Solar Foods receive EFSA positive opinion

Agronomics Limited

(“Agronomics” or the “Company”)

Solar Foods receives positive EFSA opinion for Solein®, moving to final approval stage

Agronomics Limited (LSE: ANIC), the listed company focused on clean food, announces that its portfolio company Solar Foods has reported in its announcement of 9 November 2026 the receipt of a positive scientific opinion from the European Food Safety Authority (“EFSA”) for Solein®, its protein ingredient produced from carbon dioxide and electricity through gas fermentation. EFSA concluded that Solein is safe to consume under the proposed conditions of use.

The opinion covers selected food categories and is subject to final authorisation by the European Commission. Solar Foods states that it is the first company to receive a positive EFSA opinion for a novel food ingredient produced through gas fermentation. The opinion follows an extensive safety assessment of the application submitted on 29 October 2021.

The application now moves to the final stage of the EU approval process. The European Commission will draft an implementing act for a vote by representatives of EU Member States. Solar Foods expects the remaining process to take approximately 7–9 months, revising its previous expectation of approval during 2026. Following authorisation, Solein may be commercialised across the EU under the approved conditions of use, without separate Member State authorisations.

Solar Foods expects the opinion to advance offtake negotiations towards binding agreements. Binding customer agreements and completion of financing are key prerequisites for the final investment decision on Factory 02, its first industrial-scale Solein facility. Solar Foods estimates Solein’s 2030 addressable market for protein ingredients in Health, Performance and Functional Foods at approximately EUR 7 billion in the EU and EUR 11 billion in the United States.

Solein received novel food approval in Singapore in September 2022 and an independent conclusion of GRAS (Generally Recognised as Safe) status in the United States in 2024, enabling commercialisation there. Solar Foods has also submitted a GRAS notification to the U.S. Food and Drug Administration for review. A Go-to-Market Update webcast was held on 9 November 2026 at 14.00 EET.

Jim Mellon, Executive Chairman of Agronomics, commented: “Producing protein from carbon dioxide and electricity offers a potential alternative to agricultural production and its exposure to land, weather and commodity markets. The positive EFSA opinion removes a key regulatory uncertainty for Solar Foods and advances its path to the European market, alongside its existing routes to market in Singapore and the United States.”

Agronomics first invested in Solar Foods in September 2020 and has invested £5.2 million to date. The investment is carried at approximately £6.4 million, representing around 4.6% of Agronomics’ most recently reported Net Asset Value of £139.5 million as at 30 September 2026.

The Solar Foods announcement is reproduced below, with no material changes:

Published: 9 November 2026 - 11:00:00 CET Solar Foods Oyj:

Solar Foods receives positive EFSA Scientific Opinion for Solein® – Groundbreaking milestone towards commercialisation in Europe

The Finnish food technology company Solar Foods has received a positive scientific opinion from the European Food Safety Authority EFSA, concluding that the company’s new protein ingredient Solein® is safe under the proposed conditions of use. Solar Foods considers this a groundbreaking milestone, taking the company a major step closer to commercialisation of Solein in the significant protein market of the European Union. The opinion significantly de-risks the company’s commercialization plan and enables Solar Foods to advance European offtake negotiations, financing and preparations for the final investment decision for Factory 02. Solar Foods will provide a more detailed go-to-market update on a webcast today at 14:00 EET.

The European Food Safety Authority (EFSA) has concluded its scientific risk assessment for Solein and considers Solein safe to consume under the proposed conditions of use. This means Solein is safe to use as a protein ingredient in selected, strategic food categories. The EFSA opinion provides Solar Foods directional categories which are conditional to the European Commission’s final authorization. Solar Foods is the first company in the world to receive a positive EFSA scientific opinion for a novel food ingredient produced through gas fermentation.

The positive scientific opinion progresses Solar Foods’ novel food application to the final stage of the EU approval process. The European Commission will next draft an implementing act and present it to the Committee consisting of representatives of the EU Member States for its voting. No separate authorizations are required in individual member states. As an update to the previously communicated expectation of getting the regulatory approval during 2026, Solar Foods currently expects the remaining EU authorization process to take approximately 7–9 months, based on recent novel food authorization timelines. Following the authorization, Solein can be commercialized throughout the European Union under the approved conditions of use.

Positive opinion enables next steps in Solar Foods’ growth plan

The positive EFSA opinion removes a key regulatory uncertainty affecting commercial negotiations. Solar Foods expects the opinion to accelerate ongoing offtake negotiations towards binding agreements. Binding customer agreements and completion of the financing package are among the key prerequisites for the final investment decision on Factory 02, Solar Foods’ first industrial-scale Solein production facility.

“This is a defining moment for Solar Foods, as the positive opinion enables us to advance our offtake negotiations, financing and preparations for the final investment decision for Factory 02. After years of proving the technology, product and production process, our focus is increasingly on commercial execution and scaling the business,” says Rami Jokela, CEO of Solar Foods.

Europe represents a significant commercial opportunity

Europe represents a significant commercial opportunity for Solar Foods alongside the United States, where the company is already commercializing Solein. The total addressable market for Solein in the European Union is approximately EUR 7bn and in the United States EUR 11bn in 2030. The estimated market value growth is 8% annually, with the market defined as protein ingredients that go into the categories of Health, Performance, and Functional Foods.

Solein offers food manufacturers a versatile and nutritionally rich protein ingredient with a fundamentally different production method compared to traditional animal- and plant-based proteins. Produced through gas fermentation independently of agricultural land, weather and climate conditions, Solein offers the potential for predictable supply, consistent quality and reduced exposure to the supply and price volatility associated with traditional agricultural protein production.

“Europe is one of the world’s largest and most attractive protein markets, and a strategically important market for Solein. We are already in discussions with major international food companies, and the positive EFSA opinion enables us to advance these discussions towards commercial agreements. Solein offers a compelling value proposition for food manufacturers in Europe,” Jokela says.

Long and thorough regulatory process.

Solar Foods submitted its EU Novel Food application for Solein to the European Commission on 29 October 2021. Since then, Solein has undergone an extensive scientific safety assessment by EFSA, during which Solar Foods has provided detailed information and scientific evidence on the product, its manufacturing process, and its safety for consumers.

Outside the European Union, Solein received novel food regulatory approval in Singapore in September 2022. In the United States, Solein obtained an independent conclusion of GRAS (Generally Recognized as Safe) status in 2024, enabling Solar Foods to commercialize Solein in the U.S. The company has also submitted a GRAS notification to the U.S. Food and Drug Administration (FDA) for its review to obtain the so-called No Questions Letter.

Solar Foods to provide a Go-to-Market Update

Solar Foods will provide a more detailed update on Solein’s commercialization strategy and the opportunities in Europe and the United States in a webcast on Monday 9 November 2026 at 14.00 EET. The Go-to-Market Update will be presented by CEO Rami Jokela and CFO, Deputy CEO Ilkka Saura. Also present in the webcast will be Heli Anttila, VP, Product Research & Development from Fazer. The webcast can be followed at https://solarfoods.events.inderes.com/go-to-market-2026.

ENDS

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 www.solarfoods.com and www.investors.solarfoods.com.

About Agronomics

Agronomics is a London-listed investment company focused on clean food. Its portfolio comprises over 20 companies developing technologies to produce food and materials historically derived from animals, with the aim of improving sustainability, human health and food security.

A full list of Agronomics’ portfolio companies is available at www.agronomics.im.

For further information, please contact:

This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach