Kebony has raised NOK177.5 million (EUR19.05 million) to fund a second European factory. Finance has been secured via the issue of NOK140 million of new shares and a subordinated loan of 37.5 million NOK. PMV and Investinor lead the new investment round, which was open to both new and existing investors.
Following many years of strong growth, the demand for Kebony – a sustainable alternative to tropical hardwood – is about to exceed current production capacity at its facility in Vold, Norway. The proceeds of the raised capital will primarily be used to build a second factory in Belgium, scheduled to be operational by 2017.
Developed in Norway, the Kebony technology is an environmentally friendly, patented process, which enhances the properties of sustainable softwood with a bio-based liquid. The process permanently modifies the wood cell walls giving Kebony premium, hardwood characteristics. Recognised as a Technology Pioneer by the World Economic Forum and four times listed as in the Global Cleantech 100, Kebony is used by architects and developers around the world.
Christian Jebsen, CEO of Kebony, says: “Kebony has seen sales increase by an average of 35% over the last seven years internationally. Securing new investment enables Kebony to increase capacity and accelerate growth in line with demand and open new market opportunities.”
Thomas Hoegh, Chairman of the Board, adds: “This investment round represents a milestone for the company. Our first facility on the European mainland is designed as license factories in the future will operate to enable efficient export of our technology. We create brand leveraged, technology enabled, value for our distribution and license partners, and have found that the Flanders region of Belgium to be the perfect place to build our growth hub.”
Roald Borré, Co-Head of Venture Capital, PMV nv (Belgium investor) adds: “The opportunity to support Kebony’s ambitious future growth plans is compelling. With our track record of investing in the development of businesses that support sustainable economic and social initiatives, Kebony is a perfect fit for our investment strategy and we are thrilled to be involved in this exciting company.”
