Metsä Group’s innovation company Metsä Spring Ltd has made an equity investment in Woodio Ltd, a leading developer of waterproof wood composite products. The financing round totals approximately Euro 4 million, as the company says in the press release received by Lesprom Network.
Woodio’s proprietary technology enables the valorisation of Metsä Group’s underutilised side-streams into long-lived, value-added products. A potential industrial side-stream, to be used in the Woodio material, is the undersized wood chips generated in wood chipping at several Metsä Group mills.
The combination of using a side-stream as the main raw material and a product storing CO2 for a long time is also expected to be very competitive, when assessing the environmental footprint of this new biomaterial against the existing commercial solutions of today. Woodio’s first success, in terms of sales, comes from using this technology in the production of bathroom and kitchen washbasins.
Metsä Spring was established in May 2018. Its main aim is to identify and help the selected companies reach a Proof-of-Concept relevant in the context of Metsä Group’s business ecosystem.