Tallinn-based Myceen has secured over €2 million in grants this year, with an additional €1-1.5 million in seed investment anticipated. The company’s funding comes from a wide range of investors, including the Mistletoe Japanese Impact Fund, EIT Climate KIC, Enterprise Estonia (EAS), the German Ministry of Culture, the Estonian Research Council (ETAG), Beamline Deep Technology Accelerator, the Environmental Investment Center (KIK), the Estonian Ministry of Climate, Horizon EuroClusters, SoTecIn Horizon, and Tehnopol. Myceen plans to use the funds to expand its production capacity by moving into a larger facility and developing industrial production technology for its mycelium-based building materials. This expansion aims to advance the commercialization of sustainable insulation solutions as Europe pushes toward its climate goals.
As Europe is moving closer to achieve its climate goals all industries need to bring down their emissions 55% by 2030 and achieve carbon neutrality by 2050. With mycelium materials we don’t need to wait decades—the solution is already in our hands.
Around 75% of EU buildings are inefficient. The target is to renovate 35 mln houses by 2030 for carbon neutrality of buildings. In cities like Paris and London, properties must meet specific energy standards to be rented or sold, a trend that’s becoming more common as we approach the Climate Goals deadline. This shift creates a significant market opportunity for renovation, particularly for sustainable insulation materials.
Mycelium-based insulation materials combine efficiency, cost-effectiveness, and sustainability. They perfectly demonstrate the circular economy by converting industrial byproducts into high-performing, eco-friendly materials.
Myceen started from the design sector while keeping its research focus on building materials where the mass scale application and impact lies. Last year, the company shipped its products to over 15 countries from the US to Singapore receiving high recognition for its products and unmatched quality.
“While Mycelium isn’t a novel material to us, Myceen’s design range is something to behold. Over the years, we have seen many designers attempting to tame this incredible, regenerative material and failing to do so. However, Myceen’s consistency, quality, and style not only set this range apart but have also elevated mycelium design to levels previously unimagined,” says Petko Tashev
Co-Founder & Managing Director The Home of Sustainable Things, London.
In the next stage, Myceen will move into a pilot factory where it will develop and launch industrial production technology. This expansion will enable the company to broaden its product range and advance the commercialization of mycelium-based building materials – the company has several house producers and resellers waiting for the material.
In an upcoming project Myceen’s insulation materials are tested in a pilot house in collaboration with Timber Architecture Research Center (PAKK). The test house will be ready in autumn 2024 and mycelium insulation performance will be measured and compared with conventional materials. This will give necessary feedback to move forward with house producers who are already waiting in line.
Rait Minumets, one of the owners of Optimist Group and an early investor in Myceen, states, “Recently, we’ve been tracking startups that develop future technologies across various sectors. Myceen stood out for its potential in new material technology, backed by a team that had already made significant strides on the production front. While their initial design products made from mushroom materials were impressive, it was evident from the start that the same technology could be expanded into the building materials sector—an industry with a market size and potential at least a hundred times greater.”
Eve Peeterson, Head of Startup Estonia, says, “Over the past years, I’ve seen Myceen experience rapid growth. I believe there’s immense potential in the novel mycelium-based materials and innovative products they’re developing. I’m excited to see what Myceen accomplishes next as they continue to conquer new markets.”
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Read the orginal article: https://arcticstartup.com/myceen-raises-e2m-grant/
