Graphmatech announced completing a SEK 84.5 million capital raise backed by ABB, Molindo Energy and Forward Ventures.

Graphmatech, an Uppsala, Sweden-based company providing Graphene-based nanocomposites materials and services, completed a capital funding round totalling SEK 84.5 million ($10.2M).

The deal includes venture debt provided by SEB Venture Debt and was co-led by Molindo Energy and ABB Technology Ventures, joined by Forward Ventures, Almi Invest GreenTech, Walerud Ventures, and EIT InnoEnergy.

Morgan Sadarangani will join the board from Molindo Energy.

The company says that the investment round is fundamental to accelerate their technology development and launch graphene-based products to new markets.

Graphmatech, founded in 2017 by CEO Mamoun Taher and Björn Lindh, manufactures a graphene material product named Aros Graphene, with multiple application areas.

The product can be fully integrated in other materials, such as polymer composites, metal composites, formulated inks or as their own material. The material can also be used as an additive in different types of batteries - to increase energy storage capacity and charging speed, as well as as thermal paste which can be used for cooling electronics and thus reducing electricity consumption.

The company, together with Uppsala University, recently attracted considerable attention over results obtained around graphene enhanced copper powder for additive manufacturing.

Graphmatech previously raised $2 million in 2020.