Uppsala, Sweden 2023-09-19 – Tribonex AB (Tribonex), the industry lead in innovative surface treatments for friction and wear reduction, is delighted to announce the successful completion of a new share issue, raising a substantial 13.2 MSEK. Taking the forefront in this investment round is EIT InnoEnergy, a major investor in the sustainable energy innovations arena, with a significant participation also from First Venture Sweden AB, the main shareholder in Tribonex.
The fresh capital injection comes at a strategic moment for Tribonex, which has moved from process development to full scale industrialization and implementation of its novel Triboconditioning® surface treatment for various industrial and automotive applications. In this next growth phase, Tribonex targets to expand the production capacity both in-house and through production partners and solidify the solution for electric vehicle (EV) applications as well as various industrial sectors such as hydraulic motors, pumps, compressors and machine tooling.
“Partnering with strategic investors in the sustainable energy sector such as First Venture Sweden AB and InnoEnergy not only provides us with the resources to drive forward and establish our solutions in the market, but also reaffirms the significance and potential of our work in the industry. We see great opportunities in the transition that the automotive and other industries are currently undergoing in the strive for more efficient solutions with minimized energy consumption and material waste. Thus, we are delighted that we are getting to a position where we can make a real difference through direct supply of our novel surface treatments”, says Christian Kolar, Tribonex co-founder and CEO.
“We have during several years followed the progress by the Tribonex team and we are highly impressed by the accelerating market traction driven by their recent achievements in improving the technology to be even more scalable and suitable also for components with complex geometries, such as gears. Friction and wear are universal problems in many industries and represent a huge potential to cut carbon emissions. Closing part of the remaining gap to 100% drive train efficiency in EV´s and decreasing both losses and failure rates in wind power turbines are only a few examples where we see Tribonex can make a difference”, says Markus Berglund, Investment Manager at InnoEnergy in Stockholm.
“We are delighted to welcome InnoEnergy as a new investor in Tribonex,” states Rune Nordlander, acting CEO of First Venture Sweden AB. “Innovation and sustainability are cornerstones in our investment strategy, a perfect match with Tribonex that has during the last year taken strong steps forward to become a market leader in sustainable surface treatments. Together with InnoEnergy, we are keen to actively support and guide Tribonex on its promising journey ahead.
For inquiries and further insights, please contact:
Christian Kolar, Tribonex AB
Tel: +46 70 738 48 49
Tribonex offers cost-efficient surface treatments of mechanical parts, for minimized friction and wear, based on a unique and patented mechano-chemical technology. We help our customers within the automotive and industrial sector to become more sustainable by improving product performance through minimized energy consumption and increased product life. Our customer base span from electric vehicle producers to industrial machine and system manufacturers within hydraulics, motors, pumps, generators, rock-drills, tooling and many more areas where combating friction and wear are of high importance.
Further information is available on the company’s website; www.tribonex.com
About First Venture Sweden AB (publ)
First Venture champions investment in dynamic entrepreneurial teams across technology, health, and sustainability sectors. They diversify their portfolio by investing in both unlisted and publicly traded growth-oriented companies. As a long-term stakeholder, First Venture maintains an active ownership role, forging close collaborations with the entrepreneurial teams of its portfolio entities. Headquartered in Stockholm, First Venture’s stock is traded on the Nasdaq First North Growth Market under the ticker FIRST B.
Further information is available on the company’s website; www.first-venture.se
About EIT InnoEnergy
EIT InnoEnergy operates at the centre of the energy transition and is the leading innovation engine in sustainable energy. It brings the technology, business model innovation and skills required to accelerate the green deal, progress towards Europe’s decarbonisation and re-industrialisation goals, whilst also improving energy security.
Ranked as Europe’s top impact investor in cleantech in 2022, named in 2023 as a top 10 active deeptech investor by Sifted, and recognised globally as the most active sustainable energy investor, InnoEnergy backs innovations across a range of areas: These include energy storage, transport and mobility, renewables, energy efficiency, hard to abate industries, smart grids and sustainable buildings and cities, amongst others.
InnoEnergy is the driving force behind three strategic European initiatives which include the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Centre (EGHAC) and the European Solar Photovoltaic Industry Alliance (ESIA).
InnoEnergy was established in 2010 and is supported by the European Institute of Innovation and Technology (EIT), an independent EU body set up in 2008 to drive innovation and entrepreneurship across Europe. Since its inception, EIT InnoEnergy has screened more than 7,000 start-ups, launched more than 300 products to market and overseen its portfolio companies filing 370+ patents. Today, EIT InnoEnergy has a 200+ strong team with offices across Europe and in Boston, US.
Further information is available on the company’s website; www.innoenergy.com