Gjenkraft AS has successfully completed a capital raise totaling NOK 60 million, enabling the launch of commercial operations at its first industrial recycling plant in Høyanger. With an annual capacity of 2,800 tonnes, the facility will become the world’s first commercial-scale plant dedicated to the recycling of wind turbine blades.
The financing package consists of a combination of public grants and private capital: a contribution under the EU-funded REFRESH project (*), two project contributions from Innovation Norway, and a final tranche of NOK 8.6 million through a mix of debt and a share issue that attracted eight local and regional investors. This final step was the decisive piece that completed the NOK 60 million financing package – paving the way for groundbreaking industrial development in Høyanger, Vestland, and Norway.
Gjenkraft’s proprietary pyrolysis technology makes it possible to recycle close to 100 % of wind turbine blade materials – including glass fiber, carbon fiber, oils, foams, and metals – turning them into valuable raw materials. The technology delivers significant reductions in greenhouse gas emissions compared to incineration, while eliminating the need for landfilling and reducing the extraction of virgin raw materials.
– “This represents a turning point for Gjenkraft and for the industry as a whole. We are moving from development to full commercialization, and we are proud to establish the world’s first commercial recycling plant for wind turbine blades here in Høyanger,” says Marcin Rusin, CEO of Gjenkraft.
– “With the financing secured, we can now build a commercial production plant that is both economically sustainable and industrially competitive. This provides a solid foundation for further growth in Norway and across Europe. The volumes of composite waste that must be handled in the years to come are enormous, and we are ready to take a leading role in addressing this challenge,” says Arvid Lønne, Chairman of Gjenkraft.
– “We are extremely pleased to have eight local and regional investors on board. This is a strong vote of confidence, and their contribution of NOK 8.6 million has been the key to securing the total framework of NOK 60 million. With this, jobs are anchored in the local community – while at the same time strengthening our international breakthrough potential,” says Svein Tore Torvund, CFO of Gjenkraft.
The Høyanger facility will be Gjenkraft’s first commercial plant, creating new jobs in the region and building a strong foundation for growth. At the same time, Gjenkraft is positioning itself for further expansion across Europe, with ambitions to establish multiple plants and reach a total capacity of 100,000 tonnes per year by 2035.
*The REFRESH project has received funding from the European Union's Horizon Europe research and innovation programme under grant agreement no. 101096858
About Gjenkraft:
Gjenkraft AS develops and operates technology for recycling composite waste, with a primary focus on wind turbine blades. The company’s proprietary pyrolysis process makes it possible to recycle close to 100% of the materials into new raw materials. Based in Høyanger, Gjenkraft aims to become a leading player in Europe in circular solutions for composite waste.
Company Contact:
Gjenkraft AS
Hans Hygensgate 1
6993 Høyanger
Norway
www.gjenkraft.com
Press Contact:
Svein Tore Torvund, CFO
svein@gjenkraft.com
+47 99 20 64 52