Gothenburg, Sweden – May 31, 2024 – Modvion, a leader in advanced wood technology, today announced the successful closing of a SEK 67 million financing round. Alongside capital from existing investors, a new investor and strategic partner joins Modvion cap table.
The latest funding round, with additional investments from existing investors, underscores their robust backing for Modvions groundbreaking wooden wind towers and the companys pivotal role indriving sustainable infrastructure solutions.
A key highlight of this funding round is CMPC, one of the worlds largest forestry companies based in Chile. CMPC is eager to support Modvions coming global expansion and offers a strategic partnership with an emphasis on shared values and vision for future innovations. The company is recognized by the Dow Jones Sustainability Index as one of the top sustainable companies globally, for the second year in a row.
We are pleased to have increased support from our investors who share our vision and ambitious plans, and especially welcome CMPC, which will be a strong partner in Modvions upcoming global expansion. This investment will facilitate our development and expand our reach. Says Otto Lundman, CEO of Modvion.
CMPC Ventures joins the group of major shareholders including Vestas Ventures, Almi Greentech Fund, Course Corrected VC, and Symbia VC.
The infusion of capital will enable Modvions continued development of next-generation product development, production and expansion of marketing and sales capabilities.
CMPC is very excited of its investment in Modvion, as it aligns with our commitment to sustainability and innovation and represents a significant step forward in advancing the construction with wood and the development of these more sustainable construction solutions. We have an enthusiastic dedicated team of technical, strategic, and commercial experts to support Modvions growth. Says Bernardita Araya, CMPC Ventures Manager.
Modvion enables climate-neutral wind power by building wind turbine towers from laminated wood – nature’s carbon fibre. Wood is stronger than steel at the same weight, stores carbon for a long time and has a lower cost. Modvions wooden towers are built in modules, which enables taller towers and increased electricity production.
As one of the first 48 companys Modvion has been selected into the prestigious EIC Scaling Club, an exclusive community comprising European top deep tech scale-ups! Members have been carefully handpicked from a select pool of high-potential companies.
Facts on wooden wind turbine towers can be found here.
For more information, please contact:
Ulla Hedman Andrén, Communication Manager, Modvion
Mobile +46 76 031 0450, ulla.hedman@modvion.com
Press images from Modvion can be found here
About Modvion
Swedish wood technology company Modvion develops demanding designs made of laminated wood, natures carbon fibre, for large-scale applications. Wooden designs enable radical reductions in emissions by replacing emission-heavy materials such as steel and concrete. Thanks to their patented module system, Modvion has been able to develop cost-effective wind turbine towers and more efficient transportation for installations of tall towers.
www.modvion.com
About CMPC
CMPC is one of the largest pulp & paper companies in the world. Based in Chile with industrial and commercial presence in 12 countries around the world, producing solid wood products, pulp, paper, tissue and packaging products from certified and renewable forests.
www.cmpc.com
CMPC Ventures (www.cmpcventures.com) is the corporate venture arm of CMPC, and is actively
seeking investment opportunities in sustainable and renewable materials, packaging, and textiles,
sustainable construction, new biomaterials and biochemicals, and any innovative opportunity that
has a connection with its current businesses or with forests in general
