Wednesday, July 3, 2024
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Modvion, a leader in advanced wood technology, has successfully closed a SEK 67 million financing round. In addition to capital from existing investors, a new investor and strategic partner has joined Modvion’s 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 in driving 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 has joined the group of major shareholders, which includes Vestas Ventures, Almi Greentech Fund, Course Corrected VC, and Symbia VC. This capital infusion will support Modvion’s ongoing development of next-generation products, enhance production, and expand 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.
Read more news on: Modvion, wooden wind turbine, woodworking project, wooden construction, sustainability, wood technology
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