FineCell is Metsä Group's second investment in a Swedish startup. The company will use the approximately one million euro seed funding to strengthen its materials application expertise, collaborate with potential customers and finalize investment decision materials for its potential pilot plant.
FineCell technology enables the further processing of pulp into a higher value biomaterial. This new biomaterial can be used both as a powder and as an aqueous solution, i.e. hydrogel. The material is used to replace ingredients made from fossil raw materials in beauty and health products and paints, for example. The company's technology and product are based on research and development work carried out at the Stockholm Institute of Technology, KTH.
“The world is constantly striving to find sustainable alternatives to fossil materials. Our product is based on softwood pulp from northern forests, so it offers many industries an alternative to the ingredients they currently use,” says FineCell CEO and co-owner, Peter Axegård.
According to him, Metsä Spring is a perfect partner for FineCell because they have know-how in the design, construction and operation of production facilities, especially various pilot plants.
“In addition, they have a strong connection to the raw material wood, coupled with the desire to produce various high-value-added products from wood.”
Replacing fossil raw materials in everyday products is a key aspiration in many sectors worldwide. Replacing various ingredients in these chemically complex products requires a clear sustainability impact without compromising performance.
“We have been following FineCell for some time and are happy to be part of their journey. We are interested in all technologies that enable the further processing of softwood pulp into higher value-added products. FineCell’s technology and product clearly stand out, which makes it a particularly interesting partner for us. The development of the technology has only just begun. At this stage, we do not yet know all the directions this technology platform can take us in the future,” says Metsä Spring’s CEO. Niklas von Weymarn.
FineCell aims to complete the pilot plant design for investment decision by the end of 2024. The company plans to launch larger-scale pilot production during 2025. Full-scale commercial production is planned to start in 2027.
