Welcome to Solar Foods Capital Markets Day. My name is Laura Sinisalo, and I'm the CXO of Solar Foods. I'm today here with my colleagues, and we will be presenting you our reviewed strategy for the next five years. And on the agenda, therefore, we will first remind ourselves with the vision and mission, then go to the go-to-market strategy in the United States, and then dive into the innovation in motion. After that, we will be talking a little bit of our scaling plan, and last but not least, our strong financial ambition. So, at the end of the presentations, we will have a Q&A session, so we take questions from the audience. And the audience online, you are able to ask questions during the presentations via the online platform. So please do, we are prepared for those. And yeah, that's about it. Let's move on.
And once again, welcome, and I invite to the stage Pasi Vainikka as the first speaker. Please welcome Pasi.
Thank you so much Laura. I'm Pasi, CEO and one of the founders of Solar Foods. Welcome everyone here live, but also so many of you behind the cameras there online. We have a great lineup here tonight. We are going to describe our intentions in a handful of years to come. Before going into that, to the actual stuff, I'd like to remind what kind of company Solar Foods is, what is it that we are here to do, and what is it that we are actually here to achieve, especially tonight. Solar Foods is not in isolation. It means that things are happening faster and faster in the world today, and new technologies, artificial intelligence, space technology, different kinds of green transition technologies are developing faster and faster, and the question is that what happens around the food system in the Fourth Industrial Revolution?
So quickly reminding where the food system is coming from. 10,000 years ago, we can see some illustration here. Man learned how to cook food, the brain got more protein, spoken language was developed, and the whole organization of human to tribes happened. Later on, then we learned to practice agriculture. Suddenly, we had a lot of food available. The society reorganized to early city states and to cities, maybe peaking at that time with the ancient Roman Empire. Then the industrial era, basically where I have been growing, is the world of fossil fuels. So suddenly, we had new technologies, machines out there in the fields, in agriculture. But most importantly, we invented by using fossil fuels, nitrogen fertilizers, and basically the hectare yields exploded.
When I was born in the late 70s, we were about three and a half billion on the planet. Today, and we are going towards 10 billion people on the planet based on these technologies, but we think there is a new Industrial Revolution happening after globalization in the third era. Now we are seeing things like social media, artificial intelligence kind of blurring many things, what we thought to be taken for granted until now, green technologies developing very fast, and the Fourth Industrial Revolution basically brings new technologies, and Solar Foods is the food company of this era. Our take on how and what concrete things we are actually doing around by taking advantage of new technologies, we are using our proprietary hydrogen fermentation technology to empower amazing biology to bring a new harvest for humankind.
We have actually done that already with one specific organism and strain and product that we call Solein, but there are many new to come. The last lines there actually say that even if we have amazing technology, we can actually strategically bypass the current history of agriculture using land for producing primary calories for humankind. Still, we think taste and texture are decisive. Therefore, much of what we are going to see tonight, the talk goes around taste, texture, food, and product categories, and less technical stuff, I would say. But still, one technical slide also in my part, which is just to remind the technology what we are practicing here at Solar Foods, hydrogen fermentation technology. So basically in the center is gas fermentation where we only provide growth conditions for our specific microbes.
It's quite unique technically because we are using electricity as the primary, let's say, feedstock to produce hydrogen, oxygen, and also we use CO2 to bubble those gases in our fermenter to let the organism grow and multiply. And then to separate the organism from the growth media, we use basically conventional dairy-like technology, and we end up with a dried powder, which we call Solein today. Because we practice this specific technology and one of the initiations of the company and why we are here goes down to the fact that when you are bypassing the concept that we call the production animal, livestock, and we bypass the use of fertile land and we don't induce land use impacts, basically all the environmental benefits of this technology fall on our lap, like it or not.
It has to do with greenhouse gas emissions, water use, land use efficiency, eutrophication, and so on, many more that we can actually share on this slide. The yellow dot there in the middle basically indicates the relative environmental impact of Solein compared to plant-based and animal-based food products that are out there on the market today. About 90% of the remaining environmental impact, the yellow dot, 90% of that is due to the electricity what we use or sourcing. Renewable electricity is quite in the center of our story. Coming now to the what is it that we want to achieve tonight is basically walk you through that what is it in concrete terms our team and this company does to get revenue and profit in the couple of next years.
Let's say in two phases, initial revenue through the Factory 01, what we have now, and to going towards Factory 02 that we call the large-scale facility. Here's the timeline and themes that we are going to discuss tonight. Already then what you could see quite soon in the coming, let's say, 12 to 24 months summarized here is that as we have the regulatory approval, sales growth in the U.S., of course our activity in the U.S. is quite important to land and surface on the U.S. market. Also you will hear tonight more about our plans actually to extend the capacity, design capacity of our Factory 01 due to the results what we have from our research.
We will also describe what are the product categories, what kind of products one could expect surfacing on the U.S market in this timeline, and something about the prototypes, and then basically building readiness to be able to execute after this time here with the construction of what we call Factory 02 and getting to a profitable production based on the technology of the company. Here I want to remind basically that we think the company has in its hand all what we need to go to market and what we describe here tonight. We do have excellence around fermentation technology and we understand the biology that we are using. We do have intellectual property and very efficient regulatory process. Just to remind and appreciate that what we are doing always requires regulatory approval introducing new food ingredients to the market.
We are going to show the product fit to the market, how we plan to go about it. That is quite interesting and unique. Then last but not least, getting to profit and revenue requires that we do build factory capabilities that are larger than what we have today. There actually we also need to practice excellence to get to a learning curve that the future factories are cheaper than today as capital investments. There's some change also what we announced this morning in the management team welcoming Petri Tervasmäki as a CTO, but then not really a newcomer in the company. He's actually after the founders the first employee in the company. So familiar to everyone in the company, welcoming Petri here.
Why I wanted to take this one up, management team and this structure, a little bit of organization is to communicate that what we are doing as a company is scientifically quite complex. It's a multidisciplinary scientific endeavor to get Solein to the market and the new Soleins that are coming up. So we want to ensure that even we have quite large management team, we want to ensure with this one that the information flows across the organization. Therefore, the operational management team here, encircled with the gray rectangle, indicates the operational management team that ultimately takes the decisions. But then again for these meetings of the operational management team, then we have a strategic team, technology team, and commercial team that prepare proposals for decision making. And with this structure, we ensure that the information flows, but still we have condensed enough decision making process in the company.
