Following last year’s initial investment in the Swedish green start-up, Biofiber Tech, Hamburg-based K.D. Feddersen Holding GmbH has now further expanded its stake in the company. This newest funding round, in which other shareholders, including Almi Invest, also participated, has now been completed, the companies announced.
Biofiber Tech has developed proprietary, patented technology to surface-modify wood fibres from fir trees, using a process that improves the interface compatibility between wood fibre and plastic. No harmful chemicals are used. The fibres are further processed into pellets, for easy handling when mixed with new or recycled plastic. Called FibraQ, these can be easily used in any existing plastic compounder with a twin-screw extruder. FibraQ compounds can be used with existing tooling for injection moulding, extrusion or 3D printing, offering a sustainable alternative to conventional materials in a wide variety of applications.
“Striving towards sustainability is a central theme within the Feddersen Group,” said Volker Scheel, managing director of K.D. Feddersen Holding GmbH.
“We are therefore pleased to further and intensively support the development of Biofiber Tech and FibraQ …we see a chance to expand our portfolio to include further bio-based plastics of the highest quality”, he added.
Biofiber Tech will use the funds raised to move into full-scale production of their FibraQ material and to add the necessary staff to realise this.
The investment will deepen the strategic partnership between the Feddersen Group and Biofiber Tech. The continued collaboration will focus on sales and marketing for FibraQ and the FibraQ compounds, toll compounding as well as new product development projects with the Feddersen Group companies AKRO-PLASTIC and its branch office, BIO-FED, as well as K.D. Feddersen Distribution. At Chinaplas, the companies together presented the world's first 3D-printed full-size kayak made of wood fibres and recycled plastic compounds.
“We are excited to deepen our partnership with the Feddersen Group”’ said Eric Zhang, founder and CEO of Biofiber Tech. “This investment will help us achieve our large-scale production goals needed to meet the market demand and for us to continue to innovate in the green tech space.”