Business Finland has granted to Norrhydro Oy a positive financing decision for Norrdig's further development and productization project

Norrhydro Group Oyj – 7.5.2024 klo 9:00 AM

 

 

Business Finland has granted to Norrhydro Group Oyj's subsidiary Norrhydro Oy ("Norrhydro") a positive financing decision for Norrdig's further development and productization project.

The project will significantly foster Norrhydro's growth and internationalization.

 

The estimate costs of the project are 2,390,000 euros, of which Business Finland finances up to 50% (1,195,00 euros). Due to the market-oriented nature of the project with an emphasis on development work, the financing is granted as a 50 percent product development loan.

 

The system based on the digital energy recovery of heavy machinery to be developed in the project to the commercialization level has been patented and tested by the company.

Business Finland's funding accelerates the project and enables expansion of the project's content in a way that improves business expectations.

In addition, as indirect effects, the project creates conditions for the company's Finnish industrial customers in addition to the internationalization of the company's business.

 

With the help of the Business Finland funding received now, we will be able to implement the ongoing customer pilots with an accelerated schedule. The goal is to verify the market maturity of Norrdigi solutions and to get approvals for the transition to series production. Customer pilots are in a key position to ensure the durability of the components, the functionality of the system and the manoeuvrability of the movement.

The goal of the project is also to open new markets and build a local partner network to support the transition to serial production." says Carl Mattson, head of Digi business

 

 

Further enquiries:

 

Yrjö Trög                            
CEO
Norrhydro Group Oyj
Tel. +358 400 291 229
email: yrjo.trog@norrhydro.com

 

Certified Adviser:

Translink Corporate Finance Oy

 

Jari Lauriala, Managing Partner

Tel. +358 40 091 8855

Email: jari.lauriala@translinkcf.fi

 

Sami Miettinen, Partner

Tel. +358 400 735 835

Email: sami.miettinen@translinkcf.fi

 

 

 

Distribution:

Nasdaq Helsinki Oy
Key media

https://www.norrhydro.com/fi

 

 

Norrhydro Group Plc in brief

 

Norrhydro, founded in 1985, is a Finnish pioneer in motion control, a provider of energy-efficient hydraulic cylinders and a system supplier specialising in high-quality, customised and energy-efficient hydraulic cylinders and demanding linear motion control systems and mobile machinery. The company has more than 35 years of experience in developing and manufacturing customised hydraulic cylinders and linear motion control systems for the most demanding conditions and environments. In 2023, the company had a turnover of EUR 30,4 million, an EBITDA of EUR 1,1 million and an operating profit of EUR -0,3 million.