Ragn-Sells Group - Comprehensive Analysis Report

Summary

Ragn-Sells Group is a privately held, family-owned environmental company with history dating back to 1881, formally engaging in waste management, environmental services, and recycling since 1966. Its core mission is to transform waste into valuable raw materials for continuous reuse, thereby accelerating the transition to a circular economy. The company serves as a testament that responsible environmental stewardship and profitable business operations are mutually inclusive, positioning itself as a pioneer in resource recovery and sustainable solutions within the Nordic and broader European markets.

1. Strategic Focus & Objectives

Core Objectives

Ragn-Sells' main business objectives are centered on fostering a circular society. These include:
Securing access to raw materials by recovering them from waste streams.
Significantly reducing CO2 emissions, particularly those associated with the extraction of virgin materials.
Preventing environmental pollution through advanced waste treatment and detoxification processes.

Specialization Areas

The company's operations are structured around three primary business areas: Recycling, Treatment & Detox, and New Value Chains, all guided by a circular economy rationale. Ragn-Sells specializes in:
Collecting, treating, detoxifying, and recycling waste and residual products from diverse sources, including businesses, organizations, and households.
Leveraging innovative technologies to return raw materials to the cycle, such as extracting salts from fly ash (Ash2Salt) and recovering phosphorus from sewage sludge (Ash2Phos).
Influencing policymakers to support legislation that enables more circular material flows.

Target Markets

Ragn-Sells primarily operates in Sweden, Norway, Denmark, and Estonia. The company also maintains a strategic presence in markets like Germany, particularly for its advanced recycling facilities and the establishment of new plants for phosphorus recovery, reflecting a broader European market focus for its innovative solutions.

2. Financial Overview

Funding History

Ragn-Sells Group has demonstrated solid financial performance with a turnover of approximately SEK 8.5 billion in 2023 and SEK 8.86 billion in 2024. The company maintains robust cash reserves and financial stability.
Total funds raised to date: While specific total funds are not detailed, the company has raised funding over one round.
Latest Funding Round: Grant (prize money) round on July 1, 2019, from the European Union.
Fund utilization and impact on company growth: The stability and strategic investments highlight an internal focus on leveraging financial strength for growth and scaling circular solutions, such as the Ash2Salt facility and phosphorus recovery plants.
RAGN-SELLS AS (Norwegianntity): Generated a revenue of €30.6 million for the financial year ending December 31, 2023, with a compounded annual growth rate (CAGR) of 3% over the last three years.

3. Product Pipeline

Ragn-Sells is actively developing and scaling several key circular solutions and technologies.
Ash2Salt Facility (Upplands-Bro, Sweden):
Description: World's first commercial plant for extracting essential salts (potassium chloride, sodium chloride, calcium chloride) from fly ash generated by waste incineration.
Development stage: Commercial operation.
Target: Reduces reliance on virgin salt production.
Expected timeline: Currently operational.
Key features and benefits: Extracts salts with a 90% lower climate footprint than traditional methods. Offers a closed-loop solution for managing hazardous fly ash.

Phosphorus Recovery Plants (Eastern Germany & Helsingborg, Sweden):
Description: Two factories being established to recover the crucial nutrient phosphorus from sewage sludge using Ash2Phos technology.
Development stage: Approval received for Schkopau, Germany; environmental permit granted for Helsingborg, Sweden, in 2024.
Target: Address phosphorus scarcity and reduce dependency on virgin phosphorus imports.
Expected timeline: Under establishment/development.
Key features and benefits: Recovers phosphorus with 0% heavy metal content, unlike virgin extraction; global patent protection; potential to significantly reduce virgin phosphorus imports in countries like Germany and Denmark.

EV Battery Recycling Partnership with Hydrovolt:
Description: A three-year partnership for the collection, intermediate storage, and transport of used electric vehicle batteries within the Swedish market.
Development stage: Active partnership (commenced February 2026).
Target: Build a circular battery value chain for electric vehicles.
Expected timeline: Three-year duration starting February 2026.
Key features and benefits: Facilitates efficient recycling of EV batteries, contributing to the sustainability of the automotive industry.

Plants for Recycling Window Glass and Solvents:
Description: Involvement in facilities dedicated to the recycling of window glass and various solvents.
Development stage: Operational.
Target: Resource recovery from specific waste streams.
Key features and benefits: Contributes to reducing waste and recovering valuable materials from complex waste streams.

These developments are largely driven by EasyMining, Ragn-Sells' innovation company.

4. Technology & Innovation

Technology Stack

Ragn-Sells distinguishes itself through proprietary technological platforms and innovative scientific methodologies designed to transform waste into valuable raw materials.
Ash2Salt:
Core platform: Proprietary process for extracting essential salts (potassium chloride, sodium chloride, and calcium chloride) from fly ash from waste incineration.
Key capabilities: Mitigates environmental impact of fly ash while recovering valuable resources. The world's first commercial-scale Ash2Salt facility is operational in Upplands-Bro, Sweden.
Ash2Phos:
Core platform: Developed by EasyMining, this technology recovers phosphorus and other substances from sewage sludge and fly ash.
Proprietary developments: Global patent protection.
Scientific methodologies: Reduces heavy metal content to 0% in recovered phosphorus, a significant improvement over virgin phosphorus extraction.
Technical capabilities: Capable of producing pure, high-quality phosphorus and other valuable substances from challenging waste streams.
ReeMAP:
Core platform: Patented process for the recovery of phosphorus, nitrogen, potassium, and rare earth metals used in the mining industry.
Technical capabilities: A feasibility study suggests full-scale industrial production could meet 500% of Swedish phosphorus demand and yield about 2% of world's rare earth metals production.
Carbon Capture Technology:
Proprietary developments: Developed a patented solution for transforming ash into useful mineral fillers, such as calcium carbonate, using carbon capture technology.
Collaborations: Developed in collaboration with Tarkett.
Key capabilities: Aims to produce carbon-negative mineral fillers for vinyl flooring, offering a sustainable alternative in material production.

