Metsä Group has made its second Swedish investment in FineCell (FineCellOx AB), developer of the FineCell technology and producer of CellOx dry cellulose powder. The company will use the EUR 1 million seed funding to improve its material application know-how, engage with potential customers, and finalise the material needed for making an investment decision concerning a demo production facility. The funding round lead by Metsä Group’s innovation company Metsä Spring consists of a group of investors, including EIT InnoEnergy and the company’s founder.
The FineCell technology can turn pulp into added-value biomaterial that can be used both as a powder and as a water solution, i.e., a hydrogel. These can replace fossil-based chemicals in beauty and healthcare products, as well as in paints. FineCell is a spinout of the KTH Royal Institute of Technology in Stockholm, Sweden.
