Lignovations, a pioneering startup in lignin biomaterial innovation, announces the closing of a new financing round of EUR 2.2M 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.“
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.“ said 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,“ said Pål Romberg, Director 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.
About Lignovations
Lignovations develops and manufactures high-performance biomaterials from lignin that can replace traditional, fossil-based materials in industries such as cosmetics, coatings and packaging. Founded in 2021 as a TU Wien (Vienna University of Technology) spin-off, Lignovations’ multifunctional biomaterials make the natural properties of lignin available for industrial and consumer applications.
About Borregaard
Borregaard operates one of the world’s most advanced and sustainable biorefineries. By using natural, renewable raw materials the company produces advanced and environmentally friendly biochemicals that can replace oil-based products in sectors such as agriculture and aquaculture, construction, pharmaceuticals and cosmetics, foodstuffs, batteries, and biofuels. Borregaard employs 1,100 man-years in plants and sales offices in 13 countries throughout Europe, Asia and the Americas.
Source
Lignovations, press release, 2023-12-04.
Supplier
Borregaard
Lignovations
Technische Universität Wien (TU Wien)
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