Translation: Original published in Finnish on 5/16/2025 at 7:13 am EEST.

Due to KelpEat's small scale, the news has a limited impact on Solar Foods' investment story, but in our view, it is a step in the right direction to strengthen Solein's recognition in the key US market. At the same time, the exclusive right granted to the company to sell seaweed-based products containing Solein may also be a sign of the structure of Solar Foods' future supply agreements. The news does not trigger forecast changes, but in our view, it brings additional visibility to the progress of Solein's commercialization.

The 0.5 MEUR contract corresponds to management's expectations for Solein's price point

Yesterday, Solar Foods announced that it had signed a 0.5 MEUR supply agreement with KelpEat. KelpEat is a small Italian food technology company that presented Solein-based protein cookies in February at the Pitti Taste event in Florence, Italy. The agreement includes a conditional commitment to purchase up to 27 tons of Solein between Q3'2025 and Q2'2028, and it grants KelpEat exclusivity for seaweed-based products containing Solein if the terms of the agreement are met. The agreement prices Solein at approximately EUR 18.5 per kilogram, which corresponds to Solar Foods' expectations indicated at the Capital Markets Day regarding the product's price point and provides one confirmation of the demand for Solein at a good price level. In our view, the agreement is a step towards strengthening the awareness and visibility of Solein in the United States, but for the upcoming Factory 02 investment, Solar Foods needs to convince significantly larger parties of Solein's competitiveness as a product.

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