Kebony Raises MEUR 19

Published: 06.11.2015

Investinor’s portfolio company Kebony has raised 19 million Euro to fund ​its second European factory. Belgian 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 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.

Kebony​ offers a sustainable alternative to tropical hardwood and preservative treated timber. 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.

Recognized as a Technology Pioneer by the World Economic Forum and four times listed as in the Global Cleantech 100, Kebony has been embraced by leading international architects and developers.

Christian Jebsen, CEO of Kebony, commented:

“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, added:

“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) added:

“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.”

PMV NV is a Flemish investment company, financing promising entrepreneurs from conception through to the internationalization of their business, investing in large infrastructure projects. PMV has a particular focus on the sustainable economic development of Flanders, with demonstrable added value for both economy and society.

ABG Sundal Collier and Opus Corporate Finance have advised Kebony in the financing process.

Kebony Technology
The Kebony technology is a patented process which enhances the properties of non-durable wood species to give them similar characteristics to the best performing woods.

Through a sustainable process wood species such as pines and some non-durable hardwoods are impregnated with a bio-based liquid derived from agricultural crop waste. With the addition of heat, the furfuryl polymer is permanently grafted into the wood cell wall, resulting in greatly improved durability and dimensional stability.

Kebony Wood
Kebony is suitable for both internal and external applications that demand high performance and great aesthetics including: decking, flooring, cladding, roofing, windows, indoor and outdoor furniture.

Over time Kebony acquires its characteristic silver-grey patina whilst not losing its performance characteristics.

With improved durability and dimensional stability Kebony is becoming increasingly the choice of leading architects and developers enabling them to use wood in projects without causing environmental degradation.

Kebony has been used internationally in projects from commercial, public, residential and marine, for example Hunter’s Point in New York, the Mary Rose museum and both residential and commercial buildings on the UK’s seafront.

A study by Norwegian environmental consulting firm Bergfald & Co. demonstrated that Kebony has a substantially lower carbon footprint than its tropical hardwood equivalents.

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