Swedish GreenTech startup Lignin Industries fuels the ‘Renol-ution’ with €3.9 million to fight fossil plastics

Knivsta-based GreenTech company Lignin Industries AB has raised €3.9 million in a fresh funding round aimed at accelerating the commercialisation and scale-up of its bio-based thermoplastics Renol.

The round was led by the Carrick family—also the company’s Founders and majority owners—and drew participation from more than two dozen investors. Over 40% of the funding came from new investors, marking a notable step forward in the company’s mission to reduce the plastic industry’s dependence on fossil fuels.

Lignin Industries Founder and Chair of the Board Dr Christopher Carrick said: “Lignin Industries exists to show another way is possible: that by looking to the natural world, we can positively reform the global plastic industry. Our proprietary process takes an organic material and upcycles it into a sustainable, high-performance bio-based thermoplastic. With an abundant feedstock and the ability to fit within existing plastics infrastructure and processes, widespread adoption is underway.”

Founded in 2018, Lignin Industries has developed Renol, a patented thermoplastic made from lignin—the second most abundant organic material on Earth, found in all plants. Positioned as a renewable alternative to traditional fossil-based plastics, Renol is designed to integrate seamlessly into existing plastic manufacturing infrastructure, making it a commercially viable option for widespread adoption.

Lignin Industries was founded by Dr Christopher Carrick, a chemist whose academic work converged with his family legacy in Europe’s forest industry. With a technology born from this dual foundation, the company uses green chemistry to upcycle residual materials from the forestry sector. The resulting product, Renol, boasts applications across polyethylene films, propylene moulds, ABS moulds, and more.

The startup has generated significant interest since coming out of stealth mode in 2024. It has partnered with UK-based compounder and distributor Hellyar Plastics, which has opened the door to commercial collaborations across industries including consumer electronics, home appliances, and construction.

Lignin Industries is also in advanced discussions with multiple manufacturers and is at the Letter of Intent stage with key category leaders. Additionally, its lignin-based plastic e-commerce bags—made with recycled materials—have been adopted by fashion brands aiming to reduce their carbon footprint without sacrificing functionality.

Lignin Industries CEO Fredrik Malmfors added: “We are enjoying commercial cut-through, onboarding new customers while fulfilling repeat orders from existing partners and customers. Feedback is positive – Renol works in the field and commercially – and with our continued investment in R&D we look forward to further optimising its use cases and applications, as seen in recent collaborations with Scania and Vinnova, among other key strategic partners. The next few months is about bringing additional products to market and scaling our commercial operations.”

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