Sweden’s Xylophane Raises $4M For Biopolymer Factory

Feb 9 2009 | 9:32am ET

Sweden’s Xylophane AB has raised SEK 34 million ($4.3 million) for a pilot factory to produce biopolymer packing material by means of a special issue of new shares.

The fully subscribed issue targeted existing and selected potential owners. SEB Venture Capital and Capricorn Venture Partners from Belgium, via its Cleantech Fund, became new joint owners. Former owners KTH Chalmers Capital and Innovationsbron together with Hans and Ingrid Wallstén also contributed capital.

The company says its biodegradable packaging can replace petroleum-based packaging without the reduced shelf life associated with some bio-based packaging alternatives. 

“Biopolymers belong to the group of innovations which have outstanding opportunities for global growth driven by the combination of increasing prices for oil-based plastics, consumer awareness for eco-friendly products and supporting legislation promoting the end-of-life disposal benefits of biodegradable packaging material,” says Paul Decraemer, head of the Cleantech Investment Practice at Capricorn. “Xylophane offers a unique opportunity to tap into this emerging market with enormous growth potential.”

Xylophane has also named Dag Strömqvist as its new chairman of the board. Strömqvist’s resume includes positions as former managing director for Eka Chemicals AB and former member of Akzo Nobel’s executive management team responsible for the chemicals division.

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