Mantex

What Mantex does

Mantex AB (publ) is a Swedish instrumentation company, headquartered in Kista, Stockholm, that develops X-ray-based analysis systems for wood-based biomass. Its core product, the Biomass Analyzer, is a desktop instrument that uses the company's patented qDXA (dual-energy X-ray) technology to measure moisture, ash, and energy content of biomass samples in roughly two minutes, versus 24–48 hours for conventional oven methods. The device is type approved by the Swedish trade association Biometria, making it an officially sanctioned instrument for price and quality determination of sawmill chips and sawdust in Sweden. Mantex also historically developed the FlowScanner, an inline X-ray analyzer for wood chip flows on conveyor belts in pulp and paper mills; in 2025 it divested its ownership stake in the Andritz Technologies joint venture that commercializes FlowScanner, retaining a royalty agreement while concentrating execution on the Biomass Analyzer.

The company serves three primary industrial verticals: bioenergy plants and combined heat and power facilities, pulp and paper mills, and pellets manufacturers. Its value proposition centers on replacing slow, manual, oven-based moisture testing with rapid, automated, operator-friendly measurement that integrates into ERP systems (Viol 3, Flintab Viktoria) via optional RFID tagging. Pricing is not publicly disclosed and the company runs a sales-led motion, with the CEO and CTO personally engaging enterprise customers in Sweden and the Nordic region. Mantex manufactures through a contract partner in Vallentuna, holds ISO 9001 and ISO 14001 certifications, and has been listed on Nasdaq First North Growth Market since 2017 with a headcount of approximately ten employees.

Commercial traction is early but progressing: the first commercial Biomass Analyzer order came from Swedish pulp mill Waggeryd Cell in 2022, alongside a 10-year service agreement, and a second deployment to Arctic Paper's Grycksbo mill occurred in October 2025 as part of a SEK 285 million bioenergy investment. The company is now investing in a next-generation Biomass Analyzer targeted at more complex feedstocks such as bark and logging residues, with a Biomass Analyzer 2 unit scheduled for delivery in 2026. Mantex remains a small, vertically-focused industrial instrumentation business whose near-term economics depend on converting a handful of pilot reference customers into a broader installed base across Nordic and adjacent biomass markets.

Name

Mantex

Legal name

Mantex Aktiebolag

Website

https://mantex.se

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Mantex AB (publ) is a Swedish instrumentation company that sells the Biomass Analyzer, a patented dual X-ray (qDXA) device that measures moisture, ash, and energy content of wood-based biomass in about two minutes, serving bioenergy, pulp and paper, and pellets producers in Scandinavia and beyond.

Ownership category

akta.pro rank

Product category

Industrial Biomass Analysis Equipment

NAICS

Analytical Laboratory Instrument Manufacturing (334516)

SIC

Laboratory Analytical Instruments (3826), X-Ray Apparatus & Tubes & Related Irradiation Apparatus (3844)

akta.pro primary industry

Biomass Quality Testing & Certification (Moisture, Ash, Contaminants) (AFAMAGAM)

akta.pro secondary industries

Biomass Fuel Feedstock Processing (Chipping, Grinding, Drying, Screening) (EUAAAJAD), Pellet & Wood Fuel Manufacturing (IMAMABAH)

Keywords

• Biomass quality analysis
• X-ray moisture measurement
• Wood chip analyzers
• Bioenergy testing equipment
• QDXA technology

Headquarters

HQ city

Kista

HQ country

Sweden

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Biomass Analyzer Hardware Sales: Direct sales of Biomass Analyzer hardware units. First commercial order received in 2022. Serial production started with contract manufacturer Högbloms in Vallentuna.
2. FlowScanner Royalties: Royalty payments from Andritz for each FlowScanner sold globally. Mantex divested its ownership stake in Andritz Technologies AB in 2025 to focus on Biomass Analyzer while maintaining royalty agreement.
3. Equipment Installation and Training Services: Installation, commissioning, and training services provided to customers like Arctic Paper as part of equipment deployment.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Mantex develops and sells X-ray-based instruments that analyze the true composition of wood-based biomass. Its core product, the Biomass Analyzer, is a desktop instrument that measures moisture/dry content, ash content, and energy content of biomass samples in approximately 2 minutes using proprietary qDXA dual X-ray technology. The company also previously developed the FlowScanner for inline wood-chip measurement on conveyor belts, now distributed globally by Andritz under a royalty agreement.

Product overview

Mantex offers a focused portfolio of X-ray-based biomass analysis solutions. The core product is the Biomass Analyzer, which provides laboratory-quality sample analysis for biomass quality assessment across bioenergy, pulp and paper, and pellets industries. Previously, Mantex also developed the FlowScanner for inline conveyor belt measurements in pulp mills, but in 2025 Mantex divested its stake in the FlowScanner business (Andritz Technologies) to concentrate entirely on the Biomass Analyzer. Both products leverage the proprietary qDXA (dual X-ray) technology platform developed by Mantex's R&D team in Kista, Sweden.

