OrganoClick AB to be listed on First North

Swedish cleantech company OrganoClick AB (STO: ORGC) will be traded on Nasdaq First North from Monday 16th of February 2015. Its CEO Mårten Hellberg will ring the trading bell that morning. This comes on the heels of an equity raising in a private placement of 75 million SEK this week to Nordic institutional and other qualified investors. In the private placement 1,029,412 were issues at SEK 6.80 per share. The total number of shares following the placement is 66,067,861. The proceeds go to scale up sales & marketing and to support continued growth.

OrganoClick develops functional materials based on fibre chemistry. This allows for the green modification of cellulose-based materials to enhance their capabilities. Products are available mainly for paper & packaging, fibre composites, wood and textiles industries in the Nordic countries. The applications provided can render materials anti-fungal properties, fire retardancy, increased strength and water repellence.

In 2013 the company had sales of about 10.8 million SEK and posted a result of -13.1 million SEK before taxes. For the first nine months of 2014, sales had gone up to 20.9 million SEK while before tax results posted in at -11.7 million. The company has communicated that full-year 2014 revenues will print around 25 million SEK. Total invested capital since foundation is some 76 million SEK. The company says its business plan is based on expectations to be cash-flow positive by H2 2016 and the proceeds from private placement should carry until then.

The science is based on the work of university researchers Jonas Hafrén and Armando Córdova. CEO Mårten Hellberg founded the company in 2006 and early business angels joining in were business partners Saeid Esmaeilzadeh and Ashkan Pouya through Serenpidity Innovations. All of them as well as former Tetra Pak/Alfa Laval and SinterCast executive Bertil Hagman and investor Anders Wall through Beijerinvest AB will hold a chunk in between 10-20% of the company shares following the private placement. Their shares will be locked up for 365 days following the placement.