Something beyond the organizational chart what cannot be really seen there is that we also have some new responsibility, let's say, sharing within the company, meaning that Troels Nørgaard, we'll also present later, will be responsible of our product development, R&D, and application development towards prototyping, including regulatory. Juan will focus more on sales, sales, sales, and building that activity particularly in the U.S., of course. Petri is I also already referred to. All right, without further ado then to the actual stuff, welcoming Troels.
Thank you, Pasi. As Pasi mentioned, my name is Troels. I joined the company three months ago as Chief Strategy Officer. And before joining Solar Foods, I spent 15 years with Arla Foods Ingredients, where I the last nine years had the global responsibility for the whey protein business into health and performance nutrition. I will take you through our go-to-market strategy that starts in the U.S. and we'll share a little bit beyond that, but the focus will very much be the us But before we dig further into the go-to-market and the analysis we've done, it all starts with the product. And an important part of analyzing how to approach the U.S. market is a really deep understanding of the product we have and unique value propositions we can offer the market.
It all starts with actually the discovery of a unique organism here in Finland that we then have protected through 12 patent families that addresses the organism, how to manufacture a protein ingredient from it, and how to apply that protein ingredient into different food applications. And then that will take us to the product Solein, the product we have in our portfolio today so far. And Solein actually has a quite unique characteristic. It's very high in protein. It has all the essential amino acids, and it has a branched-chain amino acid profile that is actually quite close to whey protein, which is very important in terms of maintenance of muscles and building of muscle. Besides that, it also contains very good fibers. It contains important minerals and vitamins. These components that it contains are normally found in animal proteins. So it's a very, very interesting nutritional profile.
But even more importantly, as Pasi also addressed, then taste and texture is very important. And we will dive more into that. But I can just share that an important element of joining this company was to come and taste the product. And it was a very pleasant, creamy mouthfeel. It was subtle notes of nuts and other things. So that's so important for a product in any food application and also nutrition application. But we'll come into that as we go along. First, we start with the U.S.. And why do we start with the U.S.? We start with the U.S. because we obtained a self-affirmed, generally recognized as safe, GRAS status in the U.S. in September this year.
Furthermore, we have then got our factory registered with the Food and Drug Administration in the U.S., and we have also met the other requirements to be able to sell in the U.S. market. The process of achieving the GRAS is a process of looking at our product. What is limiting factors in terms of application? In our case, it was iron, then we look into the different applications we want to be in, and we choose the desired content we want in these different applications, then we end up with a long list of applications we can put our Solein ingredient into.
If we then start looking at the markets we can operate in, then there is a long-term opportunity that's very much linked to our vision and mission that Pasi shared earlier, where we have a broad food market that, as we evaluated, has a size of around 20 million kilos of protein. If we narrow down into our total addressable market that we have chosen in this strategy process, we look at a selected food and nutrition products where we have a market around 5 kilotons, so 5 million kilos. When we then go into our serviceable available market in the U.S. and make a choice to narrow it in on a health and performance category, we're looking at a market of 300kilotons-500 kilotons of protein.
To put that in perspective is that if we are able to capture or capturing what would correspond to 1% of that market would bring a revenue in the area of EUR 50million-100 million. If we then double-click a little bit on the U.S. health and performance nutrition market that we have decided to focus on in the first couple of years here, then we look at a market with a very attractive size. We look at a market with very attractive growth rates. As you can see from the chart here, there are three key applications in this market that accounts for around 80% of the volume in the market. That's ready-to-mix protein powder. It is protein bars, and it is protein ready-to-drink products. The category is very, very well supported by big trends in the market on health and nutrition and fitness.
And this has been driving very impressive growth rates in this category for decades now. Additionally, things like COVID have increased a focus on health from consumers. Social media trends are facilitating body images and being very fit. Lately, we have seen weight management drugs where patients need a lot of support to maintain their muscle mass. So there are several new trends in the market that are just believed to increase the growth of this segment. Today, the segment is very dominated by whey protein, and I'll get back to that a little later. And especially whey protein isolate is a very popular ingredient in this market. In this quarter, that product is sold between $18 and $20 in the U.S.. So that's another attractiveness in this market that we see a high willingness to pay here for nutritious and well-tasting products.
Having had dialogue with customers and brands in this category already, we are just confirmed in the fact that this industry is looking for sustainable alternatives to dairy protein. They are looking for alternatives that can match dairy protein on nutrition, taste, and texture. That solution, they don't really find in the market today. Plant protein has not been very successful in this category for that particular reason, even though there's a very strong demand from consumers to look for alternatives. The last, perhaps, or perhaps not the last, but an extra benefit of choosing this category is that from a production perspective and from a regulatory perspective, this is a quite simple category to operate in. You don't have very, very high demands on quality requirements or a heavily regulated market like you would have in an infant formula or medical nutrition segment.
The segments, the applications that would go beyond these three would be more in the protein, high protein snacking, and high protein foods category. This is another key trend driving this segment that consumers are becoming very well aware of the benefit of a high protein diet. This is to illustrate this willingness to pay in this health and performance category. The graph shows the latest price development and expectations for price development of whey protein isolate in the market. This is a product that accounts for around one third of the market today. This is just to underline the willingness to pay in the category. If we then dig a little bit into how we're going to win in this segment, then the three keywords are application, it is nutrition, and it's taste.
The application focus that we will now narrow in on is these ready-to-mix, ready-to-drink, and protein bars. We will focus our in-house capabilities and develop them in these application categories. And on top of that, we will partner up with external parties to accelerate the knowledge level around our ingredients' performance in these applications, but also to develop attractive prototypes that can inspire our customers. This is a very important way of selling in this category using this concept selling model where we do a lot of the pre-work for customers to cut time of their time to market, which in the end will cut time of our time to market. But it's also because convenience, taste, and performance in innovative formats is really driving this category. And that's why this is a key point for us to excel in.
Then we will also start collaborating with universities on documenting the health benefits of our ingredient. And yeah, really implement this concept selling model. Then an important part of bringing these prototypes with Solein to customers is that bringing those prototypes of protein bars, protein drinks, and ready-to-mix powders with our ingredient will inspire the customers. We will get feedback. We will continue to develop these applications with our ingredient in. And that would provide a feedback loop into our product and how we can modify functionality of our protein ingredient in order to bring new and innovative performance in these applications. That's a very clear way to make sure that we will do a customer-driven innovation on functionality of our ingredient. So to summarize a little bit on the go-to-market plan, then we have an initial phase where we'll be very focused on the U.S. health and performance market.
