RecondOil has developed and patented an advanced circular economy contributing technology that can recycle used oil back to use and thus significantly reduce fossil oil consumption especially in industrial lubricants. The company is starting a financing round to scale its business.
RecondOil was founded in 2010 by entrepreneur Fred Sundström, who started developing the concept 8 years ago, along with a team of chemistry experts. The company solves two challenges of the petroleum industry: it enables the reuse of lubricating oil without altering the oil characteristics and improves the handling of hazardous waste oil.
”RecondOil significantly reduces the use of oil and thus lower environmental emissions and costs. As an example, one of Sandvikin plants large production machines has been able to use the same lubricant oil for several years by utilizing RecondOil’s technology. Prior to the use of this technology oil had to be changed 3-4 times a year”, tells Fred Sundström. ”Industrial lubrication market is currently 120 billion euros”, Fred continues.
The technology has been verified in a variety of applications and in 2017 the Swedish environmental authority stated that the reuse of oil is not a waste business but re-use of material. This gave a significant boost to the company’s business development. During 2018, the company has developed, together with Korkia, its commercial model and implementation partner network.
Currently RecondOil has several international projects with oil industry actors and the first licensing agreements have been closed. The company is starting a financing round to scale its business.
Korkia has been working as RecondOil’s advisor and is now organizing the financing round aimed for professional investors in Finland, UK and Middle East.
For more information, please contact
CEO, Korkia Venture Insight
+358 50 2247