Solar Foods, maybe the solution to food problems in the world.Solar Foods Oyj Class KOMXHEX_DLY:SFOODSSchwbenI think Solar Foods could be one of the most undervalued high-risk/high-upside stocks in Europe. The thesis is simple: Solar Foods can produce protein from CO₂, hydrogen, oxygen and energy, potentially decoupling food production from land, weather and agriculture. The key catalyst is **Factory 02**. If Solar Foods successfully scales production and achieves its targeted economics, revenue could grow from almost nothing today to €100m+ while generating substantial EBITDA. At ~€150m market cap, the market is pricing in very little of that potential. **Three possible outcomes:** Bear: €150–250m market cap — delays, financing problems or poor unit economics. Base: €400–700m — Factory 02 scales and the company reaches meaningful revenue and EBITDA. Bull: €1bn+ — successful scaling + major food partnerships + EU approval + strong ESA/space-food hype. The **ESA HOBI-WAN project** is the wildcard. Proving that Solein can produce food from simple inputs in space could transform the narrative from “alternative protein” into a potentially strategic food-production technology for Moon/Mars missions. The biggest risk is **industrial economics**: Factory 02 still has to be financed and built, and Solar Foods must prove that production costs, electricity/hydrogen consumption and customer demand work at scale. In short: **tiny current revenue, huge potential market, major execution risk — but potentially asymmetric upside if Factory 02 proves the economics.**