Turning Waste into Value: Ragn Sells and the Future of Circular Finance

Larshans challenged traditional assumptions about waste by spotlighting how Ragn‑Sells is turning fly ash from waste incineration into valuable resources through its unique Ash2Salt concept. Rather than disposal, this fly ash is processed to extract high‑purity salts including potash, transforming hazardous residues into marketable commodities.

He recounted his financial turnaround of Ragn‑Sells beginning in 2015. The firm was then struggling with overdrafts and fragmented treasury structures. Consolidating multiple subsidiary treasuries into a unified capital funnel enabled strategic investment into circular innovations—proving that strong treasury management is essential to enable sustainability-led transformation.

The session resonated deeply with treasury professionals, underscoring the intersection of liquidity, risk, and sustainability. As Stig Vervik Ellingsen, DNB’s Global Head of Treasury Management, emphasized:

“You need to have a treasury to invest in new things… if you don’t have good treasury management, these opportunities will not be possible.”

Ragn‑Sells’s model also aligns with broader sustainable development agendas. Their efforts in nutrient recovery—particularly phosphorus recycling via collaboration with EasyMining and Kemira—have earned attention from the UN and European governments keen on supporting SDGs through circular economy innovation.

Why this matters for treasurers:

• Treasury as enabler: Financing innovative sustainability projects requires strategic coordination and long-term capital planning.
• Sustainability drives value: Recovered materials can generate new revenue streams, reducing environmental impact while improving financial performance.
• Elevated role of treasury: Modern treasury teams now play a critical part in enabling corporate ESG goals—not just managing risk but driving value creation.

At DNB, we are proud to partner with forward-thinking firms like Ragn‑Sells that blend financial discipline and environmental stewardship. Their approach exemplifies how circular practices can generate measurable benefits—for investors, society, and the planet.

Watch the full session via Treasury 360°—now available on their site.