Investment will create the world’s largest specialty hemp fiber processing and purification company
VICTORIA, BC, October 12, 2022 /PRNewswire/ – Bast Fiber Technologies Inc. (BFT), the maker of sero™ hemp fiber, today announced the closing of a major strategic financing with Ahlström Capital from Finland. BFT will immediately begin expanding fiber manufacturing capacity at its flagship US plant in Lumberton (NC) and its European plant near Düsseldorf (NRW).
This funding will allow BFT to produce more than 10,000 metric tons of sero™ hemp fiber per year by 2023 and up to 50,000 metric tons per year by 2026.
“Nonwoven companies, converters and major consumer goods companies are looking for viable natural fiber options to realize their corporate sustainability initiatives as they move away from synthetics,” said Jim Posa, CEO of BFT. “The natural fiber market is set to grow rapidly, and this highly strategic financing will help BFT consolidate its position and further accelerate its expansion to meet the growing demand for tree-free and plastic-free fibers.
“As the nonwovens industry moves away from plastics, we believe the market for natural fibers will grow exponentially. As a responsible investor with a long-term strategic mindset, we seek to invest in solution-focused businesses that contribute to sustainable development. With a strong and experienced management team, BFT is well positioned to become a global leader in the production of sustainable bast fibers. We see opportunities for value creation sustainability in the company”, comments Lasse HeinonenChairman and CEO of Ahlström Capital.
“Ahlström Capital has an excellent reputation for investing in cleantech companies that offer sustainable solutions,” said Christmas room, Chairman of the Board of BFT. “It is important for us to work with an investor who shares our values and our vision to move away from synthetic materials in nonwoven applications. Ahlström Capital has several complementary holdings in the nonwoven and sustainable fiber industries, which makes it makes both a natural fit and a value-added investor for BFT. We are pleased to welcome Ahlström Capital’s Chief Investment Officer, Andreas Ahlströmto the Board of Directors of BFT.”
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ABOUT BAST FIBER TECHNOLOGIES INC. – www.bastfibretech.com
Bast Fiber Technologies Inc. (BFT) is a triple-bottom line cleantech fiber engineering company with equal emphasis on social, environmental and fiscal responsibility. Using advanced fiber processing technology, BFT transforms raw fibers from cotton, hemp and flax plants to meet the exacting standards required by nonwoven customers.
ABOUT THE CAPITAL OF AHLSTRÖM – www.ahlstromcapital.com
Ahlström Capital is one of Finland largest investment companies with a long history of 170 years. It is a family investment company that creates value for its owners by investing in industrial, real estate and forestry companies. In 2021, the annual net turnover of its portfolio companies was approximately €4.4 billion and they employed nearly 13,500 people in 33 countries. Its current portfolio includes significant holdings in listed companies Detection Technology Plc, Glaston Corporation and Suominen Corporation. Additionally, the portfolio includes Ahlström Invest BV (including a significant stake in Ahlstrom-Munksjö Holding), Munksjö AB, M&J Recycling A/S and GPV Group A/S. Its portfolio also includes significant land and timber properties.
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SOURCE Bast Fiber Technologies Inc.