Arbaflame secures NOK 30 million in funding from Carbon Transition
Norway-headed advanced pellet producer and process developer Arbaflame AS has disclosed that it has sold convertible loans with a face value of NOK 30 million (≈ EUR 2.95 million) to a compatriot global geophysical services provider Axxis Geo Solutions ASA (name-change to Carbon Transition ASA pending). The transaction secures the company’s international expansion plans.
We are very excited to welcome Carbon Transition as a major investor in our company as its strategy goes hand in hand with our ambitions for Arbaflame. We are pleased to be a part of Carbon Transition’s portfolio of companies in the energy transition space where a key goal is to significantly reduce global CO2 emissions. In addition, Arbaflame recently attracted a group of solid investors that together with Carbon Transition will join us in our mission to accelerate our growth plans and the coal phase-out, said Bjørn Halvard Knappskog, CEO of Arbaflame.
Axxis Geo Solutions ASA (Carbon Transition ASA) strongly believes that the investment in Arbaflame supports its commercial strategy and will contribute to a cleaner future.
The investment in Arbaflame reflects our new strategy to become a listed investment vehicle focusing on companies which contribute to the energy transition and Co2 reduction. I am happy to announce that our first investment is Arbaflame, which is a highly promising company with proven technology, substantial demand and which addresses a huge market in desperate need of innovation. We believe Arbaflame, with its strong and dedicated management team and board of directors, together with its investors, will be able to fully utilize their potential and become global winners, said Gisle Grønlie, Chairman of Axxis Geo Solutions (Carbon Transition).
Arbaflame was founded in 2005 and has developed technology that recycles biowaste from sustainable forestry to renewable energy. By replacing coal with advanced wood pellets – ArbaCore – fossil carbon dioxide (CO2) emissions can be cut by 90 percent in addition to supplying valuable biochemicals as a by-product such as bioplastics, proteins, and dyes.
We are delighted to initiate a commercial phase for our bio-waste-based coal replacement fuel, which will contribute to significantly reducing CO2 emissions. We have spent substantial resources on developing our unique technology, which has positioned Arbaflame with high barriers to entry and a platform for strong growth in the years ahead, Bjørn Halvard Knappskog added.