is one of Europe's power producers with lowest specific emissions and with specific experience in power-to-X (P2X) projects in collaboration with industry, as well as heating & cooling energy solutions for industry and district heating companies. Fortum also works with subcontractors with expertise in electrification.
"We are pleased to have Fortum as a strategic partner as we commercialise Solein and scale its production with Factory 02, a globally unique industrial-scale production facility which will scale Solein's production 40-fold compared to Factory 01. Fortum is a leading Nordic company in renewable energy and decarbonization, and it has strong expertise in hydrogen, heating and cooling as well as renewable electricity, which are key in our production process", says Tiia Kuusimäki, Chief Operating Officer of Solar Foods.
"We are excited to be part of Solar Foods' success story and to be able to contribute to the growing global need for alternative protein sources with energy-, hydrogen- and electrification-as-a-service models. This is our first commercial project that combines them all. Fortum is well positioned to serve our industrial customers with solutions that are tailored to their needs and is honored to be chosen for this journey with Solar Foods", highlight Fortum's Satu Sipola, VP, P2X & Project Execution, and Mika Lehtonen, VP, Heating & Cooling Nordics.
Factory 02 scales the groundbreaking Solein production technology to industrial scale
Factory 02, which will be built in Lappeenranta, Finland, will expand Solein's production capacity from Factory 01's 160 tons to 6,400 tons annually. The construction of the Solar Foods' first industrial-scale production facility is planned to be carried out in phases: The design capacity of the first phase is 3.2 kilotons per year, and it's expected to be operational at the end of 2028. The following year, the production plant is planned to be expanded in a second phase to a design capacity of 6.4 annual kilotons. The investment decision for Factory 02 is targeted to be made during 2026.
Solar Foods estimates that by 2030, including phases 1 and 2 of Factory 02, it will achieve the company-level revenue of EUR 97-119 million, gross profit of EUR 60-74 million and EBITDA of EUR 34-42 million. The numbers are illustrative, and they are not financial targets or guidance. The company has provided more information about its estimates about the financial figures and financing needs for Factory 02 in October 2025.
Solar Foods has already chosen GEA, one of the world's largest systems suppliers for the food, beverage, and pharmaceutical sector, as one strategic partner for the implementation of Factory 02. The companies have signed an exclusivity agreement to negotiate a supply agreement for the design, construction, and delivery of process equipment and related services for Factory 02. Solar Foods and GEA have also undertaken to negotiate terms and conditions of a long-term strategic partnership agreement. Solar Foods is also exploring real estate investment opportunities for Factory 02 and has appointed Vicus Capital Advisors as its advisor.
Additional information:
Tiia Kuusimäki, Chief Operational Officer, tiia.kuusimaki@solarfoods.com, tel. +358 10 579 3284
Ilkka Saura, Chief Financial Officer, ilkka.saura@solarfoods.com, tel. +358 10 579 3289
Fortum News Desk, +358 40 198 2843, newsdesk@fortum.com
Images for editorial use: www.solarfoods.com/media
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What is Solein?
Solein is an all-purpose protein grown with the air we breathe: The unique bioprocess takes a single microbe, one of the billion different ones found in nature, and grows it by fermenting it using air and electricity. Solein is a nutritionally rich and versatile ingredient which can replace protein virtually in any food. Solein can also be used as a fortifier to complement the nutritional profile of various foods: it can be a source of iron, fibre and B vitamins, and it can also bring different techno-functionalities into food products. Learn more at www.solein.com.
About Solar Foods
Solar Foods produces Solein®, a protein created using carbon dioxide and electricity. This innovative production method is independent of weather and climate conditions, eliminating the need for traditional agriculture. Founded in Finland in 2017, Solar Foods is listed on the Nasdaq First North Growth Market Finland. Learn more at solarfoods.com and investors.solarfoods.com
Fortum
Fortum is a Nordic energy company. We generate and deliver reliable energy to our customers and the Nordic energy system while at the same time helping industries decarbonise their processes and grow. Our core operations comprise efficient and best-in-class low-carbon power generation, customer services, and heating and cooling. Fortum's power generation is already 99% from renewable or nuclear sources with one of the lowest specific CO2-emissions in Europe. We are guided by our ambitious SBTi-validated emission reduction targets on our way towards net-zero by 2040. For our ~4,500 employees, we commit to be a safe and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com
