STING Capital invests SEK 2 million in the young cleantech firm Cortus

"The fund has studied various gasification projects over the past 12 months, as we have noted a high level of competence and interesting developments in Sweden. We believe that Cortus has both the technical quality and market potential we require. The company is already in talks with several potential clients, which has also contributed to the fund’s investment decision,” says Martin Gemvik, Investment Manager at STING Capital.

Cortus is aiming to become an important supplier of non-fossil fuel to the processing industry, which has tough demands on high incineration temperatures. This will be enabled through the patented gasification process WoodRoll®, which generates 80 per cent pure energy gas.

“The process has been verified on a small scale. Client discussions are taking place about a first pilot facility installation, which we believe will lead to a market breakthrough in 2010. This investment from STING Capital will enable us to intensify work on the pilot facility and recruit key employees,” says Rolf Ljunggren, CEO at Cortus.

Cortus AB was established in 2006 and has since its start received support from the business incubator STING - first through the practical training programme Startup and later through active business coaching at STING’s incubator. Former American ambassador Michael Woods called the company one of the most interesting cleantech ventures in Sweden and it was also a finalist at the national competition “Environmental Innovation” 2007/2008.

Read more at www.cortus.se