The Crowdfunding Round of NLcomp Closes with Almost €500,000

Northern Light Composites is an innovative startup operating since 2020 in the Sustainable Composites sector with the goal of offering the market a concrete, highly sustainable, and already validated solution to the problem of fiberglass non-recyclability.

The startup closed an equity crowdfunding round on Ecomill with a raise of €498,500, thanks to 31 investors, against a minimum target of 300,000. The company presented a pre-money valuation of €2.7 million.

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A new recyclable composite material to replace fiberglass

NLcomp’s idea starts from the observation that fiberglass, now used in many industrial and sports applications, is not recyclable efficiently and is highly polluting to the environment. Moreover, fiberglass is used in many markets and products such as marine, wind blades, panels and piping, RVs, molds (for any application), and many furniture goods (chairs, sofas, etc…).

The company has developed and patented rComposite™, a new, highly sustainable composite material, which will be proposed in the coming years mainly for recreational boating. But the potential goes beyond boating, so much so that NLcomp expects to expand its business in the future beyond boating to a variety of applications on other types of industrial artifacts.

Why boating

Boats, due to the high cost of disposing of fiberglass, are often abandoned in fields, marinas, and unfortunately even at the bottom of the sea.

A European Union study on nautical tourism found about 80,000 boats abandoned on the continent, of which only 2,000 were disposed of in an appropriate and environmentally sound manner.

New, stricter laws will force boat owners and shipyards to find one or more remedies to the end-of-life issue in the coming years.

To demonstrate that rComposite™ is a widely validated, and therefore market-ready, technology, nlcomp™ built a racing boat – Ecoracer – measuring 7.69 meters, testing it throughout 2022.

Ecoracer was the world’s first boat built of thermoplastic resin and flax fiber and is also equipped with recyclable sails, an electric motor, and solar panels. This high-tech boat won the Italian Minialtura Championship on Lake Garda in 2022, beating 40 fiberglass hulls.

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(Featured image by user32212 via Pixabay)

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