Kyiv-based manufacturer of sustainable paper products made by fallen leaves Releaf Paper has received €2.5 million as a champion of EIC’s accelerator program. This funding will go to delivering a €3.5 million initial phase of a new pilot production line in Lutsk, tech.eu reports.
“We are closer than ever to the goal of starting a series of our own production line of the new generation, where the paper of the future, Releaf paper, will be created. When at the end of this year everyone is talking about reducing carbon footprint, deforestation and stopping environmental catastrophe, we are taking real steps to revolutionize the paper industry!” Valentyn Frechka, founder of Refeal Paper said.
Releaf Paper expects the funding to last two years, with the first tranche to arrive in April 2023. With the help of the fund, Releaf plans to increase its supply of EU capital to above €10 million. The EIF has said it would provide additional investments to scale the project, potentially leading to two more production lines by 2027-end, and in two separate target markets.
Recently, the European Commission adopted the 2023 work program of the European Innovation Council, which will grant €1.6 billion in funding to innovators who can to scale up and create new markets.