VICTORIA, BRITISH COLUMBIA — October 12, 2022 — Bast Fibre Technologies Inc. (BFT), the makers of sero™ hemp fiber, announced today that it has closed a major strategic financing with Ahlström Capital of Finland. BFT will immediately begin work to expand fiber manufacturing capacity at its U.S.flagship facility in Lumberton, N.C., and its E.U.-facility near Düsseldorf, Germany.
This financing will enable 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 leading consumer goods companies are looking for viable natural fibre options to achieve their corporate sustainability initiatives as they move away from synthetics,” said Jim Posa, CEO of BFT. “The market for natural fibers is set for rapid growth, and this highly strategic funding will help BFT to solidify its position and further accelerate its expansion to meet the increasing demand for tree-free, plastic-free fibers.”
“As the nonwoven industry transitions away from plastics, we believe there will be exponential growth in the natural fibers market. As a responsible investor with a strategic, long-term mindset, we seek to invest in companies focused on solutions that help drive 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 sustainable value-creating opportunities in the company,” commented Lasse Heinonen, president and CEO of Ahlström Capital.
“Ahlström Capital has an excellent reputation for investing in cleantech companies offering sustainable solutions,” said Noel Hall, BFT’s executive board chair. “It is important for us to work with an investor that shares our values and our vision of moving away from synthetic materials in nonwoven applications. Ahlström Capital has several complementary portfolio holdings in the nonwoven and sustainable fiber industries, making it both a natural fit and value-added investor for BFT. We are pleased to welcome Ahlström Capital’s Investment Director, Andreas Ahlström, to BFT’s board of directors.”
Posted: October 13, 2022
Source: Bast Fibre Technologies Inc. (BFT)