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SEB Greentech makes its first investment in green chemical production

In the autumn, SEB formed a new unit within the bank that will invest venture capital in green technology to contribute to a sustainable transition. SEB Greentech VC is now making its first investment by participating in a financing round by the Swedish company EnginZyme, which has developed a technology for sustainable, biological chemical production.

“The company is in the final stages of validating its technology with four different products, so we are entering an exciting phase,” says Markus Hökfelt, head of SEB Greentech.

EnginZyme (the three founders Robin Chatterjee, Karim Engelmark Cassimjee, and Samuel Härgestam in the picture above) has developed a technology platform that combines the natural ability of enzymes to create chemical reactions with efficient chemical production. The company is now raising 11 million euros in a financing round where SEB Greentech and Industrifonden is participating along with existing owners.

“Biological production using enzymes and cells is used to manufacture various pharmaceuticals, oils, bread, beer, cheese, and so on, but has not so far proved cost effective except for certain specific processes,” says Markus Hökfelt, who started as head of SEB:s newly created unit SEB Greentech on 1 November.

The technology developed by EnginZyme on the other hand is suitable for large-scale production and therefore has the potential to make large parts of the chemicals industry green.

”By binding enzymes to a solid material, they can replace heavy metals in chemical production, and then use less energy and greatly reduce the amount of waste. It reduces the environmental footprint radically, and we avoid mining to produce chemicals”, says Markus Hökfelt.

SEB Greentech has an initial investment capital of SEK 300 million and is now making its first investment. The unit is looking for companies that have major potential to reduce greenhouse gas emissions or can make a positive contribution to keeping resource consumption within the limits of our planet.

“We are looking for teams with a relentless dedication to their task. This can involve both hardware and software or a combination of the two. We seek companies in a phase where they have tested and adapted their technology to real operating conditions and which preferably have revenues. The higher the potential, the earlier we can consider making an investment,” says Markus Hökfelt.

Read more about SEB Greentech here

To contact SEB Greentech, send an email to: greentech@seb.se.

Pressmeddelande från Enginzyme