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Agronomics Ltd on Wednesday said its portfolio company, Solar Foods Oy, received the first regulatory approval for its Solein protein in Singapore.
Agronomics is an Isle of Man-based venture capital firm, with investments in the cellular agriculture field. Solar Foods is a Helsinki-based food-tech startup, currently developing the non-animal, non-plant protein powder Solein.
The regulatory approval for Solein, a protein grown with carbon dioxide and electricity, was awarded by the Singapore Food Agency. It means food products containing the protein can be sold legally in Singapore.
Agronomics has invested a total of €6.0 million to date in Solar Foods, and owns approximately 5.8% of the company, subject to the conversion of its outstanding convertible loan note.
Looking ahead, Solar Foods plans to seek similar regulatory assessment for its product in the US and has already filed applications for novel food authorisation in the UK and the EU.
Solar Foods Chief Executive Officer Pasi Vainikka was optimistic about Solein's prospects.
"I'd compare this to the discovery of the potato: we are introducing an entirely new ingredient to the world of food. It's a watershed moment for how we think of what we eat," Vainikka said.
"This is also a huge day for us as a company. The food revolution we have been working towards for years has taken a major step forward and we are highly excited about the prospect of bringing Solein to the market in Singapore."
Solein is set to begin commercial production and sales in 2024.
Agronomics shares were trading 2.8% higher at 14.80 pence each in London on Wednesday afternoon.
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