The Ukrainian eco-startup Releaf Paper, which has developed a technology for producing paper from fallen leaves, has received a 2.5 million euro grant from the European Commission for the construction of its own factory.

This is  reported  by Forbes with reference to the co-founders of the company,  Promyslovy Portal reports .

The startup is considering locations for construction in France, Finland and Ukraine. 

The total cost of building our own factory is EUR 3.5 million. They plan to raise another million in the form of a loan from one of the French banks.

The grant program is designed for two years, its implementation will begin in April 2023. In addition, the startup received recommendations for further investments from the European Commission for two more factories with a total amount of at least 8 million euros. They must be approved separately.

(C)NATIONAL INDUSTRIAL PORTAL 2023