Status: Completed investment
Back to map

Why disclosure?

FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

In case of questions

In case of questions, please contact us at


The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Noble Environmental Technologies Europe B.V., a subsidiary of the US based Noble Environmental Technologies Corporation. Both entities jointly market the ECOR Advanced Environmental Composites Panel.

What is our funding objective?

Under the agreement signed, FMO will make development capital available providing for 50% of the costs of a feasibility study for the deployment of ECOR Living Factories in India. The agreement stems from the INDUS Forum, that aims to make all trade and investment between India and The Netherlands sustainable. INDUS Forum is an initiative of the Dutch Embassy in New Delhi and MVO Nederland, Europe’s largest sustainable business network.

Why do we fund this investment?

Even though Indian farmers are not allowed to burn the stubble that is left on their fields after harvest, in practice, the burning of paddy straw is common practice as it is the quickest and cheapest way to prepare land for the new season. As such, it causes serious environmental and public health hazards throughout India. However, the burnt paddy straw has potential when it is instead used as feedstock by the ECOR Living Factories where the material is converted into non-toxic, biodegradable and re-usable panels that are suitable for the furniture industry, amongst others, thereby crafting a circular value chain that creates additional income for Indian farmers, reduces air pollution and combats deforestation.

What is the Environmental and Social categorization rationale?

With our development capital and our involvement, we work towards a sound environmental and social risk management in view of the operation of ECOR Living Factories (ELF) in Punjab and Haryana, India. E&S Category: B. Applicable IFC PS: 1 (assessment and management), 2 (labour conditions), 3 (pollution and resource management) and 4 (community health and safety) and 6 (biodiversity) for the supply chain are triggered. All of this will be further assessed during the project development stage.

Infrastructure, Manufacturing and Services
Effective date
End date
Total FMO financing
EUR 0.40 MLN
Project Development Fund