Magsort closes financing round

Magsort closes a 15 MEUR financing round 
 
Magsort has closed a financing round of 15 MEUR backed by Valkea Growth Club, the Finnish Climate Fund, and a group of private investment companies and investors, including Jan Fazer, Turret Oy Ab and Holdix Oy Ab. 

 
The steel industry is one of the biggest emitters of global CO2 emissions. Furthering the decarbonisation of the global steel industry is instrumental in climate change mitigation. 
 
The carbon footprint can be reduced by recycling steel from steel slag, a by-product of steel production. Magsort has brought to market a superior solution that can double the recovery rate compared to existing solutions, making the recycling of steel in slag financially viable and helping the steel industry reduce its carbon footprint. The processed slag may be used as a cement substitute, further helping the world reduce carbon emissions. 
 
Together with Harsco International's Environmental division, with whom Magsort entered into an exclusive agreement earlier this autumn, Magsort has signed contracts with two steel producers in India. 
 
Magsort's solution can also be used to recover metals such as copper, aluminium and gold from incinerator bottom ash, and is in use at waste-handling facilities in Finland and Sweden. 

"Circular economy innovations are at the core as we are transforming our relationship with the earth and its resources. We are thrilled to be part of Magsort’s growth journey as it continues to promote resource efficiency and decarbonisation of the global steel industry”, says Ilkka Lassila, the COO of Valkea Growth Club. 

Recycling steel from slag and valuable metals in bottom ash decreases the need for mining and production of virgin materials, leading to substantially lower carbon emissions globally.

”We are happy to contribute to Magsort's commercialisation as the solution has a credible potential in significantly decreasing carbon emissions globally", says Paula Laine, CEO of the Finnish Climate fund. 
 
The financing, consisting of 5,2 MEUR equity and 10 MEUR credit facility (of which Ilmastorahasto's part is 4,5 MEUR), will be used for further commercialisation in the global steel industry and in waste-handling also outside the Nordic countries.

"We need to intensify the circular economy globally to reduce carbon emissions. With this funding we will be able to speed up our commercialisation process and hence also further the world's decarbonisation agenda", says Magsort's founder and CEO Niklas Törnkvist.   
 
About The Finnish Climate fund
The Finnish Climate Fund is a special-assignment company owned by the Finnish State, focusing on combating climate change, boosting low-carbon industries and promoting digitalisation. 
 
About Valkea 
Valkea supports and accelerates the growth of the next generation of mission-driven startups. The goal is to build a cleaner future by revolutionizing energy, resource efficiency, and sustainability industries. Valkea is looking for start-ups with ideas about how this can be done and providing them with what they need to do it— expertise, development opportunities, funding, and co-working spaces. Valkea was founded by Fortum, a leading European clean energy company driving the change for a cleaner world.

About Magsort
Magsort is a Finnish growth company that has brought to market an ultrahigh energy crusher for the processing of steel slag and incinerator bottom ash. The solution can salvage larger volumes of metal compared to traditional solutions, hence substantially reducing carbon emissions. 
 
For more information, please contact:

Saara Mattero, viestintäjohtaja Ilmastorahasto p. 0400 114 777, saara.mattero@ilmastorahasto.fi 
Link to Ilmastorahasto's press release https://www.ilmastorahasto.fi/en/magsort-climatefund-funding-target/

Valkea Growth Club
Ilkka Lassila, Chief operating Officer, p. 040-5243217
ilkka@valkea.club
Link to Valkea's press release: https://valkea.club/news/valkea-invests-pioneering-circular-economy-technology-startup-magsort.

Niklas Törnkvist, toimitusjohtaja Magsort p. 050 514 9797, 
niklas.tornkvist@magsort.fi www.magsort.fi