Interview with Betolar’s CEO Tuija Kalpala

For those who have not heard of Betolar before, can you tell us a bit more about your business, what you do and which markets you address?

Betolar is a Finnish material technology company publicly listed since 2021. We specialize in sustainable solutions that significantly reduce CO2 emissions, the use of virgin resources, and promote a circular economy. Our innovative approach focuses on replacing cement in concrete production with industrial waste and sidestreams, creating low-emission concrete.

Beyond construction, we also provide solutions for the mining and metals industries. Our technology allows mining operations to replace cement in their processes, such as paste backfilling, by utilizing their own tailings or other waste materials. This tailored approach ensures that each mining operation can address its specific sidestream challenges effectively.

Additionally, Betolar offers an AI-driven material analysis service. This enables us to help customers, such as  mining companies, assess and commercialize waste and industrial sidestreams. By analyzing these materials, we identify potential uses—whether in construction, infrastructure, or other industrial applications—turning waste into valuable resources.

For instance, a mining company might use its mineral waste to create sustainable backfill material. Solutions can becustomized based on the type of sidestreams available nearby or tailings involved.

Can you tell us a bit more about your product Geoprime®, the benefits of it and how it compares to competitors within the market?

Geoprime® is an  innovative solution that replaces cement, either partially or entirely, in concrete production, reducing CO2 emissions by up to 80% in that process. One of its key advantages is its ease of implementation: concrete manufacturers can adopt Geoprime® without significant investments or retrofitting of their facilities. This allows for a seamless transition to a low-emission or cement-free product, depending on local regulations and application requirements.

In addition to its environmental benefits, Geoprime® has the potential to be cost-effective, particularly when using locally available sidestreams or waste materials. During implementation, we work closely with our customers to map their supply chain and identify suitable sidestreams near their production facilities. This minimizes costs of logistics and, in some cases, allows customers, such as mines, to use their own sidestreams, further reducing costs.

Cost-effectiveness varies based on location and sidestreams available nearby.  However,  Geoprime’s® superior environmental benefits and the ability to utilize inexpensive sidestreams make it an attractive and sustainable alternative.

Additionally, Geoprime® is designed for immediate use in existing concrete plants, requiring no CapEx for complex modifications, which further distinguishes it from competitors and accelerates its adoption.

What role does innovation play in Betolar’s growth strategy, and could you share any recent developments or upcoming product launches?

Innovation is central to Betolar’s growth and mission. Our team includes numerous experts and researchers with PhD degrees, driving the development of groundbreaking technologies. A recent focus has been on innovations in metal fractioning and carbon capture, areas where we are pioneering solutions with significant environmental and industrial benefits.

One notable advancement is adeveloped method for metal fractioning that achieves up to 98% recovery of valuable metals. This method represents a significant improvement in yield, though it is currently at the laboratory testing stage and not yet commercialized. Further, the method allows, for instance, the purification of tailings from harmful substances, making them usable as high-quality binders such as cement or blast furnace slag.

In addition, we are exploring CO2 utilization in concrete production, with applications ranging from permanent carbon storage to using CO2 as a sidestream. Our efforts in CO2 utilization and metal fractioning are now in the testing and piloting phase, with potential for scalable, impactful solutions in the future.

Innovation remains a cornerstone of Betolar’s strategy as we continue to develop technologies that address industry challenges and align with our commitment to circular economy, sustainability and efficiency.

Betolar recently signed Memorandums of Understanding with Norge Mineraler and Latitude 66 Limited for sustainable mining solutions. Could you provide more details on the scope of these projects and how they fit into Betolar’s long-term growth strategy?

Betolar announced a strategic refocus during the spring of 2024, emphasizing industrial sidestreams, mining and metals  as  key growth areas. This pivot aligns with the company’s goal of advancing sustainable practices in industries often associated with significant environmental challenges. Betolar offers a range of solutions tailored to the mining sector, including applications like tailings management, paste backfilling, and broader sidestream utilization. These innovations aim to repurpose waste materials that would otherwise be sent to landfills, transforming them into valuable resources. 

A prime example of this strategy is Betolar’s partnership with Latitude 66 Limited and Norge Mineraler, where the focus is on tailings management. Tailings, the by-products of mining processes, are often underutilized, but Betolar’s technology seeks to reclaim their value, turning them into functional materials for various industrial applications. In addition to Latitude 66 and Norge Mineraler, Betolar is collaborating with other mining companies, such as Outokumpu, a Finnish leader in sustainable steel production. While some of these projects are public, others remain under wraps due to confidentiality, although most center around tailings and sidestream commercialization. For example, Outokumpu’s operations near the Swedish border are part of a project exploring low-emission shotcrete development to be used in its underground mining operations.

Betolar sees growth potential in waste and industrial sidestreams.  With many waste materials currently being landfilled, we are working to change the narrative by finding ways to commercialize these sidestreams. However, the process is not without challenges, particularly in the European Union, where regulations can classify materials as waste, complicating their repurposing. Despite this, there is growing recognition among regulators and stakeholders that innovative solutions are needed to reduce landfill reliance and increase circularity, especially as existing landfills reach capacity. 

This shift toward circular economy principles is at the heart of Betolar’s strategy. By helping industries transform waste into usable products, Betolar not only addresses pressing environmental issues but also taps into new economic opportunities. Collaborations with progressive companies like Outokumpu further validate this approach, highlighting Betolar’s role as a leader in sustainable innovation within the mining and metals industries.

