Analyst Comment
Small streams from hydrogen: Solar Foods joins the BalticSeaH2 Project
Summary
- Solar Foods has joined the EU-funded BalticSeaH2 hydrogen economy project, receiving 350 TEUR to develop Solein production, enhancing its role in the European hydrogen economy.
- The BalticSeaH2 project, with a 33 MEUR budget, aims to create Europe's largest cross-border hydrogen valley, involving 40 partners from nine countries.
- Solar Foods will demonstrate hydrogen utilization in protein production, with the 350 TEUR grant supporting Factory 01's development, though it is a small amount relative to the company's scale.
- The company's strategic focus is on scaling up production capacity from Factory 01 to Factory 02, requiring integration with hydrogen infrastructure, which the BalticSeaH2 project supports.
This content is generated by AI. You can give feedback on it in the Inderes forum.
Translation: Original published in Finnish on 5/4/2026 at 7:00 am EEST.
Solar Foods announced on Thursday that it has joined the EU-funded BalticSeaH2 hydrogen economy project and received 350 TEUR in funding for the development of Solein production. We consider the news positive, albeit a small step, which strengthens the company's position as part of the developing European hydrogen economy ecosystem. The funding is aimed at developing the capacity of the Factory 01 production facility, and hydrogen is one of the main raw materials in the facility's production process. The press release does not cause changes to our estimates.
Hydrogen economy networks support strategic scaling
The BalticSeaH2 project aims to build Europe's largest cross-border hydrogen valley around the Baltic Sea, involving 40 partners from nine countries. The five-year BalticSeaH2 project started in June 2023 with a total budget of 33 MEUR, including 25 MEUR in EU funding. Solar Foods' role in the project is to demonstrate the utilization of hydrogen in protein production through gas fermentation. The 350 TEUR grant received is small on the company's scale, but it supports the operation and development of Factory 01.
We are positive about projects like BalticSeaH2 for Solar Foods, as they promote the development of the hydrogen economy in Europe. The core of Solar Foods' investment story is Factory 02, currently in the planning phase, for which the company aims to outsource hydrogen production to strategic partners. In our view, scaling up from Factory 01's 160 tons to the 6,400 tons annual capacity targeted for Factory 02 requires integration with other hydrogen infrastructure, which ecosystems like the BalticSeaH2 project support.
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 Figures27.02
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 0.1 | 1.9 | 4.3 |
| growth-% | 560.1 % | 1,455.6 % | 125.7 % |
| EBIT (adj.) | -10.4 | -12.7 | -19.9 |
| EBIT-% (adj.) | -8,414.9 % | -660.1 % | -459.7 % |
| EPS (adj.) | -0.47 | -0.46 | -0.70 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | neg. | neg. |
| EV/EBITDA | neg. | neg. | neg. |
Forum discussions
