1 The EIC Accelerator Project
EIC Accelerator Program: An Overview
The EIC Accelerator program is a funding initiative under the European Innovation Council (EIC) aimed at supporting small and medium-sized enterprises (SMEs), particularly startups, in their efforts to develop and scale innovative technologies. The program is designed to foster high-risk, high-impact innovations that hold the potential to transform industries or create significant societal benefits. By providing both grant and equity funding, the EIC Accelerator plays a pivotal role in strengthening the European DeepTech and startup ecosystem.
Funding Structure
The EIC Accelerator offers a unique funding structure that includes both grant funding and equity investment. The grant component can reach up to €2.5 million, intended to cover early-stage research and development costs. Following this, the program also provides equity funding, which can amount to up to €15 million until 2024 and is reduced to €10 million from 2025 onward. This dual approach allows companies to secure immediate financial support while also positioning them for future growth through substantial equity investment.
Purpose and Impact
The primary purpose of the EIC Accelerator is to bridge the financial gap that many innovative startups face as they transition from concept to commercialization. By providing access to both grant and equity funding, the EIC Accelerator empowers companies to scale their operations, enhance product development, and attract additional investments from private sectors. This not only helps individual companies thrive but also contributes to the broader European economy by fostering innovation, job creation, and technological advancement.
Reselo AB and the NORDIC BIO-RUBBER Project
Company Overview
Reselo AB, based in Sweden, is a pioneering company recognized as an EIC Accelerator winner for its innovative project titled NORDIC BIO-RUBBER. The company specializes in developing sustainable alternatives to traditional rubber materials, addressing significant environmental concerns associated with conventional rubber production and consumption.
Project Description
The NORDIC BIO-RUBBER project aims to create a sustainable rubber solution that minimizes environmental impact while maintaining high performance. The funding awarded through the EIC Accelerator is primarily in the form of a grant, supporting the initial phases of research and development.
Technology Basics and Background
The technology behind NORDIC BIO-RUBBER is rooted in the utilization of bio-based materials that can replace synthetic rubber derived from petroleum. Conventional rubber production is not only resource-intensive but also contributes to significant environmental degradation. Reselo AB's innovation focuses on sourcing sustainable raw materials, which can include agricultural byproducts or other renewable sources. This approach not only reduces reliance on fossil fuels but also promotes a circular economy by repurposing waste materials.
The project seeks to develop bio-rubber with properties comparable to those of traditional rubber, ensuring its viability for various applications, from automotive components to consumer products. The emphasis on sustainability is crucial, as the project aligns with global efforts to combat climate change and reduce carbon footprints.
The technology is still in its developmental stages, but the potential impact is profound. By providing a viable alternative to conventional rubber, NORDIC BIO-RUBBER could significantly reduce greenhouse gas emissions associated with rubber production and usage, thus contributing to a more sustainable future.
Conclusion
The EIC Accelerator program plays an essential role in supporting innovative startups like Reselo AB. By providing financial resources through grants and equity, the program enables companies to transform their groundbreaking ideas into viable market solutions. The NORDIC BIO-RUBBER project exemplifies how such initiatives can lead to sustainable innovations that not only address pressing environmental issues but also bolster the economy and create new opportunities within the European DeepTech landscape.
2 The Funding Rounds
Financing Raised
Reselo AB, a Swedish startup spun out of KTH Royal Institute of Technology, has raised a total of approximately $2.55 million across three funding rounds since its founding in 2020. The largest single injection was a grant of $2.5 million received on October 15, 2022—this aligns with Reselo’s successful application for EIC Accelerator funding submitted at the June 15, 2022 cut-off.
Funding Rounds: Timing and Amounts
- March 2021: First external funding came from Vinnova (Sweden’s innovation agency), supporting early-stage development and company formation.
- October 15, 2022: €2.5M ($2.5M) grant awarded via the EIC Accelerator program as part of the EU's Horizon Europe initiative for scaling up their bio-based rubber technology.
- Other smaller grants and support (including from the Swedish Energy Agency) have been awarded to aid process development and scale-up activities in Sweden during this period.
As of May 2023, Reselo publicly stated it was seeking an additional €2 million investment to further commercialize its operations and scale production beyond pilot volumes.
