Lignovations, a pioneering startup in lignin biomaterial innovation, announced the closing of a new financing round of €2.2 million including a minority investment from Borregaard, a global leader in lignocellulosic solutions. This investment represents a significant step toward advancing Lignovations’ mission to grow the biomaterial industry with sustainable, lignin-based alternatives.
“We are excited to have Borregaard as an investor, a company that shares our commitment to sustainability and innovation,” said Martin Miltner, CEO of Lignovations. “Borregaard can help us accelerate the development and commercialization of a new generation of functional lignin-based materials, driving the transition towards a more sustainable world.”
Founded in 2021, Lignovations has rapidly gained recognition for its groundbreaking work in utilizing lignin, a natural polymer found in plant cell walls, to develop innovative, eco-friendly materials that can replace traditional, fossil-based products. It is the first company to commercially produce Colloidal Lignin Particles, a high-performance, multifunctional alternative to many synthetic chemicals in cosmetics, coatings, packaging, adhesives, and other applications.
“We make use of 500 million years of evolution in nature. Lignin protects plants from sunlight, oxidation, and other negative environmental influences. Through our patented technology, we can make these protective properties of lignin useable in consumer products,” added Stefan Beisl, Head of R&D of Lignovations.
This partnership with Borregaard not only strengthens Lignovations’ position in the bio-based industry but also provides the startup with the means to expand research and development efforts, scale up production capabilities, and bring its innovative biomaterial solutions to a broader spectrum of industries.
“By investing in Lignovations, we see an opportunity to support a pioneering startup that aligns with our commitment to sustainable solutions and the reduction of fossil resource dependency,” commented Pål Romberg, Director of Acquisitions and New Investments at Borregaard. “We believe in the transformative potential of lignin-based materials and look forward to supporting Lignovations to create new opportunities for lignin.”
Additional financing is provided by co-investor Valnon Holding, existing investors as well as non-dilutive public grants from AWS and FFG. All shareholders are dedicated to pushing the boundaries of biomaterial innovation and reducing the environmental footprint of industries worldwide.
Read the orginal article: https://www.eu-startups.com/2023/12/vienna-based-lignovations-gets-e2-2-million-to-accelerate-development-of-ligning-based-eco-friendly-biomaterials/