Then secondly, we will start to look into other applications very much into dairy, meat, and egg alternative applications where we can replace these proteins. And then longer term, looking more into mainstream food products. We start in the U.S., and then we will broaden the geographical scope into Asia-Pacific, Europe, and South America. Our addressable market will grow as we expand the applications we will operate in and the geographies we'll operate in. So it goes from the hundreds of kilotons to megatons to tens of megatons. We will have an expectation that the willingness to pay in the different segments will vary. And this is something we will test over time. Then I'll pass it on to our Chief Commercial Officer, Juan.
Thank you, Troels. So my name is Juan Benítez García, and I'm the Chief Commercial Officer at Solar Foods.
I have been in the company for the past six months looking at the best way for us to bring this great technology and products to the market. I have been working in ingredients for more than 14 years with large food and beverage ingredient manufacturers like DuPont, Novozymes, and ADM in commercial roles, bringing new technologies and leading teams into the food and beverage and nutrition space. So let's get deep into what is our commercial journey, how are we executing it, and what is the validation that we're getting from customers and consumers in the market. First of all, which is the consumer that we are going to focus on in this first phase? We're going to be focusing on consumers that are proactively looking at improving their nutrition and performance by using nutrition-dense products without compromising their food and beverage and nutrition experience. What does this mean?
Recent research has shown what are the most predominant claims and positionings in the market, showing us what our consumers are demanding and also what our customers are positioning in the market as the main value propositions. We see that consumers are craving for nutrition-dense products that are free from and that do not compromise their consumption experience. What does this mean? Nutrition-dense are products that are high on protein and fiber and that are low on sugar, carbohydrates, and calories. So customers can obtain the nutrition that they want with a very low cost in terms of the sugars, carbohydrates, and calories that they are putting in their bodies. On the other side, free from is without major food allergies, without any additional issues that would create discomfort for consumers. They're going to be tracking the traceability of the ingredients.
And of course, they would like to keep their experience uncompromised. So overall, they want to have nutrition-dense experiences that are free from without compromising their nutrition. What do we have from a Solar Foods perspective? We have Solein. And Solein brings the following characteristics and benefits as a product itself. There are multiple dimensions in which Solein can differentiate in the market. But first, from a nutrition perspective, Solein has a very strong differentiation. First of all, we look at the protein content. Protein content is 75%, which is comparable to any other major concentrate in the market. In addition to that, Solein has a very high branched-chain amino acid percentage. More than 20% of their amino acids are branched-chain amino acids. And more than 8% of these are leucine.
With these branched-chain amino acids and with this leucine content, it makes it very attractive for health and performance applications. In addition to that, it contains micronutrients like B12 Vitamin and Iron, and also other nutrients like fibers, fats, and minerals. From a functionality perspective, Solein differentiates very well. It has unique emulsification properties. It has a very mild taste with an umami note without leaving any off notes, and it has also a very creamy mouthfeel that makes it unique for dairy alternative applications. From a labeling perspective, Solein also brings multiple benefits. It's a non-GMO. It has no major food allergens. It's animal-free, soy-free, and dairy-free, so this gives a lot of tools for food manufacturers to position their product in the market, and finally, we have the most sustainable protein in the market. Solein is not attached and not dependent on agriculture.
It has very low greenhouse gas emissions and also very low water and land usage. In addition to this, we are creating a new space in the protein categories with Solein. Solein brings the best of dairy and plant proteins to the market. On one side, when we look at what it brings from the dairy proteins, it brings a high amino acid profile that makes it unique from a nutritional perspective. It also brings the taste and texture that only dairy proteins have. On the other side, when you look at plant proteins, Solein is bringing that fiber content that is unique from a plant protein perspective, but also has the advantage of being less volatile from a price perspective, bringing an additional benefit for customers. And in addition to this, it brings also the other micronutrients that are not usually present in plant proteins.
We have the B vitamin content, and we have also the iron content. Iron deficiency has recently become more predominant in the U.S., and this gives us also an additional element to position ourselves and find opportunities with the iron that we could provide with Solein to consumers. So what are we hearing from the market? How are we driving our commercial initiatives? It is critical for us to build a strong pipeline in order to accelerate our sales cycle and generate sales as quickly as possible for our business. So we have been focusing on growing our pipeline over the past six months. And in this period, we have more than doubled the number of customers that are testing our product. The majority of those new customers that are testing our product are in the health and performance categories.
So we continue creating awareness and having customers testing our ingredient in the key focus areas that we are prioritizing. And we have also collected some of the more relevant feedback that we have received from customers over the past months. On the value perspective, Troels already mentioned the price targets that we are going to go after and the focus that we have in whey protein isolate as the benchmark that we want to follow. And what we hear from the market is that novel proteins are significantly higher than whey protein isolate. So this gives us an advantage to come with a competitive value proposition to the market and compete with other novel proteins as we position as an alternative to whey protein isolate in the market. Another quote is around GLP-1 users. In the U.S., there is a fast growth of GLP-1 users.
These are patients that are using GLP-1 drugs to treat their diabetes or obesity conditions. For these consumers, there are also specific needs in regards to nutrition. They are looking for nutrition-dense products, as I mentioned before, and they are also facing some digestive challenges from the use of the GLP-1 drugs. So by getting into this space, we can also provide solutions to food and nutrition suppliers using Solein to address the needs for GLP-1 consumers. Talking to some of the customers in Europe, we have also found out that some of them are looking for innovative proteins that would help them replace whey better than what plant protein is doing today.
They are looking at alternatives to replace whey because they see on one side that whey proteins have challenges from a sustainability perspective, and also on the long term, they cannot always rely on a protein that has a limited supply and challenges from a supply chain in the long run. So when we see increasing demand for whey proteins, there is always the challenge on where is the whey going to come in the future. On the other side, when they look at plant proteins as a substitute, they see compromises using plant proteins in this space. So they want to have something else that enables them to replace whey protein without the compromises that they make today on plant proteins. Third, to reinforce what we have said, what we have seen before, consumers are looking for healthier choices that don't compromise their experiences.
Consumers want to improve their nutrition. Consumers want to be more proactive towards their health. But when they come to the table, when they have an experience of eating together with their family and close ones, they don't want to compromise in that experience. They still want to enjoy that opportunity to enjoy the food, beverages, and nutrition that they want to obtain. So how can we enable the market to provide those nutritional solutions without compromising on those consumer experiences? And finally, some of the customers that have been playing and using Solein, testing it in different products, they have mentioned that they have been working on developing functional beverages, specifically RTDs, and seeing how easy it is to work with Solein. They can also expand into other product categories.
