Borregaard

What Borregaard does

Borregaard ASA is a Norway-based public specialty biochemicals company (listed on Euronext Oslo Børs under ticker BRG) that operates one of the world's most advanced and sustainable biorefineries at its Sarpsborg headquarters. The company fractionates Norway Spruce wood sourced from PEFC-certified Scandinavian forests into five product families: lignin and lignosulfonate-based biopolymers (used as binding, dispersing, crystal-growth-modifying and emulsion-stabilising agents), high-purity speciality cellulose (raw material for cellulose ethers, acetate, nitrocellulose and viscose), microfibrillated cellulose sold under the Exilva brand (the world's first commercial-scale MFC product), wood-derived biovanillin (the only PEFC-certified vanillin on the market), and second-generation bioethanol (ISCC-certified, with emissions approximately 10% of synthetic ethanol). The company employs approximately 1,100 man-years across plants and sales offices in 13 countries spanning Europe, the Americas and Asia, with R&D centres in Norway, USA and India supporting customer-specific product development.

Borregaard sells exclusively on a B2B basis to industrial customers, with direct sales coverage and localised technical service teams as the primary go-to-market model. The company serves a diversified set of verticals including agriculture and animal feed, construction, pharmaceuticals and cosmetics, food and fragrance, energy and batteries, and biofuels. Pricing is negotiated transaction-by-transaction based on volume, grade specification and customer requirements rather than through disclosed standard pricing, consistent with a specialty chemicals B2B model.

Borregaard generates revenue through one-time sales of its five biochemical product lines, supplemented by credit-rated debt issuance (a NOK 400 million senior unsecured open green bond, 2023/2028 maturity, A-/Stable from Scope Ratings GmbH as of March 2026) and active capital markets engagement. The company also holds a 55% interest in the LignoTech Florida LLC joint venture (greenfield lignin production in Florida) and a 41% stake in Alginor ASA, the latter subject to impairment in Q4 2025. Strategic priorities over 2022-2026 have centred on debottlenecking lignin capacity, launching a next-generation lignin biopolymers demonstration plant, electrifying biorefinery energy use, and maintaining disciplined capital return via share buybacks.

Name

Borregaard

Legal name

Borregaard AS

Website

https://borregaard.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Borregaard is a Norway-based public biorefinery that fractionates certified Scandinavian wood into five specialty biochemical families (lignin biopolymers, speciality cellulose, microfibrillated cellulose, biovanillin, bioethanol) sold B2B to industrial customers across agriculture, construction, pharma, cosmetics, food, batteries, and biofuels worldwide.

Ownership category

akta.pro rank

Product category

Specialty Bio-based Chemicals

NAICS

Wood Product Manufacturing (321), Sawmills and Wood Preservation (3211)

SIC

Industrial Organic Chemicals (2860), Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Biorefinery Technology & Contract Processing (fractionation, tolling, scale-up) (IMAMALAL)

akta.pro secondary industries

Biochemicals & Bio-based Platform Chemicals (cellulose sugars, lignin derivatives, organic acids) (IMAMALAB), Bio-based Adhesives, Coatings & Sealants (lignin/tannin/soy-based) (IMAMALAG), Lignin-based Materials & Carbon Products (binders, resins, carbon fiber/activated carbon) (IMAMALAE), Bio-based Materials & Fibers (e.g., cellulose derivatives, lignin-based materials, nanocellulose) (EUAAAIAD), Bio-based Resins, Adhesives, Coatings & Sealants (EUAAAIAG)

Keywords

• Lignin biopolymers
• Speciality cellulose
• Microfibrillated cellulose
• Biovanillin flavouring
• Second generation bioethanol

Headquarters

HQ city

Sarpsborg

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Lignin and Lignosulfonates: Borregaard is the world's leading supplier of lignin-based biopolymers used as binding agents, dispersing agents, crystal growth modifiers, and emulsion stabilisers across various industrial applications including construction, agriculture, batteries, and coatings.
2. Speciality Cellulose: High-purity speciality cellulose sold as raw material for producing cellulose derivatives (cellulose ethers, cellulose acetate, nitrocellulose), microcrystalline cellulose, and viscose. Supplied in bales and rolls adapted to individual customer requirements.
3. Cellulose Fibrils (Exilva): Microfibrillated cellulose products sold as bio-based performance enhancers for construction, packaging, and coating applications. Products provided with technical support and sample services.
4. Biovanillin: Natural vanillin produced from Norway Spruce wood, the only PEFC certified vanillin on the market. Sold to flavour and fragrance industries.
5. Bioethanol: Advanced second-generation bioethanol produced as by-product of cellulose production. Approximately 20 million litres annually, certified for biofuels market and technical applications.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Borregaard operates a sustainable biorefinery that processes Norway Spruce wood into five biochemical product families: lignin and lignosulfonates (binding, dispersing, and stabilising agents), speciality cellulose (raw material for cellulose derivatives), microfibrillated cellulose / Exilva (rheology and stability additive), biovanillin (natural flavouring from wood), and second-generation bioethanol. These bio-based products are sold as functional ingredients and performance additives to industrial customers across agriculture, construction, pharmaceuticals, cosmetics, food, batteries, and biofuels.

