Nanotechnology Now - Press Release: "Enso invests into Carbodeon to boost nanomaterials in Finland"

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Abstract:
Enso Holding Ltd [Guernsey] has acquired majority of shares of Carbodeon Ltd Oy [Finland] and has made a significant equity capital injection into Carbodeon. Total extent of the agreement package is several million EUR. Primary objective of the parties is to boost nanomaterial's development and manufacturing in Finland for disruptive applications.

Enso invests into Carbodeon to boost nanomaterials in Finland

Helsinki, Finland | Posted on January 25th, 2011

Carbodeon shall accelerate its business development in Carbon-based nanomaterials technology and invest in expansion of manufacturing capacity of its Nicanite® Carbon Nitride and uDiamond® nanodiamond products. Enso will also bring its own nanomaterials products and technologies into Carbodeon's portfolio. Carbodeon will strengthen its focus in disruptive nanomaterials technology with manufacturing base in Finland and global customer service.

"Partnering with Enso allows us to exploit our technology faster in the rapidly emerging nanomaterials markets", says Dr. Asko Vehanen, CEO of Carbodeon. "Our focus is selected key applications, where we expect that our partnership with Enso generates new competitive solutions through parties' unique combination of technology and skills."

Majority of Carbodeon's shareholders have sold their shares to Enso as a part of the deal structure. This includes the largest previous shareholder - Picodeon Ltd Oy. Carbodeon shall maintain and strengthen its close business relationship with Picodeon, as parties shall jointly continue to exploit Carbodeon's Nicanite® in Picodeon's Coldab® deposition technology. Asko Vehanen will maintain his role as a CEO of Carbodeon. Dr. Vesa Myllymäki, will assume Carbodeon's CTO position on full time basis.

Kevin R. Lewis, Director Enso Advisory Ltd: "We believe that Carbodeon poses a strategic fit to our strategy for creation of a world leader in Advanced Materials industry. Moreover, Finland, in our view, is a leading innovation powerhouse in Europe with a very attractive climate for innovation".

Tekes - the Finnish Funding Agency for Technology and Innovation has supported Carbodeon from its beginning to develop carbon based nanomaterials. Enso's investment is regarded as an excellent step to accelerate the development of the company.

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Contacts:
Asko Vehanen, CEO Carbodeon, asko.vehanen(at)carbodeon.com, mobile +358 40 55 66 765

Kevin R. Lewis, Director Enso Advisory Ltd, k.lewis(at)ensoadvisory.com, mobile +44 78 27 812 833

Sisko Sipilä, Chief technology adviser, Tekes, sisko.sipila(at)tekes.fi, phone +358 10 60 55845

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