This Finnish company future recipe air renewable energy food - The Finnish food and technology company Solar Foods proposes a novel recipe: food made from air and renewable energy.
"Our purpose is to decouple food from agricultural production," says the company'S CEO, Pasi Vainikka, on his website.
For this reason, the firm has developed this alternative to create food, which was first known 2 years ago, thanks to a study by the Polytechnic University of Lappeenranta and the Technical Research Center VTT, both entities also originating in the same Nordic country.
It is a protein made exclusively from electricity (solar or wind energy), water, carbon dioxide and microbes. The final result of the process gives rise to powders, known as "solein" or solein. This dough can subsequently acquire textures similar to those of bread or meat. In addition, it can also be used as a seasoning, before shaping it.
Currently, the company has created 20 types of solein products, both for breakfast, lunch or dinner. That is, your offer wants to cover all intakes of the day, as Sifted details.
Solar Foods plans to market their food in supermarkets in 2021.
Finnish company future recipe air renewable energy food
Meanwhile, they have just lifted a round of financing, closed at the beginning of the month, with which they have obtained 15 million euros, as announced by the company in a statement. The investors behind the operation are Fazer Group, Bridford Investments Limited, Agronomics Limited, Lifeline Ventures and CPT Capital.
With that money, Solar Foods will open a factory in Finland, although it is looking for more revenue, as the amount is not enough to start the entire production and distribution process.
But how do you come to create food with renewable energy and air? The manufacture of solein bears some similarity to the brewing process; the microbes are introduced into a bioreactor, and fed with carbon dioxide and hydrogen bubbles generated through the application of electricity to a body of water. In this way, the microbes create the protein, which is later dried to get the powder.
Its main advantage is that the creation of food in this way requires much less resources than traditional procedures.
"The production of conventional food involves unsustainable and unreasonable water expenditure. We want to fix that. [Our process] is 100 times more environmentally friendly than meat production and 10 times more environmentally friendly than plant cultivation," Solar Foods explains on its website.
End of Finnish company future recipe air renewable energy food
In this way it has managed to contain Amazon and AliExpress the Polish marketplace Allegro, way to star one of the biggest IPO of the Year in Europe
Allegro, Poland's largest marketplace and one of the top 10 e-commerce platforms worldwide, has announced its intention to go public in what could be a European company's biggest trading debut this year.
Allegro will allocate the funds it gets from the IPO, which it expects to complete in the fourth quarter, to repay the company's debt and to invest in the development of products and services, according to its CEO, Francois Nuyts, in an interview with Business Insider Spain.
Allegro was born in 1999 as an auction portal. Today, it is the leading marketplace in Poland, where internet penetration was 8.4% in 2019, compared to 27% in China or 18% in the UK; and in 2019 it invoiced 2,390 million zlotys (537 million euros), 31% more than the previous year.
Allegro currently controls 3% of the retail market and is 12 times larger than Aliexpress, the second largest marketplace in the country, according to Nuyts.
The company's data reveal that, in June this year, 43% of the country's population used Allegro to perform the initial search on a product, compared to 17% that Google chose.
The company has 2,400 employees and 12.3 million active users —the country has about 38 million inhabitants-and about 117,000 sellers, including brands such as Carrefour and MediaMarkt.
Although the coronavirus momentarily paralyzed the company's IPO plans, the CEO says they are ready to take the plunge-expected in November - and explains how the company's trajectory has been and what they expect from the future.
The output is valued, according to the Financial Times, at between 10,000 and 12,000 million dollars (8,440 and 10,128 million euros), so only the US Peet'scoffee, with a valuation of 15,600 million euros, would surpass it globally. In addition, it would be the largest public offering for sale (IPO) of shares in Poland.
Currently, the firm is controlled by venture capital firms Cinven, Permira and Mid Europa Partners, and the company's plan would involve placing between 20% and 25% of its capital on the parquet, according to the British newspaper.
Nuyts does not confirm the percentage and says that it is not yet defined, but maintains that it will be a "significant" figure. The operation would be articulated through the issuance of new shares for 1,000 million zlotys (225 million euros) and the sale of existing securities.
"We are talking to several investors both in Poland and the rest of the world and the level of interest is quite high," he says.
In addition, the CEO explains that the venture capital funds —which came 4 years ago and paid 3.200 million dollars (2,700 million euros)— will continue in the capital as partners majority: "Will retain the majority of its shares and help us continue to grow this business."
Nuyts, who has a personal relationship with Spain-he was CEO of Amazon in Spain and Italy-points out that Banco Santander is part of the syndicate of banks that will participate in the OPV as placers.
The technology team and investing in the platform have been key to Allegro's success, says the CEO. "Technology equipment improves the service offered to customers," he explains.
"And that's what the IPO will allow us to continue doing," he adds.
Allegro's commitment to technological talent was reflected earlier this year, when the company hired the entire former team of fintech FinAI developers to continue developing its platform and services.
In addition, Allegro had less competition, since Amazon has less presence in Poland, where orders arrive but does not have its own store the online commerce giant Jeff Bezos.
On the other hand, like Amazon with Prime, Allegro has a loyalty program (Smart!), which offers free shipping and returns. It adds more than 2.1 million paid subscribers, representing 17% of the total customers.
That is precisely one of the axes of growth in the future, with the increase of its subscriber base and the incorporation of services such as ultra-fast deliveries.
Also looking ahead, Allegro, which also owns a price comparator (Ceneo), wants to attack the business of financial services, integrating them within its platform. In fact, it has recently launched a pilot of its own fintech, Allegro Pay, and is considering " future acquisitions."
The incorporation of new verticals, the acquisition of international customers or business with companies (B2B) are also in their plans, details the CEO.
In addition, reducing debt —the company does not reveal how much the figure amounts— will give them more room to invest, Nuyts notes, implying that more can be spent on contracts and acquisitions, but also perhaps for possible international expansion.
Currently, they could, for example, buy products from Spain as an export, but the platform does not yet have its own market outside Poland. Without specifying countries of interest, the CEO argues that, " when you go such a long way with such a large consumer product and service, taking it to other countries is obviously natural."
However, Allegro still has plenty of room to grow in Poland.