So again, the versatility and functionality that our ingredient has opens new opportunities beyond the categories that we're targeting for the beginning of our journey. One thing to highlight is also the outcome of our collaboration with Ajinomoto. Ajinomoto has been one of our main partners to develop our go-to-market, specifically in Singapore. With them, we have launched a couple of different products in the market. And in August this year, they launched a brand called Atelier 72. This is a brand that is focused on high premium products and also providing a sustainability positioning of these products into the market. For the Moon Festival in August, they launched these mooncakes and ice cream sandwiches to the market using Solein as a replacer for dairy and egg protein. This was a limited-time launch that was very successful in August.
And given the feedback that they received from the market, they decided to launch it again. So the product is coming again to the market using Solein as the replacer for dairy and egg proteins. And this has been a proof of the positive cooperation that we had with them and the possibility to develop new opportunities with them moving forward into the Singaporean market, but also coming together into the U.S. as well. So how do we see our sales progressing in the short term? We're going to focus on allocating all the volumes coming from Factory 01, bringing those to the market at the validated prices that we have already seen and what we have been able to validate with the market and our customers.
And we're going to focus on the main categories that you see here in the pie chart, most of it going into the health and performance categories in ready-to-mix protein mixes, RTD functional beverages, and protein bars, and leaving volume as well to innovate and access other potential categories where we can improve formulations based on existing proteins, basically working or replacing plant and dairy proteins. In the medium term, we see that in order to achieve our perspective and our aspiration of allocating all the volumes that will come as we expand our capacity, we see that we need a few large to medium-sized customers to allocate the majority of our volume, basically to reach the majority of those 6,000 metric tons by 2030.
We need to focus on a few number of large and mid-sized customers that are going to be able to use this ingredient to develop new brands and bring new products to market. So we have to be very targeted, very focused, but work with large and medium brands to achieve our aspirations. So we have talked about the ingredient. We have talked about how we are collaborating with customers, but there is more that we have been doing in the market over the past months. At the end of November, we launched Solein officially in the U.S. market. We ran a demo event with a chef in New York where he developed a new menu of solutions based on Solein, showing consumers on the market what was the possibility of developing dishes using Solein as a main ingredient.
It was a main success for us to show as a platform what is possible with Solein as an ingredient in high-end culinary categories. In parallel, we also worked with industry players to develop a product that resembles how a finished Solein product could look like. So basically, this is how a finished product could look like containing Solein that highlights all the benefits of an RTD functional beverage it would bring to the market. So it highlights what the taste could be, what could be the texture, what could be the nutrition coming into this package, and also showing the convenience and sustainability behind it. So this is going in line with what we mentioned before. We not only want to commercialize and focus on promoting our ingredient, we need to show what is possible with the ingredient when we look into finished products.
We are going to continue selling an ingredient, but we need to show our customers what can they do with our ingredient, how to position it, and how will it look like. Later today, you will have the chance to try our coffee RTD. This is what we developed together also to unveil this concept into the market. It is a ready-to-drink functional beverage that highlights all the properties that we have from a nutritional perspective, also shows the taste and functionality from a texture perspective that we can provide, and highlights the sustainability of Solein coming into this category. It's also connected to the major trends in the market. We have seen also a predominance of functional coffee beverages in the U.S. market. This is basically coming together with the key trends and applications that our customers want to develop in that space.
So we had the chance to see where are the markets that we're focusing, the opportunities around our value proposition with what Solein brings to the market, and how we are progressing with our customers, developing concepts that prove what is possible with our ingredient, going into the key categories that we want to focus to grow and continue driving our commercial expansion. So thank you very much for listening. And I want to give the floor now to Petri, who is going to talk to us about innovation in motion. Thank you.
Okay, thank you, Juan. So I'm Petri Tervasmäki, Chief Technology Officer at Solar Foods. And indeed, I've been in the company for the past five years, heading the R&D activities, and of course, involved with the scaling of the production from the pilot scale to Factory 01.
We heard a lot about new markets, the possibilities, and the good functions of Solein in food ingredients. We're looking at the production technology. It also everything starts from the organism. We have found the unique organism that can produce food with very minimal resources using hydrogen as the energy source. That will allow us to produce food as the way we are producing it. Basically here at Factory 01, we have production from minimal ingredients in a single-step bio process to complex proteins, vitamins, other nutrients. The latter part of the production process is then mainly familiar from dairy industry, pasteurization, water removal steps. Let's have a look on the video of the factory. Okay, how we ended up commercializing this process from the pilot scale to Factory 01.
We started building the R&D facilities, the pilot scale process with all the same unit operations simultaneously while looking for the production organism and isolating it from the nature samples. Basically, Factory 01 was then designed on the same unit operations. Of course, we have continued the R&D efforts over the years. Factory 01 design phase was started in late 2021. We have proceeded with R&D efforts to improve the key economic factors for the production, so the productivities, energy efficiencies, and so on. Meanwhile, also the pilot scale process has undergone modifications, improvements to allow progress in these KPIs. On the figure, you can see some of the progress in terms of productivity with the short-term target to reach two kilograms per cubic meter per hour. At the pilot scale, we have reached 1.5 kilograms per cubic meter per hour.
This is actually already beyond the original design capacity of Factory 01. Also, in energy efficiency, we have achieved O2-CO2 ratio of three. So this ratio is directly can be compared also to the consumption of hydrogen and all the way to consumption of electricity per kilogram of the product. The plans are also to continue with the process development research to drive down this ratio with the target ratio of two. At the factory, as said, design started in late 2021, successful commissioning in the first half of this year. Now coming to the second half and towards the end of this year, we are again in production with food safety certification, FSSC 22000 also obtained for the facility. Also the FDA factory registration, which allows us to be in the market in the United States.
As mentioned previously, so continuing the R&D projects during the design and commissioning of the Factory 01 has taken the productivity that we have reached actually beyond the original design capacity of this factory, and we have identified modifications and plan that we can still increase the annual design capacity of Factory 01 from 160 tons to 2,030 tons. This would then help us answer to customer demand while waiting for Factory 02 to be operational. Looking a bit further on the R&D and new products, so we are also looking for improving, not only improving the productivity, but also coming up with new products for new market areas, driven of course by the commercial attempts and the demand on that side.