Differentiator

Problem solved

Functional benefit

Brands

• Biomass Analyzer: X-ray-based solution for analyzing moisture, ash, and energy content of wood-based biomass. The main product of the company, formerly known as Biofuel Analyzer (renamed in 2023).
• FlowScanner

Products and services

• Biomass Analyzer Desktop X-ray-based instrument using proprietary qDXA technology that measures moisture/dry content, ash content, and energy content of wood-based biomass samples in approximately 2 minutes. Targeted at pulp mills, pellets manufacturers, bioenergy plants, and traders for raw material valuation, process control, and quality assurance. Type approved by Swedish Biometria for dry content measurement of sawmill chips and sawdust in the 40-70% dryness range.
• FlowScanner Inline X-ray measurement solution installed on conveyor belts in large industrial pulp and paper processes to determine the dry/moisture content, weight, and presence of foreign objects in wood-chip flows in real time. Manufactured and distributed globally by Andritz Technologies AB under a royalty agreement following Mantex's 2025 divestiture of its ownership stake.
• Equipment Installation, Commissioning, and Training Services Professional services bundled with Biomass Analyzer delivery covering on-site installation, commissioning, and operator training at customer sites. Delivered alongside deployments such as the Arctic Paper Grycksbio pellet manufacturing facility.

Quantifiable outcome

• 2-minute measurement vs 24-48 hours with conventional oven methods
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Andritz Technologies ABcoreChannel Partner/ Reseller/ Distributor · 1 January 2018Joint venture established in 2018 with Andritz AB for development and sales of FlowScanner globally. In 2025, Mantex divested its ownership stake to focus on Biomass Analyzer while maintaining royalty agreement where Mantex receives payment for each FlowScanner sold globally.
• Högbloms LegomontagecoreOthersContract manufacturer in Vallentuna, Sweden handling production of Mantex equipment including the Biomass Analyzer.
• Svebio (Swedish Bioenergy Association)minorOthersSwedish interest organization for bioenergy. CEO Gustav Melin previously served as CEO of Svebio.
• European Biomass Association (AEBIOM)minorOthersNon-profit, Brussels-based European organisation aiming to develop a sustainable bioenergy market and representing the bioenergy industry vis-à-vis the EU Commission.
• World Bioenergy AssociationminorOthersGlobal organization based in Stockholm dedicated to supporting and representing actors in the bioenergy sector.
• Swedish Pellet AssociationminorOthersTrade association for manufacturers and sellers of pellets or combustion equipment in Sweden.
• BravuraminorOthersRecruitment agency used for hiring open positions, including current vacancy for mechanical engineer.
• BDO Mälardalen ABminorOthersExternal audit firm providing professional audit and advisory services.
• TriggerfishminorOthersWebsite development agency that developed Mantex's website using WordPress CMS.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Andritz: Andritz is Mantex's global channel partner and joint-venture counterparty for FlowScanner, and a major supplier of pulp-and-paper processing equipment. Comparable as a dominant incumbent in the pulp/paper process-equipment market that Mantex sells into.
• Bruker: Bruker manufactures advanced X-ray, NMR, and mass-spectrometry laboratory analytical instruments used across materials, life-science, and industrial applications. A broad incumbent in the X-ray analytical-instruments space relevant to Mantex's qDXA platform.
• Mettler-Toledo: Mettler-Toledo is a global manufacturer of precision laboratory and industrial measurement instruments including moisture analyzers, balances, and process analytics. A broad incumbent in industrial/lab measurement instrumentation relevant to Mantex's product category.
• Bühler Group: Bühler supplies industrial processing and quality-control equipment to grain, feed, and biomass-handling industries, including optical sorting and moisture measurement solutions. A broad incumbent in adjacent biomass processing/QC instrumentation.
• Thermo Fisher Scientific: Thermo Fisher offers a broad portfolio of laboratory and analytical instruments (XRD, XRF, spectrometers) used in industrial QC and research. A broad incumbent overlapping with Mantex in the lab-analytical-instruments category.

Emerging players

• Steinert: Steinert develops sensor-based sorting and detection systems for recycling and biomass applications, including NIR-based material characterization. An adjacent emerging player applying sensor analytics to wood/biomass material flows.
• Process Sensors Corp: Process Sensors Corp manufactures NIR moisture and temperature sensors for industrial process and inline applications including biomass and wood products. An emerging player specifically focused on inline NIR moisture measurement, intersecting with Mantex's at-line/in-line product scope.

Direct peers

• FOSS: FOSS produces analytical instruments for food, feed, agricultural, and biomass quality measurement using NIR and related lab technologies. Closely analogous product-category positioning for biomass/feed mills and pulp-adjacent customers.
• KPM Analytics: KPM Analytics provides NIR and process analytical instruments for moisture, composition, and quality measurement in food, feed, and biomass industries. Operates in the same product category as Mantex with overlapping process/inline and at-line use cases.
• Perten Instruments (a PerkinElmer business): Perten (now part of PerkinElmer) manufactures NIR- and moisture-based analyzers for grain, feed, and biomass quality assessment. Directly comparable to Mantex in serving agricultural and industrial customers who need rapid moisture/protein/ash measurement of biological raw materials.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/mantex-ab
• Xx.com/mantexab
• Facebookfacebook.com/mantexab

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds5 records

Investors7 records

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

M&A

Investments

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

Frequently asked questions about Mantex