Investors

Based on the independence assessment carried out by the Board of Directors, the Board of Directors of the Company meets the independence requirements of the First North marketplace.

Juha-Pekka Pitkänen is not considered to be independent of the company, management or significant shareholders of the company as he is the second largest shareholder of the company with more than 12.4% of the company's Shares and as he is employed by the company and a member of its Management Team. Juha Lindfors, Chairman of the Company's Board of Directors, and Sebastian Jägerhorn, a member of the Company's Board of Directors, are not considered to be independent of significant shareholders of the company. Juha Lindfors, Chairman of the Board, has an employment relationship and control over Lifeline Ventures Fund III Ky, which owns 10.6% of the Shares, and Sebastian Jägerhorn, member of the Board, is employed by the Company's largest shareholder, Oy Karl Fazer Ab, which owns 12.8% of the Shares. The other members of the Board are considered to be independent of Solar Foods and its management and significant shareholders.

Work experience and positions of trust

Juha Lindfors joined Lifeline Ventures in 2016. Prior to that, he worked as an active angel investor and partner at EQT. As Lifeline’s representative, Juha headed the company’s seed round and has served as the Chairman of the Board of Directors since 2020. Among Lifeline's portfolio companies, he is involved in CurifyLabs, Droppe, Measurlabs, Sulapac and Swappie.

Independence

Juha Lindfors is not considered to be independent of the Company's major shareholders as he is employed by and controls Lifeline Ventures Fund III Ky, which holds more than 10% of the Company's shares.

Work experience and positions of trust

Juha-Pekka Pitkänen is one of the founders of Solar Foods and he has been the company’s chief technology officer since its foundation. He has worked as a scientist in biotechnology at VTT, which gave birth to the idea of creating Solar Foods. Juha-Pekka was the Chairman of the Board of Solar Foods from its establishment until 2020, after which he has served as a Member of the Board.

Independence

Juha-Pekka Pitkänen is not considered to be independent of the Company, its management or significant shareholders as he is the second largest shareholder in the Company with 12.4% of the shares and he is employed by the Company and a member of its Management Team.

Work experience and positions of trust

Thomas Harding is a partner in Bridford Group. He previously worked with TMT investments at Access Industries. In addition to Bridford Group companies, he is currently a Board Member of LenioBio GmbH, Touchlight Holdings Limited, Grabyo Limited, Solar Foods, and Penfold Technology Limited. Previously, he has served as a Board Member of Westwing Group AG, Ice Group ASA, Perform Group/DAZN, Sentient Technologies Holdings Limited and Channel 10 TV, and as a trustee of the Blavatnik School of Government Foundation at Oxford University.

Independence

Thomas Harding is independent of the company, its management and its major shareholders.

Work experience and positions of trust

Paula Laine is the CEO of Safegrid. Prior to this, she served as CEO of the Finnish Climate Fund for over four years, during which time the company made 22 investment decisions in scale-up environmental technology companies. Paula has served on the Boards of several corporate, foundation and cooperative organizations, currently she serves on the Board of the renewable energy and climate technology project development company Forus Oy and At Ease Consulting Oy in addition to Solar Foods. Her areas of expertise include sustainability, strategy and technology development, with which she has worked for a long time also at the Finnish Innovation Fund Sitra and Nokia before the Climate Fund.

Independence

Paula Laine is independent of the company, its management and its major shareholders.

Work experience and positions of trust

Jari Tuovinen is a Board professional and one of the founders of Nordic FoodTech VC and Visionplus Fund. Jari has extensive experience in creating strategies for growth companies, acquisitions and investments in various industries both as a private investor and through private equity funds. He is currently, for example, the Vice Chair of the Board of Directors of LähiTapiola Pääkaupunkiseutu, and Chairman of the Board of Tracegrow Oy, Fluentic Oy and TLD Registry LTD. He also acts as a Member of the Board in Janneniska Group Oy and Street Food Group Oyj.

Independence

Jari Tuovinen is independent of the company, its management and its major shareholders.

Work experience and positions of trust

Sebastian Jägerhorn is Director of Legal Affairs and a member of the Management Team at Fazer Group. Fazer is one of the leading food companies in the Nordic countries, focusing on bakery, confectionery and plant-based products.

Independence

Sebastian Jägerhorn is not considered to be independent of the Company's major shareholders as he is employed by the Company's largest shareholder, Oy Karl Fazer Ab, which holds more than 10% of the Company's shares.

Work experience and positions of trust

Pontus Stråhlman has been a partner of Voima Ventures Ltd that invests in science-based deep tech start-ups since 2020. He is also a serial entrepreneur, angel investor and start-up advisor. His areas of expertise include, for example, investing in AI companies as well as companies in the food, agriculture and pharmaceutical industries. He has been responsible for investments in, for example, EniferBio Oy, the Estonian IIO Biotech OÜ and MVision AI Oy, and worked on the boards or administrative bodies of these companies.

Independence

Pontus Stråhlman is independent of the company, its management and its major shareholders.