Tommi interviewed Betolar’s new CEO Vibeke Krohn regarding the H1 results 
Topics:
(00:00) New CEO
(02:33) Why Betolar?
(05:56) Commercializing the technology
(09:21) Cooperation with Scalewolf
(14:09) Organizing a Capital Markets Day
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Tommi has written a new company report on Betolar based on the H1 results
Your recollection is correct. In the recent H1 report, the company reiterated that the goal is to commence operations “after obtaining the necessary regulatory permits”, and the clock for the tailings purchase obligation (min. 0.5 MEUR per year) also starts only upon receiving the permits. The company has not announced a more detailed schedule, the permits being applied for, or an estimate of how long the permit process will take. In the webcast, Krohn mentioned that there is now a 5–6 month stretch ahead with Scalewolf: finalizing the SPV structure, validating the metal concentrations of the tailings, and, in Krohn’s words, building an “investment-ready” case. The goal is to sign binding agreements with Scalewolf by the end of the year, meaning the contract structure and the case must be validated before the permit phase.
The company has not disclosed the investment amount required to start the processing operations. At the 2025 capital markets day, the company threw out a price tag of tens of millions for the investment required for the industrial ramp-up of the metal separation technology. I would assume the Otanmäki project to be smaller than this, at least in the initial phase. The company is not commenting on these specifically at this stage, and more information will likely be available at the capital markets day planned for the autumn.
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I did some digging into Betolar’s previous reports regarding patent comments, and it’s difficult to say how directly the previously obtained patents relate to the current product segments. It is likely that the earlier Geoprime/binder patents relate at least in some part to Critical Infrastructure Protection (CIP) solutions, which are based on concrete structures. The Circular Economy Materials (CM) business currently seems to consist mainly of slag brokerage, for which patents are likely not needed to any great extent. The significant pipeline of patent applications, meanwhile, likely relates to metal recovery technology (MET).
The company breaks down the latest applications. In the first half of the year, four applications related to critical infrastructure protection and three to metal recovery were filed, and in 2025, eight metal recovery applications. In addition, a MetalCirc patent was purchased in August 2024 to complement the metal recovery business.
From this, it can be concluded that regarding CIP, the new patents are still in the application stage, meaning the share of granted patents for it is likely zero (the solution was only brought to market at the beginning of the year). The IP for metal recovery is also mostly in the application pipeline, with the exception of the MetalCirc acquisition. The stock of granted patents (47 at the end of 2024, now 52) is therefore, in my understanding, still largely derived from the original Geoprime and binder development, and the new focus areas are weighted toward the application pipeline, which consisted of 78 applications at the time of the Q1 review. The application pipeline is therefore significant compared to the existing patent portfolio.
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Let’s bring Betolar up for discussion again.
They are currently hiring on LinkedIn. They are looking for a Sales Head for India with expertise in the concrete and construction sector.
By the way, Betolar’s follower count on their LinkedIn page is quite large, at 6,558 followers. There seems to be plenty of interest.
Technical Sales Executive | Betolar Technical Sales Executive | Betolar
Inside information: Betolar Plc deepens its partnership with ScaleWolf by agreeing on EUR 2 million equity investments in MET and CIP subsidiaries and issuing an additional EUR 1 million convertible bond
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Here are Tommi’s comments on Betolar’s financing package.
Betolar announced yesterday the progress of the financing package agreed upon by ScaleWolf in June. Upon fulfillment of the conditions based on “sufficient operational readiness,” the convertible bond subscribed by ScaleWolf will be reduced to EUR 1m (previously EUR 3m), and the remaining EUR 2m is planned to be invested as equity into Betolar’s subsidiaries specializing in metal separation and critical infrastructure protection. The total size of the financing package remains unchanged at EUR 17m, and the EUR 8m at the letter of intent stage is still awaiting binding agreements. In our forecasts, we expect the announced financing arrangements to be implemented, so the announcement does not cause direct revision pressures. We originally commented on the financing package here.