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Kebony has raised €19m (£13.5m) to build a second European factory for its patented process to strengthen softwood.
The product created by the process is marketed as a sustainable alternative to tropical hardwood and preservative-treated timber. The process enhances the properties of sustainable softwood with a bio-based liquid, which permanently modifies the cell walls giving Kebony hardwood characteristics.
Demand for Kebony is about to exceed current production capacity at its facility in Vold, Norway. The proceeds of the capital raised from a loan and new shares will primarily be used to build a second factory in Belgium, scheduled to be operational by 2017.
Kebony CEO Christian Jebsen said: “Kebony has seen sales increase by an average of 35% over the last seven years internationally. Securing new investment enables Kebony to increase capacity and accelerate growth in line with demand and open new market opportunities.”