Investors
The data available indicates that most financing to date comes from government agencies (Vinnova, Swedish Energy Agency) and European Union sources (EIC Accelerator). No venture capital firms or angel investors are named as having participated in completed rounds as of April/May 2025; however, Reselo continues to actively seek private investment partners for future growth phases. The company's participation in acceleration programs such as Sting Incubate Deeptech Program (Sweden), BizMaker Forest Accelerator, and recent wins at competitions like KPMG Private Enterprise Global Tech Innovator further position them before investor audiences but do not specify direct equity investments yet .
Company Valuations
There is no public disclosure regarding formal company valuations in connection with any funding round or investor presentation up until May 2025.
Exit Events: IPOs or Acquisitions
There is no record that Reselo AB has undergone any exit event such as an Initial Public Offering (IPO), buyout, merger or acquisition since receiving EIC Accelerator funding through to May 1st, 2025. The company remains privately held and focused on scaling production capacity while seeking additional investment.
Summary Table
| Date | Type | Amount | Source/Investor | Notes |
|---|---|---|---|---|
| March 2021 | Grant | Not stated | Vinnova | Early-stage R&D |
| Oct. 15 2022 | EU Grant | $2.5M | EIC Accelerator | Major scale-up round |
| Various | Grants | Not stated | Swedish Energy Agency etc. | For process development |
| May 23 (ongoing) | Seeking Equity Investment | €2M sought | – | In active fundraising phase |
Exact amounts not specified for these grants.
Additional Information Related to Funding Rounds
- Revenue began in late-2021/early-2022 after first sales of their bioelastomer “Reselo Rubber” validated commercial interest.
- As per company communications throughout late-2023 into mid-2024 they continue producing at pilot scale while actively ramping up volumes.
No current evidence points toward major institutional VC involvement or valuation-setting equity raises yet; most funds derive from non-dilutive public sources.
Sources
- Reselo Stock Price & Funding Details — CB Insights
- Our Story – From Research To Business — Reselo
- Startup Of The Week: Reselo AB — Startup Club
- Reselo Wants To Replace Fossil-Based Rubber With New Material Made From Birch Bark — RISE
- Reselo AB Profile — Smart City Sweden
- We Are Proud To Announce Reselo Winner Of Private Enterprise Tech Innovator Sweden — KPMG SE
3 The Press Releases
Reselo AB Overview
Reselo AB, a Swedish company, has been making significant strides in the development of bio-based materials since receiving the EIC Accelerator funding in June 2022. The company focuses on creating renewable rubber from birch bark, which is a residue of the pulp, paper, and plywood industries.
Partnerships
One of the notable partnerships for Reselo is with Nokian Tyres. In September 2024, Reselo and Nokian Tyres signed a development agreement to further develop Reselo Rubber, a renewable material made from birch bark, for use in tires. This partnership aims to enhance the sustainability of the rubber industry by replacing traditional fossil-based materials with bio-based ones.
Technology Advancements
Reselo's technology involves converting birch bark into a bio-rubber that can replace fossil-based rubber in various products, including tires, shoes, protective gear, and toys. The material, known as Reselo Rubber, exhibits elastomeric properties, offering high flexibility and water resistance.
Awards and Recognition
In 2024, Reselo was recognized as the national winner and the Swedish representative in the global final of the KPMG Private Enterprise Global Tech Innovator competition. This achievement highlights Reselo's potential to transform the rubber industry with sustainable, bio-based materials.
Company Background
Reselo is a spin-off from the Royal Institute of Technology (KTH) in Sweden, originating from a research project funded by the Wallenberg Wood Science Center. The company's mission is to replace fossil-based rubber with a renewable alternative, reducing carbon dioxide emissions associated with traditional rubber production.
Press Releases and Updates
Reselo's website and social media channels provide updates on their partnerships and technological advancements. The company has been featured in several press releases highlighting their collaborative efforts with Nokian Tyres and their innovative approach to sustainable materials.
Future Outlook
With ongoing partnerships and technological advancements, Reselo is poised to play a significant role in the transition to more sustainable materials in the rubber industry. Their collaboration with Nokian Tyres is a crucial step towards integrating bio-based rubber into commercial tire production, aligning with Nokian Tyres' sustainability goals.
