Relement raises 1 million Euro seed round to scale-up renewable coating ingredient
Sustainable chemicals company Relement announces closing of its seed financing round by adding Brabant Startup Fonds (BSF), the Brabant Development Agency (BOM) and TNO as early investors. Smart Industries Fund, managed by Innovation Industries, already invested into Relement last year. In addition, Rabobank has recently provided an Innovation Loan to Relement. The total investment amount adds up to 1 million Euro.
This investment will allow Relement to proceed with scaling-up its launch product named bio MPA. It will also enable pre-commercial trials with selected front runner coating resin customers. Bio MPA is a unique bio-based chemical ingredient. It provides the missing link to make bio-based alkyd coatings. By replacing fossil oil based ingredients, a significant reduction of the coating CO2-footprint will be achieved. In addition, bio MPA will improve key properties of paint and coating such as scratch resistance.
Roger Blokland, CEO Relement: “The Relement team is very pleased with the support provided by our investment partners. These early and local investors subscribe to our mission, which is to provide sustainable chemical ingredients for everyday products which are difficult to recycle. The chemical industry is at the brink of a massive change towards sustainable products and Relement will be providing a solution for key markets.”
Relement, a spin-off from the Netherlands Organisation for Applied Scientific Research (TNO), is building on 7 years of research and development by TNO. Relement will provide sustainable chemical ingredients for everyday products such as coatings, adhesives, insulation materials, lubricants and many more. These are very difficult to recycle products and require better, more sustainable ingredients to lower their CO2-footprint. Relement will offer sustainable chemical ingredients made from locally sourced agricultural non-edible residues, not fossil oil.