South Wales-based modified timber manufacturer LIGNIA Wood Company has revealed ambitious growth plans, having secured up to £5m development capital funding from its institutional investors.
Production is now up and running at the state-of-the-art manufacturing plant in Barry, South Wales, and the business is selling in the UK and exporting to the USA. The equity investment, which brings LIGNIA’s total fundraising to £17m over the past three years, will support the planned expansion by funding working capital and the additional capital expenditure needed to increase production capacity.
The company has developed significantly since establishing its Barry site three years ago, recently making three high-profile appointments to its leadership team, and will now look to commercialise LIGNIA in the UK, USA and Europe.
LIGNIA uses FSC-certified softwood harvested from legal and sustainably-managed forests and modified through a unique process – enhancing its stability and durability – to create products (LIGNIA, LIGNIA Fire and LIGNIA Yacht) which have performance characteristics and aesthetic properties similar to those of popular hardwoods.
Hans Ng, LIGNIA’s CEO, said: “LIGNIA has now transitioned from R&D into commercial production. This new investment from our institutional investors will support the expansion needed to meet the growing demand for LIGNIA products and is a great expression of confidence in the LIGNIA team. There is a recognition among our investors that our efforts are helping to contribute to the efforts to save the planet’s precious resources.
“We have made significant progress in a short period of time, and this is just the beginning of the next chapter in LIGNIA’s story. We look forward to the future with great excitement.”