Insider information: Betolar receives EUR 2.7 million grant funding from Business Finland for a research and development project on alternative side streams
Betolar Plc
Company Release
19 September 2023 at 7:00 PM EEST Insider information
Insider information: Betolar receives EUR 2.7 million grant funding from Business Finland for a research and development project on alternative side streams
Betolar Plc has received a positive decision from Business Finland to enable extensive research and development of alternative side streams. The aim of the research project is to identify and evaluate different side streams that can be used to replace cement in concrete production and to develop standardised methods for the processing and use of these materials in construction.
The estimated cost of the project is €5.4 million, of which Business Finland will provide up to €2.7 million in grant funding. The grant will be awarded from the national project portfolio and the first grant payments will be made during the first half of 2024. The project will continue until the beginning of the second quarter of 2025.
"In the current situation, construction standards limit the use of new materials in concrete and other building products. This project aims to change this situation, offering the industry the opportunity to use side streams and promote sustainability while bringing new innovations and solutions to the sector," says Jarno Poskela, Chief Technology Officer.
The project supports the company's strategy, updated in spring 2023, which focuses on identifying and developing alternative side streams and, in particular, on the commercialisation of low-cost waste streams.
"At the heart of Betolar's strategy is the identification of alternative side streams and their transformation into usable building materials. To bring new side streams into the value chain, research needs to be accelerated. From a market and business perspective, change is rapid and the need for new raw materials is strong. There is already a significant over-demand for blast furnace slag, which cannot be relied upon for growth alone. We are grateful for Business Finland's support, which will enable us to invest in product development and thereby promote Betolar's international growth," says Riku Kytömäki, President and CEO of Betolar.
"The circular economy, resource efficiency and low-carbon industry are drivers of global growth. The demand for sustainable solutions creates a wealth of new and rapidly growing market opportunities. We need companies like Betolar to develop new solutions and boldly innovate their business model. Betolar is an excellent example of a pioneer in the green transition," said Kaisa Holma, Business Finland Senior Advisor.
Betolar Plc
More information
Riku Kytömäki, President and CEO, Betolar Plc, riku.kytomaki@betolar.com, p. +358 50 511 8288
Certified Adviser
Aktia Alexander Corporate Finance Oy, +358 50 520 4098
About Betolar
Betolar Plc is a Finnish materials technology company that offers the production of sustainable and low-carbon concrete with the Geoprime solution. The solution converts industrial side streams into a cement substitute.
Betolar's artificial intelligence innovation can significantly reduce CO2 emissions compared to traditional cement-based concrete production by optimizing existing manufacturing processes, supporting solution development with advanced analytics, and creating global markets for side streams. Betolar’s mission is to help reduce CO2 emissions and the use of virgin resources.
Betolar was founded in 2016 and is domiciled in Kannonkoski, Finland. Betolar is listed on the Nasdaq First North Growth Market.
Read more: www.betolar.com
