I thought I had already clearly explained what I felt was wrong with the headline of the press release, but I’ll try again. The word “Receive” means “vastaanottaa” / “saada”. In this case, it wasn’t that the funding had been received or obtained. A funding decision / funding commitment has been made for the company’s project, which is conditional, so one of those terms should have been used in the headline as well. According to the Securities Markets Act, disclosure must be truthful and must not be misleading.
In this case, the entire future of the company hangs on upcoming decisions from food authorities, and there is a significant risk involved due to iron levels. If it is now implied that 80 million in funding has already been received, it may cause a misunderstanding among investors that this has somehow improved the company’s immediate situation. A funding commitment is certainly a good thing and the loan terms are excellent, but if the marketing authorization doesn’t come through, the release has zero value.
Another perspective. If a company with a market cap of 140 million receives a 40 million grant on its balance sheet, the share price should rise by nearly 30% immediately. If a release is headlined incorrectly, stating that the company has received tens of millions in grants, it can cause a rapid price reaction because investors believe the company has received tens of millions in cash.
Misleading communication can in some cases even be interpreted as market manipulation, so one should be careful with it. Companies are fined every now and then for incorrect disclosure.
edit. You can take a lead from the headline of the Inderes article. “Solar Foods secured funding.” That does not mean it has been received.
Here are Thomas’s preliminary comments ahead of Solar Foods’ H1 results next Tuesday
In the report, we are particularly focused on the initial steps of commercializing Solein in the United States, the progress of regulatory approvals, and the development of the industrial-scale Factory 02 project. The significant factory financing secured in June has reduced the biggest risks surrounding the story as the company moves toward a final investment decision.
(00:00) Introduction
(00:12) Performance in the first half of the year
(01:53) Ambrosia Collective product launch
(04:40) Production capacity
(06:33) Supply agreement with a US operator
(08:49) Funding raised
(11:01) Partnerships
(13:21) Status of the factory investment
The company’s earnings release
Solar Foods Oyj Half-Year Report January–June 2026: Significant steps towards scaling up production
This release is a summary of Solar Foods Oyj’s 2026 half-year report. The full half-year report is attached to this company release as a PDF file and is also available on the company’s website at www.investors.solarfoods.com/fi
January–June 2026 in brief
Cash and cash equivalents at the end of the period 27.0 (12.7) million euros
Other operating income 4.9 (4.3) million euros, consisting of grants
Operating loss 6.8 (4.8) million euros
Loss for the period 7.4 (5.4) million euros
Cash flow from investments -0.4 (0.4) million euros
Earnings per share -0.25 (-0.22) euros
Order backlog 0.2 (1.5) million euros
Significant events of January–June 2026
Sports nutrition manufacturer Ambrosia Collective launched the ready-to-mix Planta powered by Solein protein powder to consumers in the United States.
In June, Solar Foods received an order from a lifestyle company in the US. The customer placed an order for the product development of consumer products made from Solein, and the finished products are intended to become available to consumers in the US.
In January, Solar Foods successfully carried out a directed share issue of 5,154,691 new shares, raising approximately 25 million euros.
In June, Business Finland granted Solar Foods a total of 77.8 million euros in funding. The funding decisions consisted of a 39.6 million euro grant and a 38.1 million euro R&D loan in relation to the company’s existing IPCEI (Important Projects of Common European Interest) notification granted by the European Commission. The funding is intended for the construction and commissioning of the Factory 02 production facility in Selkäharju, Lappeenranta. The funding is conditional on the final investment decision for the Factory 02 production facility and the securing of total financing.
The company completed the advanced concept design phase of the Factory 02 production facility and moved forward to the final design phase before the investment decision.
Solar Foods signed agreements with the German company GEA to negotiate the supply of process equipment and a strategic partnership for the Factory 02 production facility, as well as a development agreement with Fortum regarding energy services for the Factory 02 production facility.
Solar Foods received a patent from the United States Patent and Trademark Office for Solein’s production process. The patent grants Solar Foods the exclusive right to produce Solein for food use using gas fermentation organism and technology.
In April, Solar Foods joined the EU-funded BalticSeaH2 hydrogen project and, as one of the hydrogen economy use cases, received a 350,000 euro funding decision for the development of Solein production.
In June 2026, Solar Foods established two subsidiaries, which are 100% owned by Solar Foods. The companies were established to support the group’s strategic growth and international expansion.
Significant events after the end of the reporting period
In July, the company’s Board of Directors decided to grant 288,000 option rights without consideration to the company’s CEO and 144,000 option rights without consideration to the company’s Chief Commercial & Product Officer under the new option program 1/2026.
Here are Thomas’s comments on Solar Foods’ H1 results
In terms of figures, Solar Foods’ H1 report was slightly weaker than our expectations. However, we do not believe the current share price fully reflects the company’s improved financial position, the approaching sales permits for Solein, and the impending supply agreements for the Factory 02. Solar Foods’ story has thus reached a critical turning point, which means there are more positive short-term share price drivers in the news flow than usual. We are adjusting our target price to 6.0 euros (prev. 5.3 EUR) and upgrading our recommendation to “accumulate” (prev. “reduce”).
A bit of feedback: “Whey-proteiini” (unless this refers to some competing brand) is a term that has only been half-translated. It should be heraproteiini (whey protein). Whey protein is available in concentrate and isolate forms, the latter of which is “purer” and more expensive.
Good point, I’ll keep that in mind. In the analysis, I used both terms. As a consumer, however, the term “whey” has annoyingly become ingrained in my own vocabulary over the years, and unlearning it has proven surprisingly difficult.
What the hell. I knew there had been upward pressure on whey protein prices as global demand exceeds supply, but the price of basic “fart-whey” at the local supermarket has gone up 45% in a month .
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