Magsort, which reduces the emissions of the steel industry, is bringing circular economy innovations to the world
Magsort, which develops the recovery of metal from steel industry waste slag, enables more climate-friendly cement production with its circular economy solution. Magsort has accelerated the development of circular economy innovations in cooperation with Business Finland.
Efficient recovery and reuse of waste slag results in significantly lower emissions compared to emissions from the production of recycled cement.
Cement production and steel industry processes are the most significant sources of emissions at the global level. The Finnish company Magsort offers a circular economy solution to recover almost all of the remaining metal from the waste slag generated in industrial processes. Efficient recovery and reuse of waste slag results in significantly lower emissions compared to emissions from the production of recycled cement.
Business Finland's services accelerate product development
"Magsort received its first loan, funded by Business Finland, for the commercialization of a magnetic separator in 2014. After that, the company participated in two research, development and pilot projects on the reuse of industrial waste in 2017 and 2018. Cooperation and funding have played a key role in the company’s product development,” recounts Niklas Törnkvist, CEO of Magsort.
“Funding has been decisive in enabling us to carry out some of our company’s product development projects. Through funding, we have been able to implement the projects more extensively and better,” adds Törnkvist.
The company also received business disruption development funding in autumn 2020 and participated in the Market Explorer program for internationalization in 2021. The company has received loans and financing from Business Finland for a total of approximately EUR 1.7 million.
According to Törnkvist, information on future funding programs and services is presented comprehensively on Business Finland’s website. The company has received additional and more accurate information from the organization’s experts, who provide crucial tips for preparing funding applications. Collaboration with the experts is also quick and flexible.
CEO Niklas Törnkvist
“In fact, you can easily find all the necessary information online, and cooperation with the experts is also quick and flexible. Before applying for funding, we usually have at least one discussion with an expert. You receive good tips, which will speed up the application process,” shares Törnkvist..
There is a worldwide demand for the reprocessing and use of industrial waste provided by the company. In addition to considerable export potential, the solution developed by the company can significantly reduce CO2 emissions in the cement industry,” explains Kari Kuokkanen, Account Lead of Business Finland.
Business Finland works alongside the client company and offers the company support according to the situation..
“Market opportunities for companies such as Magsort are mainly outside the borders of Finland. The knowledge of our experts about local markets, such as legislation or patents, facilitates access to international markets,” notes Kuokkanen.
Business Finland supports the customer company and provides it with the assistance necessary for the situation at hand.
“The company’s path is outlined at the beginning of the cooperation and we assess together how Business Finland can be involved in supporting and sharing risk in development projects. We can be involved in sharing financial risk, for example, and the company’s other funders usually perceive us as a positive partner, says Kuokkanen.”
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