Innovestor invests in Alvega Technologies
Innovestor leads a syndicate of investors that provides funding for Alvega Technologies Inc, a growth company with Russian origin focused on developing environmentally friendly process technologies for the oil refining industry. In total, the investment round amounted to EUR 0.8 million.
“We continue to see attractive early stage investment opportunities on the Russian market, particularly in the field of technologies and innovations with industrial applications. Russia is a leading player in oil & gas globally, and we believe there is strong demand for clean and efficient solutions that enhance productivity in the sector both on domestic and export markets”, explains Wilhelm Lindholm, Partner, MD Russia in Innovestor.
Alvega Technologies is Innovestor’s second investment into a growth company with Russian origin. In addition to Innovestor, angel investors and family offices from Finland and Russia participated in the round. The company has developed a new technology (SALT) for production of alkylate. In the refining process of turning crude oil into end products, alkylate is a key component in cleaner gasoline grades (e.g. Euro 5/6, MSAT-2). The global demand for alkylate is growing, as its share of the gasoline pool increases with stricter emission standards. Proceeds from the round will be used for construction of a pilot plant and preparations for commercialization of the technology. Alvega Technologies is also in the process of becoming a resident company of Skolkovo Innovation Center in Moscow.
“We are excited to support the ambitious founders in this case, and actively look for top entrepreneurial talent in Russia to partner with“, Lindholm concludes.
For further information, please contact:
Partner, MD Russia
+7 926 0398489 / +358 40 5811051