Product overview

Borregaard operates one of the world's most advanced and sustainable biorefineries, producing five core product families from wood biomass. The product portfolio includes: Lignin & Lignosulfonates (sustainable binding and dispersing agents with over 90 years of experience), Speciality Cellulose (high-purity cellulose for derivatives), Cellulose Fibrils/Microfibrillated Cellulose (rheology and stability additive with commercial-scale production), Biovanillin (the only wood-derived vanillin with PEFC certification), and Bioethanol (advanced second-generation ethanol with 92% better climate footprint than synthetic alternatives). These bio-based products serve diverse industries including agriculture, construction, pharmaceuticals, cosmetics, food, batteries, and biofuels, addressing the world's greatest sustainable development challenges by replacing oil-based chemicals.

Differentiator

Problem solved

Functional benefit

Brands

• Exilva: Bio-based performance enhancer product line for cellulose fibrils/microfibrillated cellulose used in corrugated board, coatings, and barrier applications.

Products and services

• Lignin & Lignosulfonates Wood-based lignin biopolymers sold as sustainable, multifunctional alternatives to fossil-based chemicals, used as binding agents, dispersing agents, crystal growth modifiers, and emulsion stabilisers across construction, agriculture, batteries, and industrial applications.
• Speciality Cellulose High-purity speciality cellulose supplied in bales and rolls as raw material for producing cellulose derivatives such as cellulose ethers, cellulose acetate, nitrocellulose, microcrystalline cellulose, and viscose, with tailored purity, viscosity, and reactivity grades.
• Cellulose Fibrils (Exilva - Microfibrillated Cellulose) Microfibrillated cellulose sourced from Norway Spruce sold as a bio-based performance enhancer providing rheology modification and stability for construction, packaging, coatings, and barrier applications.
• Biovanillin Natural vanillin produced from wood, sold to flavour and fragrance industries as a PEFC-certified, sustainable alternative to synthetic and other natural vanillin sources.
• Bioethanol Advanced second-generation bioethanol sold for biofuel blending and technical applications, with greenhouse gas emissions approximately 10% of synthetic ethanol and produced without GMO basis or antibiotics.

Quantifiable outcome

• Greenhouse gas emissions approximately 10% compared to synthetic ethanol
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• Rayonier Advanced Materials (45%)coreStrategic or Co-development Partner · 1 January 2017Joint venture LignoTech Florida LLC (55% Borregaard, 45% Rayonier Advanced Materials) for lignin operations in Florida. USD 110 million greenfield lignin operations. Loan facility of USD 60 million with SEB, guaranteed 70% by Norwegian Export Credit Guarantee Agency (GIEK).
• LignoTech Florida LLCcoreStrategic or Co-development PartnerJoint venture entity for greenfield lignin production facility in Florida, USA. Borregaard holds 55% ownership, Rayonier Advanced Materials holds 45%.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• UPM-Kymmene: UPM operates large-scale biorefineries producing specialty cellulose, lignin-based biochemicals, biofuels, and biochemicals, and is building a biorefinery in Leuna, Germany. Directly comparable in biorefinery and bio-based chemicals strategy.
• Stora Enso: Stora Enso produces specialty cellulose, lignin products, and bio-based materials from Nordic forests, and is developing bio-based carbon materials and biomaterials. Comparable in biorefinery model and focus on renewable wood-based chemistry.
• Suzano: Suzano is the world's largest hardwood pulp producer and is investing heavily in specialty cellulose, lignin, and biorefining capacity in Brazil. Comparable as a major integrated forest-products-to-biochemicals player with global scale.
• Lenzing: Lenzing produces dissolving wood pulp and specialty cellulose fibers for textiles and industrial applications, with growing focus on bio-based and circular materials. Comparable in specialty cellulose purity grades and end-market reach.
• Metsä Fibre (Metsä Group): Metsä Fibre (part of Metsä Group) produces Nordic softwood pulp, specialty cellulose, and is developing bioproduct mills integrating lignin, biofuels, and biochemicals. Comparable in softwood-based biorefinery and specialty cellulose focus.

Direct peers

• Rayonier Advanced Materials: Rayonier Advanced Materials is a leading producer of high-purity specialty cellulose and is Borregaard's 45% JV partner in LignoTech Florida. Direct overlap in cellulose purity grades, end markets, and joint lignin operations in the Americas.
• Domtar (Paper Excellence): Domtar operates a network of pulp and specialty cellulose mills producing high-purity cellulose for derivatives, and has expanded into bio-based materials. Direct comparable in specialty cellulose serving pharmaceutical, food, and industrial derivatives markets.
• CelluForce: CelluForce is a Canadian producer of CelluForce NCC, a nanocrystalline cellulose product, directly comparable to Borregaard's Exilva microfibrillated cellulose in target applications (rheology modification, coatings, composites).
• Sappi: Sappi is a global producer of specialty paper, dissolving pulp, and biomaterials (including nanocellulose and bio-based chemicals) derived from wood, with overlapping specialty cellulose and biochemicals portfolio.
• Domsjö (Aditya Birla): Domsjö (owned by Aditya Birla) produces specialty cellulose and lignin at a Swedish biorefinery, with overlapping cellulose grades (acetate, ethers) and co-product lignin chemistry capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Borregaard
• LinkedInlinkedin.com/company/borregaard

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Borregaard