FineCellOX Secures EUR1M in Seed Funding Led by Metsä Spring to Advance Sustainable Material Production

FineCellOX AB has successfully raised funds in a financing round led by Metsä Spring.

The company plans to utilize the funds to enhance material application research, initiate engagements with potential customers, and finalize the blueprint for a demonstration production facility set to be operational by the end of 2024.

Revolutionizing Material Production

Under the leadership of CEO Peter Axegård, FineCell is at the forefront of innovating a patent-protected process designed for the efficient production of CellOx dry cellulose powder and hydrogels.

These materials find applications in various industries, including beauty, healthcare, and paint products. The company’s proprietary technology combines pulp-based cellulose with a natural chemical—oxalic acid, found in sources like rhubarb.

This fusion results in a novel material that can be stored in a solid form but is typically applied in liquid form.

These sustainable alternatives have the potential to replace fossil-based chemicals, particularly in sectors like beauty and healthcare, as well as in commercial paint production.

Strategic Plans and Milestones

FineCellOX has set ambitious milestones for its future endeavors. The company aims to finalize the design of its demo production plant, slated for operation by the end of 2024.

Following this, larger-scale test production is expected to commence in 2025, with full-scale commercial production scheduled to start in 2027. This strategic roadmap positions FineCellOX as a key player in driving sustainable solutions in material production.

Innovation Originating from KTH Royal Institute of Technology

As a spinout of the KTH Royal Institute of Technology in Stockholm, Sweden, FineCellOX represents a fusion of academic expertise and entrepreneurial vision.

The company’s roots in a prestigious academic institution underscore its commitment to cutting-edge research and development, positioning itself as a leader in sustainable material innovation.

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