Funding to innovate new marine composite materials and introduce new boats

Northern Light Composites (nlcomp) has received more than half a million euros in funding to help innovate and commercialise new composite materials.

The Italian company, which has patented the recyclable composite material technology rComposite, received the funding from Invitalia National Agency for Development, as part of a programme to support the birth and growth of innovative start-ups across the country.

Financial contributions from third-party investors will allow nlcomp to convert 50% of the funding into a non-repayable grant and enable the company to accelerate the development and commercialisation of its solutions for the marine industry and introduce a new line of boats to the European market.

The startup nlcomp® has developed rComposite® as a solution to the disposal problem of fiberglass products such as wind turbine blades and boats, which are often abandoned once their lifecycle ends.

 The solution proposed by nlcomp® is simple yet revolutionary: replacing thermosetting resins with a thermoplastic matrix. This change allows for the recovery of raw materials, making it possible to recycle the boat at the end of its lifecycle.

“We are extremely pleased to have received this funding, which recognizes the innovative value and growth potential of nlcomp,” said Fabio Bignolini, CEO of nlcomp.

“These funds will allow us to advance the development of new sustainable products in the nautical sector, strengthen our R&D activities in new areas we are working on, invest in marketing activities, and structure the company with new hires.”

nlcomp was founded in 2020 with the aim of reducing the environmental impact of composite constructions through the use of innovative and sustainable materials.

The company has made its technology available for licensing to other manufacturers, including Cantiere del Pardo, which developed its new Grand Soleil Blue model utilising nlcomp.

“To test rComposite and demonstrate that an alternative solution to fiberglass existed, we built boats and vertical wind turbine blades with our material over the last few years, which not only succeeded in regattas but also received numerous accolades across Europe,” added Fabio.

“Now we are ready to scale the technology in the nautical sector and begin developing the business in other sectors such as wind energy.”

Since 2020, the company has closed two rounds of equity crowdfunding for over 500,000 euros and is set to close a 1 million euro funding round in 2024.