News
CAPRICORN CLEANTECH FUND AND SEB VENTURE CAPITAL INVEST € 3.3 MILLION IN XYLOPHANE AB
Leuven, 27.01.2009 - Capricorn Venture Partners announced today its investment in Sweden based Xylophane AB, Gothenburg.
Xylophane AB, developer of a unique renewable packing material that extends the shelf life of sensitive food products, has raised € 3.3 million (34 MSEK) in an issue of new shares. SEB Venture Capital and Capricorn Cleantech Fund joined as new investors. The capital ensures the expansion and operation of the company’s pilot factory.
Xylophane AB, founded in 2004 based on a research project at Chalmers University of Technology in Gothenburg, has developed a unique, patented barrier material for the packaging of items such as food products. The product is developed in co-operation with customers in the packaging industry. The material is based on natural raw materials and is both renewable and biodegradable. It creates an effective barrier against oxygen, grease and aroma and can thus extend the shelf life of sensitive food products such as juice, chips and spices.
Paul Decraemer, Head Cleantech Investment Practice at Capricorn Venture Partners, states: “Biopolymers belong to the group of innovations which present 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. Xylophane offers a unique opportunity to tap into this emerging market with very significant growth potential.”
“We have followed the company for many years. Our thorough analysis showed that the company has an exciting, highly sought-after product that offers a fascinating new alternative to an industry looking to replace old barrier solutions with modern, environmentally compatible products. The company is entering a new phase and we believe the coming years will be exciting. Prospects are excellent and existing commercial co-operation looks extremely promising. So we’re pleased to have the opportunity to join Xylophane’s group of investors,” says Björn Österlund, Senior Investment Manager at SEB Venture Capital.
Håkan Grubb, managing director of Xylophane AB said: “Attracting two reputed cleantech investors is a further proof of the great confidence that exists in our products and our production engineering. Furthermore in addition to our ongoing joint ventures with existing customers, we receive new inquiries each and every week. The capital contribution guarantees the expansion and operation of the pilot factory and company for the next three years. The pilot factory is expected to be operating by early October 2009, and will enable production of material for pilot projects for customers as well as the optimisation of Xylophane’s manufacturing process in view of a full-scale production.”
“We have been involved with Xylophane since 2005 and have seen the company develop from a research project into a company that demands attention within the packaging industry. Sweden’s leading position in the packing and paper industry offers excellent opportunities to grow Xylophane into a global leader in this area,” says Jakob Svärdström, Managing Partner at KTH Chalmers Capital.
In conjunction with the capital increase, the appointment of Mr Dag Strömqvist as new Chairman of the Board of Directors was confirmed. Mr Strömqvist has many years’ experience in key executive positions within the chemical and processing industries, including positions as former managing director for Eka Chemicals AB and former member of Akzo Nobel’s executive management team responsible for the chemicals division.