So if we look at again how we have commercialized Solein, so our current organism and product, it has required also in addition to the technology development, also generation of a lot of safety data, the regulatory approvals, and a strong IP portfolio. So basically we can utilize the same R&D pipeline to commercialize new products, so continue bioprospecting, looking for new microorganisms and take them through this R&D pipeline. Other aspects that we can do with the biology is, for example, using the current or new organisms, modify them through laboratory evolution to come up improvements in productivity or change in the product properties. Even further, we could design and engineer new microbes or modify the existing ones so that we could go for precision fermentation products, for example, milk-based proteins or egg proteins using our hydrogen fermentation technology.
In addition to these biological approaches, there are of course new products that could be fractionated from the biomass that we are producing today, and which is Solein, a whole biomass, but there are different downstream processing techniques that could be utilized to fractionate Solein into pure protein fraction and a separate fiber fraction with different functionalities. Of course, over the time when doing this R&D for Solein, all the way from biology to gas fermentation, other parts of the production process, all the way to food applications, we often see it linearly, like on the right-hand side, but of course in reality it's a complex process, a lot of interactions already starting from the genome of the organism, then how the organism behaves in the gas fermentations.
All the steps already here can affect the functionalities and the product properties in applications and a lot of interactions between the different processing steps. So of course, over the years we have learned a lot on all of these aspects, created a lot of insights how to affect product properties, for example. But meanwhile, we have also generated, collected a lot of data from all the steps in this commercialization process. So looking forward, also opportunities to utilize machine learning, artificial intelligence to also leverage this data from basically commercialization steps of Solein to speed up R&D, scale up efforts for new products and the next steps in the factory scale. Another aspect in the developments is of course our space roadmap. So this remains basically unchanged.
We are now finishing the project from European Space Agency with the feasibility studies, and the next step would be the flight experiments in orbit conditions, low Earth orbit, and for that, we are now looking for the next projects to climb up on the TRL ladder for the space applications, but for this presentation, we stay on Earth and even bigger facilities, and welcome Benoit for this. Good afternoon, good evening. Benoit Formesyn, I am a project director at Solar Foods since September of this year, bringing actually capital excellence knowledge to the company based on my background working for major players, Heineken, Cargill, delivering projects worldwide through my career.
But what brought me here is basically I've been triggered by this process as a biochemist and then got into contact with the people here at Solar Foods and decided to join this venture in scaling up this technology. Scaling up for profitable production, that is what basically was requested from me. And we started this journey now three months in the company. We actually have a first master plan in place on how to do that. We had multiple iterations of estimates, finances connected to the business case, but also back to do we need multiple steps of little processes or bigger steps, or how do we optimize all those steps to come to something that is actually making sense as a first step to this scaling up plan being profitable. Interesting journey. Next slide is going to tell a little bit more about this.
In the meantime, what are the next actually how do we get actually to this factory to operational? Also, that actually the milestone planning was completed. We do know how much time we have. It's aligned with the commercial plan, and we will start with an engineering procurement partnership that is currently being tendered. We are going to engage in January starting this partnership. Why a partnership? This is a factory first of a kind at this scale. We will work ourselves through choosing alternative technologies, further assess into detail, connect to the product, connect to the requirements we've seen previously shown both in the R&D section, but also in the commercial section around taste and functionality. We'll further advance process engineering while integrating the latest learnings from Factory 1.
So, weekly basis, I'm talking to Petri, but also to the team in Factory 1 in how what are the latest learning that we can integrate into the design of Factory 2. We will develop a contracting strategy that is going to promote a culture of competitiveness throughout. We had here an integrator for building Factory 1. There's more outside, there's hydrogen outside, there's a lot of things happening. Let's make sure that we get and tap into the best of those technologies in a competitive way. Last but not least, we are now already busy actually selecting our future piece of land. We've started bottom up with the bottom up approach on doing that, on selecting sites. So the idea is actually that those conceptual designs can land on a piece of land in the next quarters.
And then we will test it on different sites and choose the one that works best for Solar Foods. After that, we probably are going to be a more classic project, I would say, as we will freeze the design, freeze the scope. We'll move into a more classic delivery model called EPCM, Engineering, Procurement, and Construction Management, a design built with a general contractor, a little bit similar to how this building was built, though knowing a little bit more what we wanted from the very beginning. So starting off procurement and big package is planned towards the end of next year. We'll build as soon as the snow melts in 2026 and then work towards operational readiness in 2027. Construction actually from a base of design is also something we will develop during these procurement partnerships.
What we do know already from the experience of Factory 01 is that the product can be produced by a typical food facility quality standards, generally called hygienic. It has to be clean, though not aseptic, not pharmaceutical standards. This has a major impact on the cost of this factory. The modular cross approach, so what have we learned by doing all these iterations of sizes and capacity models? We are planning actually to a cross layout. It's something actually I took also from my brewing background. When you start and you don't know the size exactly of the market, you start with the first factory, but you think ahead and say, what if we are successful? What if things explode, I would say? You don't want to be locked up into a corner. So these cross layouts work very well.
So I've applied that to the technology that we have here in Factory 01 together. And basically we'll connect at the backside of the logistics part, the intake and media preparation to the offload and the warehouse to have a single warehouse and logistics operation that fits into a spine. This media actually is easy to transport into longer distances. So we go into the reactors to the left, three reactors to start with that are powered by an island, it's called. It's a hydrogen island. It's a bit of terminology used by the hydrogen industry. So that's where the power is produced through the reactors. Of course, we need air, we need nitrogen, we need CO2, we need cooling. That's all into the utilities supplied towards the biggest utility users feeding the downstream process. Classic milk production was a couple of times already mentioned today.
So nothing used, equipment that is available ready from other industries can be used in order to create a powder that is going to end up in the warehouse. So the picture is more or less showing that we have a phase one. A little bit high in intensity of CapEx, but quickly followed actually by a phase two that doubles the capacity of this plant with minimal investment. Ilkka is going to tell us more about that, but remember this visual. A third step can be added, and then we actually double the capacity again. So we go basically in two steps to 50% and the last step can take us to 100% of the master plan. Those estimates were provided and we run them into the financial model that Ilkka is going to prepare in a minute.
