23 Dec 2022 --- The European Commission’s (EC) EIC Accelerator 2022 program has selected Ukraine-based Releaf Paper as this year’s program winner. The EIC Accelerator program supports start-ups and innovative, high-risk small and medium-sized businesses that can contribute to rapid economic growth. Releaf Paper submitted a pilot line project to the EC for the production of cellulose from the fibers of fallen leaves using a unique technology developed and patented by the company. The total cost of the submitted project is €3.5 million (US$3.7 million), of which the EC will finance €2.5 million (US$2.7 million) in the form of a grant. In addition, the total amount of funding may exceed €10 million (US$10.6 million), as the EC has also agreed to invest in further scaling the project. According to the approved development plan, Releaf Paper will use the investment funds to establish two factories in different countries within the next five years.
