Spinverse helped Lignin Industries secure 4.4 M€ from Innovation Fund to expand their production of bio-based materials
Lignin Industries from Sweden converts lignin so it can be blended with virgin and recycled thermoplastics to create new types of bioplastics. Lignin Industries recently secured 4.4. M€ funding from the EU Innovation Fund to help them financing the expansion of the first-of-its-kind large-scale production site located in Sweden. Lignin Industries secured their success in the highly competitive application process with support from Spinverse funding experts.
Lignin Industries will use the funding to build a first-of-a-kind large-scale production site in Sweden. The facility will produce RENOL®, a patented, renewable, and highly functional bio-based material from lignin, which is a by-product of the kraft pulping industry. The new production facility will initially be able to produce 10,000 tonnes per year with a potential increase to up to 50,000 tonnes.
An innovative solution will replace fossil-based plastics and decrease GHGThe innovative solution developed by Lignin Industries can be used in bio-composites to produce packaging films such as wrapping plastics and plastic bags. The innovative solution will replace fossil-based plastics, such as polyethylene, and help avoid more than 70% of the greenhouse gas (GHG) emissions produced by conventional materials.
Lignin Industries CEO and founder Christopher Carrick says: “We see the investment of our first large-scale production site in Sweden as our first big step in creating a new green industry that has the potential of an important contribution to a climate-neutral economy. We are proud to have the support of the Innovation Fund in our effort to reduce greenhouse gas by replacing fossil-based plastics with our renewable material.”
Support from Spinverse team was essential to secure funding According to Christopher Carrick and Business Development Manager Ella Norén from Lignin Industries, their company would not have managed to succeed with their first Innovation Fund project proposal without the expert help from the Spinverse team.
Ella explains: “When we first started with the funding application, we did not have enough resources in the company to put in the hours what the proposal preparation actually required! Spinverse helped us in structuring our proposal and showed great competence in doing so. It proved to be a huge benefit and we felt that Spinverse funding experts are the most skilled ones by far. They helped us in planning the schedule and carefully evaluated every part of our business to reach the high quality required in the project proposal.” Ella thinks they never would have managed to submit their application on time without Spinverse.
On choosing Innovation Fund for growth, Christopher said that the company wanted to expand with a new, larger production site in Sweden and realised that the new funding instrument, small-scale Innovation Fund, had a perfect match to their project and they were qualified for the maximum funding of 4.4 M€ — which they received.
Once Lignin Industries were set to apply for EU funding to boost their growth, they happened to hear recommendations from another Swedish company who had used Spinverse services. This encouraged Lignin Industries to get support for their funding application from Spinverse.
Christopher sums up: “By far, Spinverse is the best funding expert we have worked with. The effort and engagement we got during the funding application process was excellent and we are very happy with the result.”