These technologies are pivotal in enabling the recovery of fossil-free elements, contributing to the production of inorganic fertilizers and other high-value raw materials, and are central to the company's commitment to a toxic-free and circular society.

5. Leadership & Management

Executive Team

The Ragn-Sells Group's Executive Leadership Team provides strategic direction and operational oversight.
Erik Sellberg:
Position: Principal Owner and Chair of the Board.
Madeleine Ljunggren:
Position: Acting Group CEO (effective March 1, 2026).
Professional background: Previously served as Group CFO and CEO of Ragn-Sells Treatment & Detox Sweden. Has extensive experience within the company.
Key contributions: Served as Group CFO, led Ragn-Sells Treatment & Detox Sweden, and now assumes the top leadership role to continue driving the company's circular economy agenda.
Lars Lindén:
Position: Outgoing Group CEO (last working day February 28, 2026).
Professional background: Led the Ragn-Sells Group for nearly ten years.
Notable achievements: Oversaw the company's growth into an international group with a turnover of approximately SEK 9 billion, significantly strengthened results and profitability, and spearheaded major investments in circular solutions. Received the Sustainable Leadership Award in 2024.
Hanna Strufve:
Position: Group CFO.
Key contributions: Instrumental in securing "Sweden's Best Managed Companies" recognition, emphasizing the importance of a strategic foundation, clear sustainability vision, and solid financial base.
Anders Kihl:
Position: Chief Strategy & R&D Officer.
Jonas Wäneskog:
Position: Managing Director, Recyclables.
Kai Realo:
Position: CEO, Estonia.
Max Bashtawi:
Position: EVP & Group Function CIO.
Pär Larshans:
Position: Chief Sustainability Corporate Responsibility & Public Affairs Officer.
Professional background: Joined in 2015.
Key contributions: Instrumental in transforming Ragn-Sells into a global authority on the circular economy and sustainability, focusing on planetary boundaries and SDGs, and promoting innovative solutions through knowledge sharing and public speaking.
Susanne Schumann:
Position: CHRO.
Vidar Svenning Olsen:
Position: CEO, Norway.

Recent Leadership Changes

Lars Lindén is stepping down as Group CEO on February 28, 2026, after nearly ten years in the role.
Madeleine Ljunggren will assume the role of Acting Group CEO from March 1, 2026. She was previously CEO of Ragn-Sells Treatment & Detox Sweden and former Group CFO.

6. Talent and Growth Indicators

Hiring Trends and Workforce

Ragn-Sells Group is a significant employer in the environmental services sector, maintaining a substantial workforce across its operational countries.
Current employee count: Approximately 2,760 employees in 2024.
Previous employee count: 2,500 employees in 2023.
Key roles being recruited: The company's expansion into new value chains, advanced recycling technologies, and innovation through EasyMining indicates a growing demand for specialized talent in research and development, engineering, and sustainability roles.
Company growth trajectory indicators: Consistent growth in turnover and strategic investments in new facilities and technological developments suggest a positive growth trajectory.
Employee sentiment and culture insights: The company's sustained recognition as one of "Sweden's Best Managed Companies" for five consecutive years (and a gold member for four consecutive years) points to a strong corporate culture, effective operational processes, and a positive environment conducive to employee satisfaction and retention.
Company size and expansion metrics: Operates in Sweden, Norway, Denmark, and Estonia, with strategic presences in other markets like Germany for specific projects. The increase in employee numbers from 2023 to 2024 further highlights expansion.

7. Social Media Presence and Engagement

Digital Footprint

Ragn-Sells actively utilizes digital platforms to promote its vision of a circular economy and engage with its stakeholders.
Social media activity across platforms: Leverages platforms such as LinkedIn for professional networking, knowledge sharing, and promoting innovative solutions within the industry. Also uses Facebook, Instagram Ads, YouTube, and Acast for broader digital marketing efforts.
Brand messaging and positioning: Focuses on challenging conventional perspectives on waste, highlighting valuable raw materials present in waste streams, and advocating for a circular mindset. The "What a Waste!" brand campaign launched in October 2023 exemplifies this.
Community engagement strategies: Actively engages in thought leadership initiatives and fosters collaboration, including partnerships with organizations like "We Don't Have Time," a global social network for climate action.
Thought leadership initiatives: Participates in and sponsors global digital events, such as the Exponential Climate Action Summit, to accelerate the transition to a circular economy.
Notable campaigns or content: The "What a Waste!" campaign, launched in October 2023, uses video content on social media to underscore the value of waste. Digital marketing efforts in 2021 led to a 132% increase in online store sales, demonstrating effective digital outreach.

8. Recognition and Awards

Industry Recognition

Ragn-Sells Group has received notable recognition for its strong management and leadership in sustainability.
* Major awards and accolades: Recognized as one of