Finnish cleantech company MetGen has raised a total of EUR 2.2 million in a financing round led by Sofinnova Green Seed Fund with participation from Finnish Industry Investment and Finnvera. MetGen develops industrial enzymes with applications in pulp and paper, advanced bio-fuels and bio-chemicals industries.
MetGen was created in 2006 by Alex Michine and Dr. Alex Azhayev and was selected as one of the Top Ten Nordic Cleantech Companies in 2012. MetGen’s technology dramatically improves the action of natural enzymes and adapts them for use in harsh industrial conditions. The enzymes can also be used in the removal toxic micropollutants from waste water.
Energy savings and greener operations
When used in pulp and paper industry the enzymes allow significant energy savings and greener sustainable operations. According to MetGen, oxidase enzymes called laccases can be used for wood pretreatment in pulp and paper mills, where they reduce energy consumption by 15% - 20%. MetGen’s enzymes also enable sustainable production of low cost sugars for second generation biofuels, helping to convert waste or non-food biomass to sugars.
MetGen is currently running industrial trials with several European partners and will initially market its solutions in Europe and North America. The funds raised will accelerate MetGen’s commercial roll-out and development of new products.
“We are glad to welcome Sofinnova Partners as an investor. Their experience, network and dedication to this sector will help us develop our technology platform and market our solutions,” said Alex Michine, CEO and Founder of MetGen.
Sources: MetGen, Sofinnova