The company has been making strides in its sidestream operations, including new studies with Hycamite TCD Technologies Ltd. How do you see the commercial potential of utilizing carbon nanofibers as a concrete additive, and what are the key milestones for this project?

We are very excited about our ongoing project with Hycamite TCD Technologies Ltd., where we are studying the potential of using carbon nanofibers as a concrete additive. Together, we are conducting consulting studies and testing the material to evaluate its suitability for concrete products and mining applications. The aim of the project is to tailor Hycamite’s carbon product for Betolar, which could then be commercialized as part of Betolar’s high-volume solutions for our mining customers and for the construction industry. The project is still in progress, so we are not yet able to comment on the final results, but we see this as a very interesting opportunity with great potential.  

Our goal with this collaboration is to explore how carbon nanofibers can strengthen concrete, making it more resilient and durable. If the results align with our expectations, this material could become a valuable addition to our solutions for sustainable construction.

We’re looking forward to seeing the result in the upcoming months, which will help us understand exactly how and where this material can be applied. This partnership is an important part of our efforts to innovate and develop new ways to enhance the performance and sustainability of concrete.

Betolar’s Geoprime® products recently passed critical durability tests and have been introduced to a pilot project in Australia with continued sales to customers in Europe and India. Could you discuss the market reception so far and any plans for scaling production and/or entering new markets? 

Betolar’s Geoprime® products are gaining traction in various markets, supported by successful durability tests and pilot projects, including the initiative in Australia. We’ve also seen ongoing customer engagement in Europe and India, with our solutions tailored to meet specific construction needs. For example, we’ve developed some of the world’s lowest-emission construction elements and precast concrete products, including hollow-core slabs, poles and pipes, with ongoing projects in Europe and Asia. Additionally, customers are producing various infrastructural components, such as sewer pipes and paving stones, using our recipe.

However, the recent downturn in the construction industry, particularly in Finland and Europe, has affected demand for these products. Reduced activity in building projects has naturally impacted sales. Despite these challenges, we remain optimistic as we continue to adapt and expand into growing markets.

Our business model focuses on licensing our technology rather than manufacturing the products ourselves. Customers pay a licensing fee to use our Geoprime® recipes and related materials from Betolar, with an initial pilot project acting as a critical first step. These pilot projects allow us to customize the recipe for the customer’s specific needs, noteworthy is that customers pay for this process as part of their engagement with us. Once the pilot proves successful, the customer typically transitions into commercial production, paying a recurring license fee and material fees for ongoing use of our solutions.

The pilot project in Australia, like others, represents a promising step toward broader adoption. Our aim is always to convert these pilots into lasting commercial relationships. With continued expansion into international markets and scalable production capabilities, we are well-positioned to grow our footprint despite short-term industry challenges.

YTD, you have increased both net sales and order intake by about 85% YoY, can you tell us more about estimated growth going forward and what the main drivers of that will be?

We are firmly focused on continuing to grow our business.. While we cannot comment on quarter-to-quarter growth, we would not describe this year’s growth, with an 85% year-over-year increase in both net sales and order intake, as an outlier. Instead, it reflects the increasing market traction of our solutions, and we aim to maintain this upward trajectory.

Looking ahead, we’ve publicly announced targets for 2026, including achieving positive cash flow and surpassing €50 million in annual revenues. These goals are rooted in the steps we’re taking to refocus and scale our operations, particularly in the sidestreams, mining and metals sectors. This strategic emphasis is expected to be a primary driver of growth as we continue to align our solutions with market needs in these industries.

We are confident in our long-term strategy and the potential of our solutions to capture growing market interest. By focusing on areas like sidestream utilization and offering sustainable alternatives in construction and mining and metals industries, we are positioned to meet our growth ambitions over the coming years. 

In 3 years, where do you see Betolar?

In the next three years, we see Betolar continuing its growth trajectory as we expand into more commercial production globally. Our focus will be on scaling our operations, particularly in the mining and metals industries, where we see substantial potential for growth. The pivot towards sidestreams, which we’ve made a strategic priority, will be a key driver of this expansion.

We plan to deepen our market penetration within sidestream operations, finding innovative ways to help our customers utilize various waste and sidestreams  in industries like construction, mining, and metals. This approach will enable us to offer more sustainable solutions and unlock new opportunities in global markets. The goal is to build on our existing momentum and continue to grow our presence in these critical sectors.

Can you name three reasons as to why Betolar is a good investment today?

We are positioned for growth, leveraging innovative technologies to disrupt traditional industries. The opportunity ahead is big as we address one of the most pressing global challenges: the environmental impact of cement. Cement production accounts for 8% of global CO2 emissions, and without change, this could increase to 35% by 2050 due to rapid urbanization.

We are aligned with global megatrends. Urbanization is driving unprecedented demand for sustainable construction materials. Currently, 50% of the global population lives in urban areas, and this is projected to rise to 75% by 2050. Our solutions provide a way to meet this demand while reducing the carbon footprint of construction which is a critical priority for both governments and industries.

Proof of Concept. Our technology enables the use of waste and sidestreams to create low-carbon construction and other materials, effectively replacing cement. This not only addresses environmental challenges but also capitalizes on the growing global push for circular economy practices. With our expertise and innovative recipes, we are well-positioned to deliver impactful solutions and scale our operations globally, making Betolar a forward-looking and sustainable investment choice.