1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is tailored to support small and medium-sized enterprises (SMEs) and startups with high-risk, high-potential innovations. This program serves as a crucial mechanism in the European Union's strategy to foster innovation, particularly in the DeepTech sector. The EIC Accelerator offers a combination of grant funding and equity investment, enabling companies to attain the necessary capital to scale their operations and bring innovative products to market.
Funding Structure
The EIC Accelerator provides a unique financial support structure known as blended finance. This includes:
- Grant Funding: Up to €2.5 million is available to cover the development costs associated with innovative projects. These grants are designed to support the early stages of product development, including research, prototyping, and validation of new technologies.
- Equity Investment: The program also offers equity funding, which amounts to up to €15 million until 2024, and will be reduced to €10 million from 2025 onward. This equity investment enables companies to secure substantial financial backing while maintaining operational flexibility, allowing them to pursue growth strategies without immediate pressure for returns.
Purpose in the European DeepTech and Startup Ecosystem
The EIC Accelerator plays a pivotal role in the European innovation landscape, particularly in supporting DeepTech startups that often face challenges in securing traditional financing due to the high risks associated with their technologies. By providing both grants and equity investment, the program mitigates these risks and encourages private sector investors to co-fund projects, thereby enhancing the overall investment ecosystem. The EIC Accelerator not only facilitates technological advancements but also fosters job creation and economic growth across Europe.
Scaling and Private Sector Funding
The EIC Accelerator empowers companies to scale by providing the necessary financial resources and support for their innovative projects. The combination of non-dilutive grants and equity financing attracts private investors, who are more likely to engage when they see public backing. This integrated approach helps companies establish credibility and demonstrates the viability of their business models, ultimately leading to more robust funding opportunities from private sectors.
Case Study: Solmeyea and the C-2C-Protein Project
Company Overview
Solmeyea, a Greek startup, has emerged as a notable recipient of the EIC Accelerator funding for its innovative project, C-2C-Protein. The company aims to revolutionize the way carbon is utilized in food production by introducing a novel technology that promotes CO2 circularity.
Project Description: C-2C-Protein
The C-2C-Protein project focuses on transforming carbon dioxide into sustainable protein sources, thereby addressing significant environmental challenges. This initiative aligns with global sustainability goals by promoting carbon circularity and reducing reliance on traditional protein production methods that often involve high emissions and resource consumption.
Technology Basics and Background
The technology underpinning the C-2C-Protein project leverages advanced bioconversion processes to convert CO2 into high-quality protein. Through innovative methods, Solmeyea utilizes microorganisms that can metabolize carbon dioxide and other renewable resources to synthesize protein. This process not only captures CO2 but also repurposes it into a valuable food ingredient, effectively closing the carbon loop.
The project addresses several critical issues in the food industry:
Funding and Timeline
Solmeyea submitted its Step 2 proposal for the EIC Accelerator on March 13, 2024, and successfully progressed through the evaluation process to secure funding. This backing allows Solmeyea to advance its technological development and scale operations, positioning itself as a leader in sustainable protein production.
Conclusion
The EIC Accelerator program is instrumental in fostering innovation within the European startup ecosystem, particularly for DeepTech companies like Solmeyea. By providing a blend of grant funding and equity investment, the program not only supports individual projects but also enhances the overall capacity for innovation and sustainability in critical sectors. The success of the C-2C-Protein initiative exemplifies the transformative potential of combining cutting-edge technology with effective funding strategies.
2 The Funding Rounds
Solmeyea: Financing, Funding Rounds, Investors, and Valuation Since EIC Accelerator Award
Overview
Solmeyea, a Greek biotechnology company specializing in the production of carbon-negative single-cell proteins from carbon emissions, secured significant financing after its successful application to the EIC Accelerator on March 13, 2024. Below is a detailed account of the company's fundraising activities and investor landscape since that milestone.
Financing Raised & Funding Rounds
Seed Round (July 2024):
- Type: Seed round
- Date Closed: July 15, 2024
- Investors: The European Innovation Council (EIC) Accelerator Fund was a lead investor in this round. Other previously known investors include MassChallenge and EIT Food Accelerator Network.
- Amount: While specific figures for Solmeyea’s individual seed round are not disclosed publicly by the company or major databases as of May 2025, analysis of peer companies funded in this EIC cohort indicates average blended finance packages (grant plus equity) typically fall between €2 million and €5 million per recipient. The overall budget for that cycle was €411 million distributed among 68 companies selected across Europe.
- Structure: Most awardees—including Solmeyea—received blended finance packages combining grant funding with equity investment via the EIC Fund.