Now back to some of the drivers of cost and also the site selection. So where you're going to build the plant is also going to majorly impact the business case and the profitability of the plant. So we've been running through what are those attributes, access to electricity grid, mainly from a time perspective. I'd say you want it available, you want it close. It's a long lead item. It takes quite some time to develop those kinds of infrastructure. The amount of electricity we need to power the hydrogen and the biology is quite significant. There's this opportunity to have actually a colocation with somebody that provides us hydrogen. That would be interesting. So we are looking to these. There are developments all around the place currently as we speak. CO2 is an interesting component also, but it's easy to transport.
You can liquefy it, you can transport it, you can bring it to the site. So it's a little bit lower in priority. We did identify that brownfield and constructability. So where do you start, I'd say, is basically what type of site do you have to start to build on a swamp versus a nice piece of land, maybe some brownfield leverage, I'd say. Some of the sites have buildings, have current facilities that can be integrated and may also deliver some interesting CapEx savings. A building footprint, so site response, the integration with the grid and how we optimize those both from an OpEx and a CapEx perspective in order to be economically viable is also quite big an impact and very interesting to pursue. Working on that. And then last but not least, our processes are releasing heat. So the bioreaction is exothermic.
That heat can be used if you find actually a connection to district heating networks. So with the talks with the municipalities and the stakeholders, so we are talking four locations at this moment as we speak. Again, bottom up is just people reaching out to us and assessing about 10 sites as we speak. Quarter one is going to be more focused on finding the ideal site for Solar Foods whilst developing the conceptual designs for those sites. Those are the plans. So pass it over to Ilkka, who is our CFO, who is going to talk a little bit more on how the finances work around this business case.
Good evening, everybody. My name is Ilkka Saura, working as the CFO of the company. Joined the firm in April this year.
I worked heavily with the listing process and now had the privilege of working also on the strategy from the financial point of view. We're going to break down our strong financial ambition in two parts. We're going to start with Factory 02 and then delve into the company-level financials and our new financial guidance to the financial markets. First of all, as Benoit very nicely introduced, the modular scale-up of Factory 02. So our approach to commercialize Solein through Factory 02 is de-risked modular approach with very attractive unit economics. So we have decided on a plan to scale up Factory 02 in three phases. First of them, phase one with initial capital expenses of EUR 134 million, phase two with 48, and the phase three at level of EUR 135 million being a total of EUR 317 million. These phases are expected to generate revenue.
The first two ones at EUR 48million-55 million and generate EBITDA from 57%-72%. Those both would be 300 cubic meter reactors both producing at 3.2 kilotons per year. The first phase is planned to be operational and start the production in 2028, whereas the phase two and phase three will go live in 2029 and 2030 respectively. Phase three, the six reactors, the large remaining part is going to run at revenue levels of EUR 96million-109 million and generating 68%-72% of EBITDA. The factory in total would be at approximately EUR 192million-290 million with EBTAs of EUR 65million-69 million producing 12.8 kilotons per year. Some of the overarching assumptions are also brought to you here in this slide.
These figures presented over here are based on the already achieved cell productivity ratio and energy efficiency ratio that are already achieved in the pilot level facility with in-house hydrogen capacity and sales of the excess heat into the district heating network. Operational ramp-up based on the industry experience is going to be around two years and the electricity price at EUR 40 per megawatt hour in a greenfield location. And on the next slide, I will discuss in more detail about our plans how to minimize and bring the initial capital expenditure lower from that EUR 134 million. The company has prepared a plan to reduce the CapEx based on a couple of attributes. The brownfield locations which Benoit just described, we see cost synergies, an area for cost synergies up to EUR 10 million as an estimate at this point.
Should we not build so much production facilities and utilities such as roads, buildings, etc., those would bring us a really nice cost saving. And then on top of that, as a hydrogen company, we're looking very closely into the hydrogen space, particularly in Europe. What's happening there? Should we be able to locate the factory close to a hydrogen plant, we expect to have a cost synergy approximately at EUR 15 million. And then on top of that, the grand piece, so the company is having a notification under IPCEI program up to EUR 110 million, of which EUR 34 million has already been granted through Business Finland. We estimate that EUR 40 million of these might be used for the initial phase of Factory 02, bringing the CapEx to a relatively nice level.
Good to note is that the utilization of the remaining EUR 76 million requires a separate funding decision by a relevant authority. So with these synergies introduced, we are planning for a revisited capital expenditure of EUR 69 million, making this initial investment even more lucrative and interesting for the investors. And with the initial planned capital allocation, that would be relatively interesting either for equity or debt investors.
A little bit about the unit economics and how these phases would then generate returns for the company and ultimately to our investors are shown here. So basically after the first phase, we would introduce a nice EBITDA run rate level from EUR 34 million to EUR 50 million. And in the next second phase of CapEx investment of EUR 48 million, we would achieve an incremental EBITDA ranging from EUR 40 million to EUR 55 million on an annual basis as a run rate.
In the third phase, from EUR 78 million to EUR 110 million as a run rate. To summarize, very interesting unit economics profile and on the planned productivity levels that were introduced, there is a very significant upside potential in the Factory 02 business case. A little bit about the costs and how the COGS would develop over time as we are introducing more and more capacity into the market. This cost down curve shows the COGS, cost of goods sold, per unit in euros. After the successful deployment of first phase of Factory 02, we expect that the COGS per unit would be somewhere around EUR 5-EUR 8 per kilogram, already matching with some of the market competitors. As we move on with the scale-up plan and introduce more and more capacity, we expect that it will go to a level under EUR 5.
Really interesting case in this sense. This is of course dependent that we may get to reach the techno-economic levels, unit economics shown already here at Factory 01 and in the pilot level facility. Final investment decision of Factory 02 will be made should all the boxes be ticked in 2026 with the first phase being operational in 2028. Very interesting insight and finding from our strategy review process is shown here. As we are a hydrogen economy company, we produce lots of hydrogen by ourselves. Here is a very interesting insight about Solein's price point compared to the other green hydrogen products.
So on this slide, we see that Solein can be, and we are expecting to price it at parity with our market competitors already from the get-go, whereas the other green hydrogen products such as SAF, meaning sustainable aviation fuel produced using renewable energy, needs to price the product that needs to be priced with a premium of 5-10 times higher premiums than the existing fossil alternatives are having in the market. This is a relatively interesting point of view made during the process. Then a little bit about the company level. We keep the business model as it has been so far, so there are no changes. We expect to invest in Solein's production capacity, supply the protein raw materials to the B2B manufacturers, and also consider licensing of hydrogen fermentation technology as a way to grow the business in the future.
