Finance has been secured via the issue of NOK 140 million ($16.3 million) of new shares and a subordinated loan of NOK 37.5 million ($4.3 million). 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.
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.”
Kebony is the sustainable alternative to tropical hardwood and preservative treated timber.