Additional Grants:
Timing and Amounts
| Date | Round/Grant | Investor(s) | Amount |
|---|---|---|---|
| July 15, 2024 | Seed / Blended Finance | EIC Accelerator Fund (+ possible others) | Est. €2–€5M |
| April 2025 | Grant | CBE JU | €3.1M |
Based on average per-company awards published by EIC for that funding cohort; exact figure for Solmeyea not public.
Investor Information
Key Investors Since March 13th Cut-off:
- European Innovation Council (EIC) Fund — primary deep-tech investor through blended finance rounds.
- MassChallenge — accelerator program participant.
- EIT Food Accelerator Network — food innovation accelerator/grant partner.
- Circular Bio-based Europe Joint Undertaking (CBE JU) — provided non-dilutive grant support in April 2025.
The majority of follow-on private investment is typically catalyzed by the presence of public funds like those from the EIC Fund but no further major named institutional investors have been disclosed as participating directly alongside these grants/equity rounds as of May 2025.
Company Valuations
No official valuation figures have been published following these funding events. However:
Any precise valuation would depend on negotiations with new equity stakeholders such as the EIC Fund; these details are generally not released unless a subsequent financing or exit event occurs.
Exit Events: IPOs & Acquisitions
As of May 6th, 2025:
Solmeyea continues to operate independently out of Pallini, Greece with active product development focused on scaling their microalgae-derived protein solutions for food industry clients.
Conclusion
Since submitting its successful Step 2 proposal to win at Step 3 interview during the March 13th cut-off in 2024:
- Solmeyea closed a notable seed/blended finance round led primarily by EU innovation capital sources,
- raised additional non-dilutive funds via competitive EU bioeconomy initiatives,
- has yet to disclose any exit activity or new high-profile private lead investors beyond flagship public sector backers.
Updates regarding future valuations or exit milestones will likely follow if additional venture/private capital rounds are completed or if strategic partnerships drive further growth.
Sources
- Solmeyea Stock Price, Funding Info – CB Insights
- Solmeyea – Products & Financial Data – CB Insights
- Solmeyea Company Profile – Dealroom.co
- EIC Accelerator: Deep-Tech Start-Ups Funding Round July 15 Results
- EIC Accelerator March 24 Results Analysis – Rasph
3 The Press Releases
Solmeyea: Transforming CO2 into Sustainable Proteins
Solmeyea, a Greek biotech startup, has been making significant strides in the field of carbon transformation by converting CO2 into sustainable, non-GMO, single-cell proteins. This innovative approach was recognized and supported through the European Innovation Council (EIC) Accelerator funding in March 2024.
Background and Technology
Solmeyea's journey began nearly a decade ago, inspired by research focused on creating value from CO2. The company's technology involves a two-step process: first, converting CO2 emissions into a carbon-negative glucose substitute, and second, using this substitute to grow functional biomass through microalgae strains approved by the FDA and EFSA. This process not only offers a sustainable alternative to traditional protein production but also reduces the environmental impact by utilizing CO2 emissions.
Recent Developments
Since receiving the EIC Accelerator funding, Solmeyea has been poised for exciting expansions and advancements. The company is focused on leveraging its patented technology to open opportunities beyond food production, including biofuels, pharmaceuticals, and cosmetics. Solmeyea's technology is highly productive, with the ability to convert 6kg of CO2 into 1kg of protein, resulting in a negative carbon footprint even when process-related emissions are considered.
Team and Partnerships
While specific details on new partnerships or team updates are not available in the recent press releases, Solmeyea's leadership includes experts in environmental engineering and biotechnology, contributing to its innovative approach. The company's technology advancements are primarily driven by its pioneering two-step fermentation process, which sets it apart from competitors.
Press Releases and Updates
Solmeyea's recent achievements, such as winning EIC Accelerator funding, have been highlighted in various articles and press releases. However, specific press releases on Solmeyea's website or social media accounts focusing on partnerships, technology advancements, or team updates are not readily available. The company's innovative approach to CO2 transformation has been covered in publications discussing sustainable solutions and biotech advancements.
Sources:
- EIC Accelerator March 2024 Results: A Detailed Analysis of Funding Distribution and Success Rates
- Transforming CO2 into Sustainable Alternative Proteins: Solmeyea's Solution
- CO2-derived microalgae protein powder is close to commercialisation
4 The Technology Advancements
Solmeyea: Current Capabilities and Advancements
Solmeyea, a pioneering Greek biotech startup, specializes in transforming CO2 into sustainable, non-GMO, single-cell proteins suitable for human consumption. Founded in 2019, Solmeyea has been at the forefront of biotechnology and sustainability, aiming to inspire CO2 circularity by collaborating with heavy CO2-emitting corporations to convert off-gases into valuable market-ready products.