Sources
- Reselo Press Releases
- Nokian Tyres Signs Development Agreement with Reselo
- Reselo and Nokian Tyres Sign Development Agreement
- Reselo Wins KPMG Private Enterprise Global Tech Innovator
- Reselo Wants to Replace Fossil-Based Rubber with New Material
- Reselo – Replacing Synthetic Rubber with Bark
4 The Technology Advancements
Reselo AB’s Advancements Post-2022 EIC Accelerator Funding Reselo AB, a Swedish biomaterials startup, has made significant progress since its participation in the 2022 EIC Accelerator funding cycle. The company specializes in producing Reselo Rubber, a bio-based elastomer derived from birch bark residue. Below is a detailed overview of their advancements:Technological and Product Development
Reselo has refined its biorefinery process to isolate suberin molecules from birch bark, converting them into a high-performance rubber alternative. Key milestones include:- Material Optimization: Laboratory testing with Nokian Tyres confirmed Reselo Rubber’s potential to replace fossil-based materials in tires while improving performance features like flexibility and water resistance.
- Industrial Scaling: The company identified production sites and suppliers for birch bark feedstock, aiming to establish demo-scale plants for commercial-grade output.
Market Demonstrations and Partnerships
Reselo has actively engaged with industry partners to validate its technology:- Nokian Tyres Collaboration: A 2024 development agreement aims to integrate Reselo Rubber into tire production, targeting improved sustainability for Nokian’s goal of 50% renewable/recycled materials by 2030. This partnership followed Reselo’s victory in Nokian Tyres’ FAST RACE innovation challenge.
- RISE Processum Collaboration: Ongoing work with RISE includes securing feedstock logistics and testing bio-rubber applications for consumer goods like shoes and protective gear.
Intellectual Property Expansion
While existing patents (e.g., granted Swedish patent) entered national phases for broader protection, no new filings were explicitly mentioned. However, ongoing R&D under the Nordic Bio-Rubber project suggests continued innovation in biorefining biomass components beyond suberin.Recognition and Funding Momentum
- KPMG Global Tech Innovator Award: Reselo won Sweden’s 2024 national competition for its scalable solution to replace fossil rubber, emphasizing alignment with global sustainability demands.
- EU-Funded Projects: Participation in the Nordic Bio-Rubber initiative (funding period until July 2025) focuses on technical industrialization and market entry strategies.
Current Challenges and Forward Focus
Resello faces hurdles such as valorizing non-suberin fractions from birch bark (currently used only for energy) and navigating regulatory landscapes incentivizing fossil-free alternatives. Market adoption remains tied to industrial partnerships demonstrated via pilot projects like those with Nokian Tyres.Sources
Nokian Tyres Press Release | Techarenan News | KPMG Announcement | PRV Case Study | CORDIS Project Report | RISE Collaboration Details
5 The Partnerships and Customers
Reselo AB: Partnerships and Developments
Reselo AB, a Swedish biomaterials company, has been actively engaging in strategic partnerships and innovations since receiving the EIC Accelerator funding in June 2022. The company is known for developing Reselo Rubber, a novel elastomeric biomaterial made from birch bark, which is an abundant residue from the pulp, paper, and plywood industries.
Partnerships and Customers
- Nokian Tyres: Reselo AB has partnered with Nokian Tyres to develop Reselo Rubber as a potential new raw material in tires. This partnership aims to further develop the material for commercial tire production, aligning with Nokian Tyres' sustainability goals, including having 50% of their raw materials renewable or recycled by 2030.
- RISE Processum: Reselo collaborates with RISE Processum through the Forest Business Accelerator, focusing on areas such as financing plans, connections to industrial players, and testbeds.
- KTH Royal Institute of Technology: Reselo originated from a research project at the Wallenberg Wood Science Center (WWSC) at KTH and continues to leverage this academic connection for technological advancements.
New Partners and Customers
While specific new customers beyond the ongoing partnerships are not detailed, Reselo is seeking strong partnerships for the green transition and is looking to implement its material into various customer products across markets like footwear, automotive, and industrial applications.
Nature and Purpose of Relationships
The partnerships with entities like Nokian Tyres and RISE Processum are crucial for Reselo AB's mission to revolutionize the rubber industry with bio-based materials. These collaborations focus on scaling up production, enhancing material properties for industrial applications, and advancing sustainability in the rubber sector.
Positioning in the Market
Reselo AB's partnerships position the company as a leader in sustainable materials innovation, particularly in the rubber industry. The collaboration with major players like Nokian Tyres highlights Reselo's potential to disrupt traditional fossil-based materials with renewable alternatives, aligning with global sustainability trends.
