Thor Medical awarded NOK 90 million loan

Thor Medical has developed a pioneering production process for alpha emitters based on naturally occurring thorium. These isotopes are key to the next generation of cancer treatments, which use alpha radiation to target and destroy cancer cells with precision while sparing healthy tissue. This represents a significant step towards more effective treatments with fewer side effects for cancer patients.

We are providing the company with a loan of NOK 90 million to secure funding for Thor Medical's first commercial-scale facility, AlphaOne. The company raised NOK 173 million through a private placement in December. Together, the private placement and the loan will fully fund the facility through the construction and start-up phases.

'Thor Medical represents an important industry for Norway. The health industry is one of the government's export initiatives that we are responsible for, with the aim of increasing exports. We achieve this through systematic efforts that enable companies to benefit from many of our schemes. As a process industry company, Thor Medical also demonstrates how Norwegian businesses can build on the expertise developed in this country over many years,' says our CEO, Håkon Haugli.

Thor Medical began producing alpha emitters at its pilot plant at Herøya last autumn and has received positive feedback on the product samples it sent out before Christmas.
‘The launch of our pilot plant at Herøya has been a success. We have confirmed the quality of our products and signed three commercial sales contracts with pharmaceutical customers. The loan from Innovation Norway is an important part of the funding required to establish commercial production of alpha emitters, and we have built a solid foundation for making a final investment decision on AlphaOne before the end of the first quarter,’ says Jasper Kurth, CEO of Thor Medical.

We manage the Green Industrial Financing scheme on behalf of the Ministry of Trade, Industry and Fisheries. The scheme helps finance large, capital-intensive projects and secure private investment for them. The strong interest we have received clearly demonstrates the need for the scheme: More than 40 companies have contacted us about funding opportunities for their projects since the scheme was launched in September.

'We are seeing strong interest from a wide range of companies and industries in risk mitigation for major industrial projects. These projects have varying risk profiles and capital requirements. Major industrial projects across a broad range of industries play an important role in creating new business structures, driving industrial development and enabling transformation,' says our CEO Håkon Haugli.

The projects span a range of industries, including the process industry, solar energy, forestry, timber and the bioeconomy, carbon capture and storage, and green shipping. These are complex projects, many of which build on established industries. We are in direct dialogue with all applicants.