We also welcome the opportunity to look at the M&A as a pathway to accelerate growth and enhance the product portfolio as we move on with the commercialization, and in accordance with our disclosure policy, we are not giving any short-term financial guidance that will be given as part of the financial statements release in the end of February early next year. However, we gave a longer-term financial target on EBITDA, so we expect that the company will generate positive EBITDA already during the strategy period in 2030. We expect that company generates positive EBITDA as we move on with the scale-up plan and commercialization. We are also exploring other sources of finance available in the capital markets, and we have a reasonable expectation that we will be able to secure sufficient funding in the foreseeable future.
This slide is just to summarize the three key strategic horizons already presented. So in the first run, we are expecting to recognize the initial revenue in those specific product categories at the required price points, not generating annual EBITDA, however still investing in the future. On the second horizon from 27 to 2030, the company expects to generate revenues of approximately EUR 110 million, whereas the annual EBITDA is drawn at approximately EUR 40 million. On the capital expenditure side, Factory 02 fully invested by 2030. Moving on to the later long-term horizons, Factory 02 running at full speed at the relevant price point, generating really nice returns, annual EBITDA above EUR 100 million per year and CapEx at approximately EUR 400 million.
want to note that these figures over here do not include the licensing business and space business as such, as the targets of those remain unchanged in the longer term, not in this strategy period. So with these words, I want to thank you everybody and hand over to Pasi to summarize the strategic horizon of Solar Foods. So thank you everybody.
Thank you so much, Ilkka and the team. We just had two weeks ago or so the seventh anniversary of the company since registering it in the trade registry. At that time, we had a dream to bring a new harvest for humankind, and we've done it. Something little in Singapore, now surfing the U.S. in many of the categories, the largest market in the world. In the past seven years, we've proven three things. One is, is the ingredients safe? Do you get regulatory approval? Where? When?
The second, to describe how this new ingredient is supposed to be eaten, and the third one is to prove the technology scales for which we built this Factory 01 that is operational now. When we listed the company, we said that that would give us the opportunity to scale and industrialize what we are doing to become a mainstream product. This event, Capital Markets Day here, the purpose was to describe that how is it that you're going to in detail do the commercialization, what are the economics around it, numbers around it, and the short-term targets in that sense. In my view, we described that very much in detail, and now we have a team to make it real. I was hearing at least four things tonight.
One is we heard about the categories that we have selected to focus on: ready-to-mix, ready-to-drink, bars, and then later on egg, dairy, meat replacements in the second wave. We heard something about the price point, how we see the market in those categories where we are surfacing in the U.S., focusing on the us, what are the willingness to pay. We heard about the scaling plan when it comes to CapEx needed to industrialize what we are doing, going for revenue, actual big revenue, and for profit. In my view, that was described quite in detail. And then adding up to these numbers, then you can come to the final figures of the company, how the economic outlook is and how the unit economics of such factories as units operate. So leaving it with that thought, I end here, but the event does not end.
I believe we are continuing with Q&A and handing over to Laura to guide us through that one.
Thank you Pasi. So we're at the Q&A section. So we will walk it through this way that first we take a few questions from the audience if we have any. And then I see that we have plenty of questions coming through online. So we will address some of those. I don't know if the time is enough to go through everything, but we at least try. So let's start. And depending on the question, so we will find the best person to answer as well. We have Ilkka and Pasi here, but I will then call up the rest of the team if needed.
So first, I would like to ask if there are questions. Raise hands in the live audience, and we will pass the microphone to ask such questions. Nobody's daring. There's one.
Thank you for the good presentations. Thomas Westerholm from Inderes. A technical question now that we have some very smart people in this room. So from a theoretical perspective, are there any reasons why Solein's productivity wouldn't scale as nicely in larger bioreactors compared to the ones we have here in this Vehkala facility?
Thank you for the question. And I ask Petri to join us. You are the best man to answer this question. Go ahead.
Okay, so of course, thus far, we have experienced quite smooth scale-up from the 200 liters to 20 cubic meters.
Of course, what we don't know yet is about the 100 and 200 cubic meters, but we have a lot of engineering tools, fluid dynamic simulations, that kind of tools to ensure that we can produce it also in a larger scale.
Great, thanks. And continuing on to replacing whey protein as a protein source. Me, myself, as somebody who uses it quite a bit and tries to find a better alternative, how will you make Solein a ready-to-mix product?
Maybe two, one.
Unless I misunderstood you guys, you're aiming to make it water so that it mixes well with water as well, right?
Yes, yes. So if you use whey protein, you'd probably buy them in a tub or a big bag, and you can mix it into water or milk or juice or whatever you choose to mix it into. So Solein is now a fine powder.
What has been done to a whey protein is typically an instantization or something like that for that application, so it dissolves well in water. So this is what we will start looking at: agglomeration, instantization, things like that to make it perform really well in a protein shake into a liquid.
Okay, and does it have an effect on the product's taste and other aspects?
No, I shared the experience before joining Solar Foods that I came here and tasted Mika's great creations in the kitchen. But I asked to get the powder and try to dissolve it in water and see exactly how does it behave dissolving in water, how does it taste as a pure ingredient into water. And that was that experience I shared in the beginning of the presentation.
So I think with that starting point, there's a really good chance that this will perform very well in a ready-to-mix application.
Great, thanks. That's all for me for now.
Thank you. Any more questions from the live audience? There's one.
Yeah, Arttu Luukanen with actually Solar Foods Space and Defense. We are aiming at space and Solein, we are looking at it to be increasing and improving the crew health. And one dimension that has also been discussed a lot in various forums is, does the iron content in Solein limit its use in the product categories that we have now chosen?
Thank you, Arttu, for the question. Maybe Troels, you could take this answer as well.
Yes, I addressed it a little bit in the presentation. The categories we have picked, we are not limited.
We have picked what we believe is the maximum concentration you put in a protein powder, in a protein drink, and a protein bar, going beyond in dairy, meat, and egg alternative categories. So we can be in those applications at the limits that we have defined.
Thank you. I suggest that we move on to the big long list of questions that we have from the online audience. Thank you for those, and let's start with a question, and I think this is for you, Ilkka. So when will you launch in commercial quantities? For example, which calendar year will you have some proper revenue?
Well, it's all about commercial activities from now on. So in a way, we are in a commercial phase already. However, I believe that the question relates to sustainable levels of revenue and profitability.
