Bast Fibre Technologies Inc. (BFT), a cleantech fibre engineering firm and the makers of sero™ hemp fibre, announced that it has closed a major strategic financing with Ahlström Capital, one of Finland’s largest investment companies. BFT explained that they will immediately begin work to expand fibre manufacturing capacity at its US-flagship facility in Lumberton (NC) and its EU-facility near Düsseldorf (NRW). It is stated that this financing will enable BFT to produce over 10,000 metric tons of sero™ hemp fibre per year by 2023 and up to 50,000 metric tons per year by 2026.
Bast Fibre Technologies Inc. further accelerates its expansion for tree-free, plastic-free fibres demand
Bast Fibre Technologies Inc. CEO Jim Posa pointed out that nonwoven companies, converters, and leading consumer goods companies are looking for viable natural fibre options to achieve their corporate sustainability initiatives as they move away from synthetics. Posa stated: “The market for natural fibres is set for rapid growth, and this highly strategic funding will help BFT to solidify its position and further accelerate its expansion to meet the increasing demand for tree-free, plastic-free fibres.”
Ahlström Capital President and CEO Lasse Heinonen stated that as the nonwoven industry transitions away from plastics, they believe there will be exponential growth in the natural fibres market. Heinonen noted that as a responsible investor with a strategic, long-term mindset, they seek to invest in companies focused on solutions that help drive sustainable development, saying: “With a strong and experienced management team, BFT is well positioned to become a global leader in the production of sustainable bast fibres. We see sustainable value-creating opportunities in the company.”
Bast Fibre Technologies Inc. Executive Board Chair Noel Hall relayed that Ahlström Capital has an excellent reputation for investing in cleantech companies offering sustainable solutions and underlined that it is important for them to work with an investor that shares their values and their vision of moving away from synthetic materials in nonwoven applications. Hall added: “Ahlström Capital has several complementary portfolio holdings in the nonwoven and sustainable fibre industries, making it both a natural fit and value-added investor for BFT. We are pleased to welcome Ahlström Capital’s Investment Director, Andreas Ahlström, to BFT’s board of directors.”
