Norwegian company, Kebony which enables the production of sustainable and environmentally friendly wood at low cost, has raised EUR 30 million in a funding round led by Jolt Capital and Lightrock.
The company’s patented technology transforms sustainable softwood using leftover and recycled materials and makes it into a product that behaves like premium hardwood. The process has the potential to transform the global construction industry.
The investment came at a fascinating time, as 100 world leaders at COP26 promised to end and reverse deforestation by 2030.
This global shift to favour sustainable materials in construction is taking place for architects, homebuilders and real estate developers who want to rapidly curb the impacts of climate change, including the destruction of trees which depletes forests that absorb vast amounts of CO2.
The construction industry is heavily polluting and remains largely unsustainable, with the value chain from materials through to operations accounting for more than one-third of annual global greenhouse gas emissions.
Kebony, a company which is paving the way for a greener construction industry, will use the capital injection to expand and accelerate Kebony’s growth initiatives in core markets in Europe and the US. The funding will enable Kebony to further penetrate a EUR 3 billion market, and leverage the underlying megatrends of producing sustainable materials for the residential and non-residential construction industries.
