TimeTemp AS, an Ås, Norway-based “green packaging” company, has secured NOK36m in new funding from Norwegian investors Strømstangen Invest AS, Torbertra Kapital AS and the government funded venturefirm Investinor AS.
Investinor’s share of the private placement is up to 18 mNOK, for a 23% share of the capital of TimeTemp. In conjunction with the deal, Investment Director at Investinor Mr Ronny Vikdal joins the company’s board of directors.
TimeTemp develops, manufactures and provides indicators for food, pharmaceutical and chemical industries based on its intelligent packaging technology, which is applicable for all products where quality and lifespan depends on storage conditions (time and temperature), as well as products where quality depends on maturity/ageing.
The indicators, which are based on non toxic chemical liquids reacting and changing color according to the time and temperature they are exposed to, provide benefits throughout the entire value chain.
They help producers and retailers to reduce waste, and increase focus and knowledge on quality and food safety, and consumers to extend lifespan of purchased food and reduce food disposals.
Established in 2001, as a spin-off from The Norwegian University of Life Sciences (UMB), TimeTemp is still based with offices, laboratory and production facilities at the university campus. One of its owners is Scatec, the investment company of Mr Alf Bjørseth, who founded Norway’s largest solar energy company REC.