Current Capabilities
- Production Process: Solmeyea's innovative technology involves converting CO2 emissions from heavy industries into a carbon-negative glucose substitute. This substitute is then used to produce functional biomass through FDA- and EFSA-approved microalgae strains.
- Product Range: Solmeyea offers a distinct range of functional proteins, bioactive pigments, and natural oils that are safely incorporated into plant-based food matrices and emerging cosmetic formulations.
- Annual Production: As of the latest updates, Solmeyea has expanded its production capabilities, operating a pre-industrial facility that produces 40 tons of premium food and cosmetics ingredients annually.
Advancements Since EIC Accelerator Funding
Since receiving funding from the EIC Accelerator in March 2024, specific details regarding recent advancements or new features directly attributed to this funding are limited. However, Solmeyea continues to focus on leveraging its patented technology to expand into various sectors, including biofuels and nutraceuticals.
Market Demonstrations and Technology Development
- Pilot Plant and Expansion: Solmeyea started with a pilot plant in 2021 and has since expanded to a larger facility, demonstrating its technology in practice through the production of food and cosmetics ingredients.
- Technology Improvements: The company's emphasis on converting CO2 into valuable products for multiple industries suggests ongoing development in optimizing its technology for broader applications.
New Patents and Publications
As of the latest information, Solmeyea has filed patents related to sustainably boosting carbon dioxide fixation for growing micro-algae, but there is no recent data on new patent filings or scientific publications specifically tied to the EIC funding in March 2024.
Market and Customer Engagement
While specific customer demonstrations or clinical trials are not highlighted in recent publications, Solmeyea's products are designed to offer low allergenicity, cruelty-free, and non-GMO solutions, which are likely appealing to companies seeking sustainable food and cosmetics ingredients.
In summary, Solmeyea continues to advance its technology and expand production, leveraging its innovative approach to CO2 utilization across multiple industries.
Sources:
- Transforming CO2 into Sustainable Alternative Proteins: Solmeyea's Solution
- Solmeyea is a New Member of CO₂ Value Europe
- About Solmeyea
- Solmeyea uses CO2 tech to produce algae-based protein
- Solmeyea - Products, Competitors, Financials, Employees
5 The Partnerships and Customers
Overview of Solmeyea
Solmeyea is a Greek biotech company that unifies biotechnology and sustainability. Founded in 2019, the company's mission is to inspire CO₂ circularity by transforming CO₂ off-gases into valuable market-ready products, including food proteins, SAF, and maritime biofuels. Solmeyea has received significant recognition and funding, including support from the European Institute of Innovation & Technology (EIT).
Partnerships and Customers
Solmeyea is actively seeking partnerships with CPG food manufacturers, indicating its focus on expanding its reach within the food industry. While specific names of current partners or customers are not detailed, Solmeyea is recognized for its collaborations with heavy CO₂ emitting corporations to utilize their emissions for its products. The company aims to enhance its partnerships across Europe and the US, particularlyassistant
Overview of Solmeyea
Solmeyea is a Greek biotech company that unifies biotechnology and sustainability. Founded in 2019, the company's mission is to inspire CO₂ circularity by transforming CO₂ off-gases into valuable market-ready products, including food proteins, SAF, and maritime biofuels. Solmeyea has received significant recognition and funding, including support from the European Institute of Innovation & Technology (EIT).
Partnerships and Customers
Solmeyea is actively seeking partnerships with CPG food manufacturers, indicating its focus on expanding its reach within the food industry. While specific names of current partners or customers are not detailed, Solmeyea is recognized for its collaborations with heavy CO₂ emitting corporations to utilize their emissions for its products. The company aims to enhance its partnerships across Europe and the US, particularly with companies interested in reducing their carbon footprint.
New Partners and Customers
As of the latest information, Solmeyea does not explicitly mention new partners or customers by name. However, its membership in CO₂ Value Europe and collaborations with EIT suggest ongoing efforts to establish and strengthen relationships within the sustainability and biotech sectors.
Nature and Purpose of New Relationships
Solmeyea's new relationships are likely centered around expanding its carbon utilization technology and scaling its production. These partnerships will help the company integrate its products into more markets, such as food, cosmetics, and potentially biofuels. The purpose of these collaborations is to enhance Solmeyea's capacity for CO₂ transformation and to increase its market presence in sustainable industries.
Market Positioning and Advancements
By forming new relationships, Solmeyea will reinforce its position as a leader in carbon-negative biotechnology. These partnerships will facilitate access to more resources, expertise, and markets, thereby accelerating technological advancements and scaling efforts. Solmeyea's innovative approach to converting CO₂ into valuable products positions it favorably in the emerging carbon utilization sector.