Advancements and Scaling
The partnerships are instrumental in technology advancements and scaling efforts. For instance, the development agreement with Nokian Tyres is aimed at adapting Reselo Rubber for commercial tire production, which involves refining the material's properties to meet industrial standards. Additionally, Reselo's work with RISE Processum facilitates access to testbeds and expertise, supporting the scale-up of production capacities.
Sources
- Reselo and Nokian Tyres sign a development agreement to implement Reselo biorubber in tires
- Nokian Tyres has signed a development agreement aiming to add renewable material made from residue birch bark to tires
- Nokian Tyres Partners with Reselo AB to Develop Renewable Tyre Material
- Reselo wins national title in Swedish KPMG Private Enterprise Global Tech Innovator competition
- Reselo wants to replace fossil-based rubber with new material made from birch bark
- Reselo AB | News
6 The Hiring and Company Growth
Reselo AB, the Swedish biomaterials startup developing birch bark-based rubber alternatives, has maintained strategic growth in team structure and partnerships since its 2021 founding. While specific headcount figures are not publicly disclosed, insights into their operational scaling can be derived from collaborations and milestones:Team Growth & Hiring
The company’s trajectory emphasizes technical scalability and industrial partnerships over rapid headcount expansion. Reselo operates within KTH’s Greenhouse Lab cluster in Stockholm, a hub for bio-innovation startups, suggesting a lean team structure typical of deep-tech ventures. Their growth strategy prioritizes:- Process optimization: Collaboration with RISE Processum to refine manufacturing protocols and conduct techno-economic analyses.
- Customer-driven scaling: Partnerships with Nokian Tyres, Volvo, Scania, Polestar, and unnamed footwear manufacturers to integrate Reselo Rubber into products.
Key Leadership & Roles
Co-founder Thomas Baumgarten (CTO) remains central to R&D efforts, while Henrik Otendal (CEO) has gained prominence as evidenced by his role as a 2024 KPMG Global Tech Innovator jury member. The company’s focus on securing pilot production funding implies potential future hires in engineering and operations.Strategic Hiring Implications
While no recent hires are explicitly detailed:- Industry collaboration specialists: Crucial for managing partnerships with automotive giants aiming for 50% renewable tire materials by 2030.
- Scale-up engineers: Needed to transition from lab protocols to demo plants as highlighted in their investor outreach material.
Management Changes
No major leadership changes are reported post-EIC Accelerator submission (June 2022). The core team retains its scientific-commercial balance established during the Sting incubator program participation (2021).Sources:
MITECO Press Release | RISE Collaboration | KTH Partnership | Company Funding History | KPMG Jury Role
7 The Media Features and Publications
Media Features and Industry Presence of Reselo AB Since 2022 Reselo AB, a Swedish biomaterials innovator, has gained significant media and industry recognition since its EIC Accelerator funding in mid-2022. Below is a detailed overview of its public engagements, collaborations, and visibility efforts.Media Coverage & Publications
- Smart City Sweden: Highlighted Reselo’s patented process for converting birch bark into bio-based rubber, emphasizing its scalability and use of forestry residues.
- RISE Processum Collaboration: Featured Reselo’s participation in the Forest Business Accelerator program (2022), where it sought partnerships to secure birch bark supply chains for industrial-scale production.
- KPMG Global Tech Innovator Win: Recognized as Sweden’s national winner in 2024 for its sustainable rubber technology, with judges praising its potential to transform industries reliant on fossil-based materials.
Podcasts & Interviews
No direct podcasts or interviews featuring Reselo’s team were identified in the provided sources. However:Conferences & Event Participation
- Focused on expanding partnerships within the forestry sector to scale birch bark sourcing.
- Collaborated with RISE Processum for financing strategies and industrial testbeds.
Key Post-EIC Funding Milestones Highlighted by Media
- First Commercial Sale (2022): Sold initial batches of bioelastomer material ("Reselo Rubber") while collaborating with IVL Swedish Environmental Research Institute to quantify carbon footprint reductions compared to fossil rubbers.
- Patent Approval: Secured active patent protection through Sweden’s PRV office for their proprietary biomaterial process post-funding.
- Industrial Partnerships: Advanced collaborations beyond footwear/consumer goods into automotive sectors via Nokian Tyres agreement (September 2024).
Sources
- Reselo AB | News – Smart City Sweden [Related years: Pre-and-post EIC funding]
- Reseo Wins KPMG Global Tech Innovator in Sweden [June 2024]
- Meet Reselo – Sting.co [December 6, 2017] (Pre-dates EIC but included contextually)*
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