Press release -
Fully Oversubscribed Funding Round Secures 150 MSEK to Accelerate PaperShell’s Expansion
PaperShell has successfully raised 150 MSEK in a fully oversubscribed funding round, attracting both institutional and private investors. Investors include DNB Asset Management (NO), Kistefos (NO), Course Corrected (SE), Carrick Family Office (SE), alongside a mix of institutional and private strategic investors and existing shareholders.
“We are proud and grateful for the continued trust from our existing and new investors, especially since this round was actually closed before we got the news about the EU Innovation Fund,” says Anders Breitholtz, CEO of PaperShell. “This funding enables us to scale, and together with recognition of the invitation to the grant agreements process from the EU Innovation Fund, it allows us to build European resilience and reindustrialise sustainable industry.”
PaperShell has been selected in the Medium-Scale category under the Net Zero Technologies call administered by CINEA and has entered the Grant Agreement Preparation phase of the EU Innovation Fund 2024, one of the world’s largest climate innovation programmes. The €83.2 million planned expansion will scale PaperShell’s Tibro-based factory in Sweden, increasing production of fossil-free, load-bearing components. Up to €40.3 million of the total investment is expected to be co-funded by the EU Innovation Fund, subject to the successful conclusion of the Grant Agreement.
Topics
Categories
Stronger than plastics, versatile like fibre composites, and lighter than sheet metals. Reducing CO2 by up to 99.4%. Climate positive if circulated. PaperShell is new material group, building paper back into a stronger, more resilient version of wood. By press-forming 100% biogenic and fossil carbon free components we offer material substitution for our client’s new or existing products enabling them to transition towards a circular bio economy.
