Magsort closes a 15 MEUR financing round

The steel industry is one of the biggest emitters of global CO2 emissions. Furthering the decarbonisation of the global steel industry is instrumental in climate change mitigation.

The carbon footprint can be reduced by recycling steel from steel slag, a by-product of steel production. Magsort has brought to market a superior solution that can double the recovery rate compared to existing solutions, making the recycling of steel in slag financially viable and helping the steel industry reduce its carbon footprint. The processed slag may be usedas a cement substitute, further helping the world reduce carbon emissions.

Together with Harsco International's Environmental division, with whom Magsort entered into an exclusive agreement earlier this autumn, Magsort has signed contracts with two steel producers in India.

Magsort's solution can also be used to recover metals suchas copper, aluminium and gold from incinerator bottom ash, and is in use atwaste-handling facilities in Finland and Sweden.

"Circular economy innovations are at the core as we are transforming our relationship with the earth and its resources. We are thrilled to be part of Magsort’s growth journey as it continues to promote resource efficiency and decarbonisation of the global steel industry”, says Ilkka Lassila, the COO of Valkea Growth Club.

Recycling steel from slag and valuable metals in bottom ash decreases the need for mining and production of virgin materials, leading to substantially lower carbon emissions globally.

”We are happy to contribute to Magsort's commercialisationas the solution has a credible potential in significantly decreasing carbonemissions globally", says Paula Laine, CEO of the Finnish Climate fund.

The financing,consisting of 5,2 MEUR equity and 10MEUR credit facility (of which Ilmastorahasto's part is 4,5 MEUR), will be usedfor further commercialisation in the global steel industry and inwaste-handling also outside the Nordic countries.

"We need to intensify the circular economy globally to reduce carbonemissions. With this funding we will be able to speed up our commercialisationprocess and hence also further the world's decarbonisation agenda", saysMagsort's founder and CEO Niklas Törnkvist.

About The Finnish Climate fund

The Finnish Climate Fund is a special-assignment companyowned by the Finnish State, focusing on combating climate change, boostinglow-carbon industries and promoting digitalisation.

About Valkea

Valkea supports and accelerates the growth of the nextgeneration of mission-driven startups. The goal is to build a cleaner future byrevolutionizing energy, resource efficiency, and sustainability industries.Valkea is looking for start-ups with ideas about how this can be done andproviding them with what they need to do it— expertise, development opportunities,funding, and co-working spaces. Valkea was founded by Fortum, a leadingEuropean clean energy company driving the change for a cleaner world.

About Magsort

Magsort is a Finnish growth company that has brought tomarket an ultrahigh energy crusher for the processing of steel slag andincinerator bottom ash. The solution can salvage larger volumes of metalcompared to traditional solutions, hence substantially reducing carbonemissions.