C-Green

Legal entity

C-Green AB (publ.), Solna, Sweden — shares registered with Euroclear

Founded

2015 — HQ Stockholm, full-scale plant in Finland

Shares outstanding

43,940,993 (12 Aug 2026)

Capital raised to date

SEK 339m — SEK 252m equity (74%), SEK 87m grants (26%)

Shareholders

≈350, incl. InnoEnergy KIC (5.8%) and employees via CG Personal (4.7%)

Leadership

CEO Monika Schildknecht · Chairman Thomas Ranje · Board: Alf Blomqvist, Emil Esbjörnsson, Henrik Båge

• Continuous hydrothermal carbonisation at ~200°C / 20 bar converts wet sludge (≈80% water) into dry, odour-free biocoal in under an hour — no energy-intensive pre-drying.
• Biocoal at 60–70% dry solids with LHV ≈3,700 kcal/kg; filtrate is stripped of nitrogen and digested (UASB) into biogas.
• Sludge volumes reduced 5–8×; company states the site can be net energy positive and treatment cost roughly halved.
• Modular in 25,000 wet-tonne/year units; accepts 6–30% dry-solids feed.

• Full-scale plant at Stora Enso's Heinola fluting mill, Finland: 18,000 wet t/yr, first commissioned 2021, >6,000 operating hours on industrial and municipal sludge (TRL7).
• Design 3.0 upgrade built on two+ years of full-scale learnings; one pump passed FAT, second in FAT; two further years of trial operation permitted.
• Restart planned autumn 2026, targeting full technical validation and TRL9. PVW's working assessment: TRL9 within 6–12 months. A successful validation may open dialogue with Stora Enso on transfer of the facility.

• Seven granted patents (system solution, reactor design, wet oxidation, pulp-mill integration, water handling, biological nitrogen removal).
• Two new applications for Design 3.0 in preparation.
• Portfolio valued in 2022 by Kransell & Wennborg at SEK 45–305m (third-party valuation, as stated by the company).

• Scottish Water: pilot with stated project revenue of SEK 1.8m, targeted Q4 2026–Q1 2027.
• Large European energy company: Sargassum project moved to basic design for an industrial demo; FID anticipated around year-end.
• Waternet (Amsterdam): case shows handling cost of −66 €/t with HTC and 5–6 year payback (company calculation).
• SARIA/REMONDIS slaughter-waste tests; Belgian SPGE municipal-sludge trials at Heinola, provisionally December 2026.
• LOIs and cooperation agreements corresponding to >30 plants (company statement). Partners include Stora Enso, Veolia, Ragn-Sells, TotalEnergies, EDF and InnoEnergy.

• Ahmedabad has reportedly allocated ≈USD 50m for integrated sludge management incl. 'HTC or equivalent'.
• Mumbai EOI response for 500–600 t/day digested sludge — solutions corresponding to six T50 plants.
• Accepted into Bharatia (Bharat Impact Accelerator, May 2026) and the Swedish Energy Agency / Business Sweden ISIA programme; exhibited at IFAT Mumbai, Sep 2026.

• ≈7 billion tonnes of wet organic waste a year globally; European sludge management stated at ≈€6bn per year. Landfill is banned in 19 EU countries and the revised UWWTD tightens requirements.
• Two revenue streams per plant — gate fees and resource recovery — with company-stated EBITDA margins above 50% for European plants.
• Technology sales in Europe; JV / project model in India.

• TRL9 validation in full industrial scale, including filtrate treatment.
• At least five plants sold in Europe, three or more in commercial operation.
• Indian JV with at least two projects sold.
• A project portfolio supporting a SEK 1–2bn valuation at an industrial exit (company target, not a PVW forecast).

An established company with patents, thousands of full-scale operating hours and working technology — entering at pre-TRL9 terms, ahead of a planned larger institutional round. The energy and circular-infrastructure angle fits PVW's ecosystem (Wattly, Energy Group, EnergyNet). Horizon 2–5 years.

• TRL9 validation and Heinola restart timing.
• Conversion of LOIs, pilots and EOIs into binding contracts; long public-procurement cycles, especially in India.
• Further capital need (~SEK 25m after the current round per company) and dilution.
• Pre-revenue at scale; illiquid unlisted shares.