STOCKHOLM, November 26, 2018 – LionCliff Capital, the Nordic investment banking firm, is delighted to have advised Celestial in the financing of its biomanufacturing activities.

Celestial is a partnership between the Estonian Centre for Synthetic Biology (ECSB) at the University of Tartu and the Novo Nordisk Foundation Centre for Biosustainability (DTU Biosustain) at the Technical University of Denmark. Celestial's main aim is to create research and development platform for the sustainable biomanufacturing of high-value chemicals and pharmaceuticals using cell factories.

As part of the development efforts for biomanufacturing, University of Tartu and Graanul Invest signed framework that provides for research and development cooperation to develop wood and biomass valorisation technology in Estonia.

Peep Pitk, R&D Manager of Graanul Invest, was pleased to have found a local research partner in the University of Tartu – a partner who is looking towards industry and willing to contribute to a more applied approach to cooperation with the private sector. “In cooperation with our partners we are setting up an innovative wood fractionation plant, and cooperation with University of Tartu will help us find the best solutions for process optimisation and product development.”

In the University of Tartu, the framework agreement will be carried out by the Centre for Synthetic Biology (ECSB) led by Mart Loog, Professor of Molecular Systems Biology of the Institute of Technology. According to Loog, the cooperation agreement resulted from the parties’ common interest in establishing high-technology industry for biomass valorisation in Estonia. “The University of Tartu has expertise in the area of synthetic biology and Graanul Invest has a clear vision on how to apply the know-how in industry,” said Loog. “Our cooperation should lead to converting the knowledge, which is currently on the fundamental science level, into a form that can be applied in industry. Biomass is our national treasure, and both parties are interested in its sustainable use.”

​Graanul Invest is one of the largest pellet producers in Europe. The company's revenues totalled above EUR 300 mln in 2018, with net profit above EUR 51 mln. The group employes more than 400 employees.

Celestial, part of ECSB at the University of Tartu, was advised by LionCliff Capital.

LionCliff Capital is a Nordic investment banking firm that provides advice and services to help clients with mergers & acquisitions (M&A), financing and other transactions. LionCliff Capital provides financial services to diversified client base that includes large corporations and emerging companies, government agencies, institutional investors and individuals. LionCliff Capital acts for clients throughout the Nordics and Baltics from its hubs in Stockholm, Tallinn, Riga and Vilnius.

Further information:

Mihkel Piirsoo

Co-Founder and Partner

Tel: +46 76 274 5987