In Sweden, Swedish greentech company Lignin Industries AB has raised $4.36 million in fresh funding; as the company accelerates its commercialization and scaleup plans.
The investment round was led by the Carrick family, Lignin Industries’ founders and majority owner. The round was supported by over two dozen investors.
Lignin Industries has created Renol, a patented bio-based thermoplastic which is derived from lignin. The firm highlighted that Renol is ending the plastic industry’s reliance on fossil fuel-based plastics.
Lignin Industries Founder and Chair of the Board Christopher Carrick, sdaid “Lignin Industries exists to show another way is possible: that by looking to the natural world, we can positively reform the global plastic industry. Our proprietary process takes an organic material and upcycles it into a sustainable, high-performance bio-based thermoplastic. With an abundant feedstock and the ability to fit within existing plastics infrastructure and processes, widespread adoption is underway.”
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