Like said also in the announcement, all of the phases in Factory 02 are projected to generate very healthy profits as well as positive cash flow, and Factory 01's phase one is planned to be operational in 2028. So from 2028 onwards, we expect to be on a financially healthy level of operations.
Thank you, Ilkka. Next one for Pasi. There's a question. What are the plans for building a plant in Canada?
Pinpointing countries here is too much of a challenge, I would say, so we are not excluding any country. Putting aside a little bit of the Canada question here, so there are very interesting locations in the world depending upon what has to do with the availability of hydrogen, availability of electricity, efficiency of electricity markets, and then market demand.
So we think we understand the play, what goes primarily around our main feedstock, which is electricity slash hydrogen, and where are the market and where are the regulatory approvals to do in the categories where we want. And then Canada, why not? But we don't have anything to add on that.
Thank you. Let's continue with you. Is an IPO planned sometimes in the future? IPO.
IPO. So to understand the question right, we're a listed company already today. And then what comes to the future financing is something what we are not communicating here.
Okay. Anything to add on that, Ilkka?
Well, of course, there are multiple aspects related to this question. We are a listed company already in Nasdaq First North Helsinki. Secondary listings might be considerable in the future, but not communicating anything on them at the moment.
As said in the presentation and in the announcement, the company forecasts to be capable to fund the operations in the foreseeable future.
Maybe you can take this one as well. When is it going to be possible to buy stock from the rest of Europe?
Rest of Europe. I believe, and it is somewhat possible to buy our stock in Nasdaq First North Helsinki through large brokers existing in Europe. We know that, for instance, in the Nordic countries, there are multiple brokers operating in the Helsinki and Finnish markets and other ones also in Central Europe. So should one be interested in buying our stock, feel free to do that and recommend to reach out to the large brokers and corporate banks in your location.
Thank you, Ilkka. Perhaps to Pasi, why is the U.S. market being targeted first over the European market?
There's a kind of two-headed answer to that. First, an obvious one is the regulatory track, so in the European Union, we know, we have the experience, I would say, many of the geographies now as a company understanding how the regulatory works, and some parts don't have a regulatory framework at all, which is also quite interesting, but then again, an opportunity. The European Union is very unique because of its, I would say, bureaucracy, which means in our case that the timeline is longer than, I would say, elsewhere in the world. It's a timeline question. We do have a GRAS status now, recognized as safe status in the U.S., which means that we can release Solein on the market, so obviously, there's a business opportunity, and this is the status where we are not in the European Union yet.
T here's a question that...
There was the second part in addition to regulatory, which has to do with, of course, in the categories that we explained today. U.S. is the leading market, and in many respects, the leading market, and the price points work out. That's kind of the commercial part of the story.
Yeah, this is related. What is your estimation about availability of Solein in EU regarding novel food aspects?
Today, we're saying that it's around 2026. We're not expecting to have regulatory approval in the European Union next year, 2025, but rather 2026. That's the best estimate of what we can say today based on those cases that have been there before us.
Okay, thank you. There's a question of willingness to pay. Maybe we have, shall we have Troels or Juan here?
The question is, I assume that $15-$20 per kilo shown before, is it the price consumers are willing to pay for protein? So it's a retail price. What's the realistic wholesale price for whey or isolate protein? Can Solar Foods compete with Factory 01 at that price? Or is it required to sell directly to consumers and get a higher price to make this model profitable? There's a lot of things. Maybe Troels, you take this one.
Can say in the health and performance market, we are addressing, then a kilo of protein would probably be $50-$60 a kilo being bought directly from consumers. So when we are addressing the willingness to pay, it is to address the point that a big volume of the protein sold into this category we're looking at is priced at this point.
So that demonstrates that this category, the customers and brands that we will be selling our ingredient to, they will have a very profitable business at this price point. Thank you. One detail to add. So now, not sure on the geography where the question comes from, but there are different types of markets. Now, if you go into the U.S., where we're thinking of not even going to GLP-1, the specific diet requirements, you said some reference prices for the consumer, what are there on the shelves. Some of the products are actually from $60-$100 per kilogram there on the market today, and then supermarkets. So this was not a price for the consumer that we communicated.
Exactly. That's clearly conservative.
Yeah, yeah. So yeah, there's widespread.
Yes, there is.
Okay, then there is a question regarding our capacity today.
What's the status of Factory 01 production capacity? When will you reach 160 tons per year? Petri, please.
Yeah, so indeed, as said, Factory 01 was commissioned during the first half of this year. And now, after the commissioning phase, we are a few months in the production. And it's progressing on track to reaching the full productivity.
Thank you, Petri. Continuing about the entry price in the U.S., maybe Troels, you can continue. Now, after Petri, so how have you validated your planned entry price to the U.S. market?
Sorry, could you repeat?
How have you validated your planned entry price to the U.S. market?
You can say we've done an analysis, as we described, about what the dominating proteins are sold for in that category. And then you can say, even being conservative on that, we have shown some economics, what that would mean for us.
So for us, it's a balance between where the market is and what we find as the right price point.
Thank you, Troels. Then there's a question for Juan, and maybe we take one more question after that before we finish. So if you want to focus on health and performance products, does it mean that Solein is only meant for wellness and sports nutrition?
So it's a valid question, and I think what we have to clarify is that we are defining phases of focus to the market. Our first phase is to focus on those categories where there is more willingness to pay for our ingredient, to basically finance our growth and scale up. As we continue growing our capacity and we continue increasing our volumes to the market, we can go into other food and beverage categories.
So when we look at the price pyramid of proteins, we are focusing on high-end proteins at the time being. When we increase our capacity, we can start looking into other segments and go more mainstream into other food and beverage applications.
Thank you, Juan. I think there's another one for you, and this is the last one we're taking tonight. So you just launched Solein in a restaurant in New York. How does that connect with your focus categories?
So it's a very good one and a valid one.
So the idea of launching Solein in a U.S. restaurant was to work together with chefs that could innovate and test the product and see what new things they could do with it and use that as an awareness platform for us at Solar Foods to get our name out there, to show what is possible, and to get the best minds and hands to work with our ingredient. In the future, culinary will probably turn into a more strategic area for us. So that also opens a space for us. So these two things are connected. We're looking for the best platforms to generate awareness while we focus on the strategic segments that are going to fuel our growth as we continue scaling up.
Thank you very much, Juan. And thank you, everybody, on behalf of Solar Foods. We are going to be ending our Capital Markets Day here.
I thank you for joining us tonight, and I wish you a pleasant evening. Thank you very much.