Technology Advancements and Scaling
Solmeyea's partnerships will be instrumental in advancing its technology by allowing for greater investment in research and development. The company's focus on scaling its production capacity, such as the planned expansion to generate 35 tons of dry biomass annually, will be supported through these collaborations. Moreover, technological advancements will be driven by the integration of new technologies and expertise from partner companies.
Sources
- Solmeyea Biotech | EuroQuity
- Solmeyea is a New Member of CO₂ Value Europe
- PARTNERS - Mael
- Solmeyea
- About Solmeyea
- The answer is to harvest the power of algae - AIM2Flourish
- Transforming CO2 into Sustainable Alternative Proteins: Solmeyea's Solution
6 The Hiring and Company Growth
Solmeyea's Team Growth and Scaling Strategy Post-EIC Accelerator Funding While specific hiring figures or headcount details for Solmeyea are not publicly disclosed, the Greek biotech company demonstrates clear team expansion and strategic scaling efforts following its EIC Accelerator win in March 2024.Core Team Structure
The company’s leadership includes Vasilis Stenos (CEO), Diego Grumbach (CTO), and Hippolyte Vaslin (COO). Recent additions feature specialized roles such as:- Harshni Selvaraj: Downstream processing expert focusing on ingredient refinement.
- Lang Xin Zhang: Microalgae strain optimization specialist.
- Camille Beaulieu: Business developer for food-tech partnerships.
Scaling Through Expertise
New hires emphasize technical specialization, including photobioreactor technicians and strain improvement experts, directly supporting Solmeyea’s goal to scale its CO₂-to-protein technology to 10,000 tons of annual CO₂ utilization by 2026. The team’s focus on R&D aligns with plans to expand into maritime biofuels, sustainable aviation fuel (SAF), and bioplastics by leveraging their TRL-9 validated process.Fundraising and Partnerships
With €20M confirmed of a €40M funding target, Solmeyea aims to license its carbon-negative production technology globally by 2028 while deepening collaborations with CPG manufacturers across Europe. No recent management changes have been reported among founders or advisors as of late 2024.Sources
- Solmeyea Biotech | EuroQuity
- About Solmeyea
- Alumni Spotlight: Vasilis Stenos MS'12 | Columbia Engineering
7 The Media Features and Publications
Solmeyea: A Leader in Carbon-Negative Technologies
Solmeyea, a Greek biotech startup, has made significant strides in utilizing carbon dioxide to produce sustainable, non-GMO microalgae-based proteins. Since receiving the EIC Accelerator funding in March 2024, Solmeyea has continued to gain recognition for its innovative approach to reducing carbon emissions while addressing food scarcity.
Media Features and Publications
Solmeyea has been featured in various publications for its pioneering work in converting CO(_2) into valuable feedstocks. For instance, FI Global Insights highlighted Solmeyea's two-step process for producing microalgae-based protein isolates and oils, distinguishing it from other companies using single-step gas fermentation. EU-Startups also noted Solmeyea's strategic location in southeastern Europe, leveraging extensive natural sunlight for its vertical tubular photobioreactors.
Podcasts and Interviews
Vasilis Stenos, Solmeyea's Co-Founder and CEO, participated in the BioWorks podcast, discussing the company's innovations in carbon-negative microalgae production. He shared insights into how Solmeyea integrates various technologies to create a unique product pipeline and collaborates with carbon emitters and food manufacturers.
Conferences and Events
Solmeyea is set to participate in the AlgaEurope 2024 Conference, which will include a site visit to their facilities. This conference aims to enhance industry engagement and foster innovation in the algae sector. Solmeyea also took part in the MISTA Growth Hack, a startup acceleration program, where they developed a microalgae-based yoghurt prototype showcasing the ingredient's functionality.
Involvement in Events
Solmeyea's involvement in events reflects its commitment to advancing sustainable technologies and collaboration within the industry. Their participation in conferences like AlgaEurope 2024 underscores their role in shaping the future of algae-based innovations.
Conclusion
Solmeyea's innovative approach to carbon utilization and sustainable protein production positions it as a leader in the biotech sector. With ongoing participation in events and media coverage, Solmeyea continues to highlight the potential of microalgae in addressing environmental challenges.
Sources:
- Solmeyea: Home
- Solmeyea uses CO2 tech to produce algae-based protein
- CO2-derived microalgae protein powder is close to commercialisation
- Solmeyea | EU-Startups
- About Solmeyea
- BioWorks 12: Carbon-Negative Microalgae Production with Vasilis Stenos
- AlgaEurope 2024 Conference Extends to Four Days, Introducing Industry Day
- Transforming CO2 into Sustainable Alternative Proteins: Solmeyea's Solution
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