Electrochaea

Electrochaea closes €36M financing round

Electrochaea's Series D is completed with an additional € 14.9M investment from the EIC Fund

Munich, 07 January 2022

Power-to-gas company Electrochaea announced today a € 14.9M equity investment from the European Innovation Council (EIC) Fund. This investment completes the €36 million Series D round, led by the energy technology company Baker Hughes and existing partners MVP, Storengy (an ENGIE subsidiary), btov, KfW, Energie 360°, Caliza, and Focus First. The purpose of this investment round is to accelerate the scale up and commercialization of Electrochaea’s technology that produces a replacement for fossil natural gas while storing renewable energy and reusing CO2.

The equity funds permit Electrochaea to catalyze the construction of a commercial European project, through direct investment of funds, and to realize the engineering work completed under the €2.5 million award that Electrochaea received in August 2020 from the “EIC Accelerator” program, a part of the EU research and innovation program “Horizon 2020”. The EIC equity investments are made to scale-up game-changing innovative technologies that promote Europe’s goal to reach net-zero greenhouse gas emissions by 2050.

Electrochaea’s power-to-gas biomethanation technology produces grid-quality renewable methane using CO2 and renewable hydrogen. Renewable methane can replace any use of fossil natural gas, thereby significantly reducing greenhouse gas (GHG) emissions, utilizing investment in existing gas distribution and storage infrastructure, and contributing to the transition to a clean energy economy.

“Equity support from the EIC Fund will have a significant impact on Electrochaea’s ability to deliver renewable gas to customers throughout Europe and the world,” said Mich Hein, CEO of Electrochaea. “Technologies that can deliver on net-zero greenhouse emission goals need to be scaled up and brought to the market without delay. Electrochaea´s biomethanation technology, which has been proven in two demonstration plants, one in Denmark and one in Switzerland, is an ideal solution to replace fossil gas with fully renewable gas and to participate in the energy transition.”

“Electrochaea is a great example of how the EIC Fund is supporting the climate tech innovators to bring their technologies to the market and help achieving the Green deal objectives,” added Martin Bruncko, member of the EIC Fund Investment Committee. “This equity financing will support Electrochaea to successfully produce at industrial scale renewable methane that replaces natural gas and can be stored and transported in the existing gas grid.”

About Electrochaea | www.electrochaea.com

Electrochaea delivers a technology to produce renewable methane, a fuel that replaces natural gas, and can be stored and transported in the existing gas grid. Electrochaea’s patented process combats climate change by utilizing CO2, producing a renewable fuel, and providing a solution for long-term storage of intermittent renewable energy. The company is planning to deploy its technology with partners to produce more than 15 billion cubic feet per year of renewable bio-synthetic natural gas by 2025. Industrial-scale pilot plants have operated in the U.S., Switzerland, and Denmark. Electrochaea is headquartered in Munich, Germany, with subsidiaries in Denmark and the U.S.


Kebony

Kebony raises €30M in funding

Kebony raises EUR 30 million in funding round led by Jolt Capital and Lightrock

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  • Kebony’s patented wood modification technology enhances the qualities of sustainable softwood, giving it the characteristics and usability of premium hardwood
  • Kebony enables the production of sustainable and environmentally friendly wood at low cost, which has the potential to transform the construction industry
  • Kebony has demonstrated strong year-on-year growth, and will use the funding to expand and scale across the European and US markets

Oslo, 27 October 2021

Kebony, the leading environmentally friendly wood modification technology company, today announces a successful EUR 30 million funding round led by Jolt Capital and Lightrock. Kebony’s vision is to reduce CO2 emissions and tropical deforestation using its patented wood modification techniques, which produce superior wood in an environmentally friendly way.

The key disruptive trends in the construction industry are expressed by the need for greener, safer and better products, as the standard construction materials concrete and steel are large emitters of CO2 globally. In addition, the current large market for tropical wood is set to be replaced by enhanced wood to protect bio-diversity and reduce tropical deforestation.

The Kebony® technology permanently transforms sustainable wood species such as pine into Kebony wood with features that are comparable, and in some cases superior, to those of precious tropical hardwoods. This unique environmentally friendly process is also a superior alternative to traditional wood treatment based on impregnation with wood preservatives.

Kebony’s EUR 30 million financing round is led by Jolt Capital and Lightrock, who will join longstanding Kebony shareholders such as Goran, MVP, FPIM, PMV and Investinor, of which the latter two will remain represented on the Board of Directors. The capital injection will expand and accelerate Kebony’s growth initiatives in core markets in Europe and the US. The funding will enable Kebony to further penetrate a EUR 3 billion market, and leverage the underlying megatrends of producing sustainable materials for the residential and non-residential construction industries.

“Kebony produces the most beautiful and ecological wood on the market, with a superior quality that is both environmentally friendly and cost-effective. To further leverage opportunities within the enhanced wood technology industry, we are proud to announce Jolt Capital and Lightrock as new investors in Kebony,“ says Norman Willemsen, Chief Executive Officer of Kebony.

“At Jolt Capital we have a strong interest in material science companies which leverage their patented technologies to offer sustainable products. With over 20 years of R&D in woodtech and a well-proven process that gives cultivated soft woods the desirable properties of hard tropical ones, Kebony is one of them. We are thrilled to finance the expansion of their European production facilities to both support the strong market growth and offer an alternative to rainforests deforestation,” says Antoine Trannoy, Managing Partner at Jolt Capital.

“Kebony is perfectly positioned in the race for a decarbonized world with an ambition to be the leader within wood modification technologies. We look forward to supporting the company to implement its growth strategy and to leverage the significant operational scalability and continue the profitable growth journey,” says Kevin Bone, Partner at Lightrock.

“The new management team has conducted a successful transformation of the company, and with backing of our new high-quality investors providing improved financial flexibility, Kebony can accelerate growth, enhance its technology development roadmap, and explore potential acquisitions. The addition of Didier Roux and Rebekah Braswell to the Board of Directors will strengthen Kebony’s expansion and scalability. Coupled with the company’s unique selling proposition and backed by double-digit growth, we believe Kebony is ideally positioned to unlock the full potential of sustainable and enhanced wood.” says Cornelius Walter, newly appointed Chairman of the Board of Directors.

“Kebony reported a revenue growth of 23% in the first half of 2021, compared to the same period in 2020, with a strong positive EBITDA. The revenues in 2020 had already increased by 26% year-over- year, with a significant EBITDA improvement, driven by the company’s geographical growth strategy in key markets. The finalization of the private placement significantly strengthens Kebony’s financial flexibility and supports the accelerated growth strategy,” says Thomas Vanholme, Chief Financial Officer of Kebony.

“As early investors in Kebony, we were impressed by the technology and the market opportunity that lay in substituting tropical hardwood with a sustainable alternative. We have seen the company through its transition from an early pioneer in the modified wood market to being a market leader in the segment, with demonstrated international growth potential. We are delighted to have Lightrock and Jolt Capital bring momentum to scaling Kebony in the years to come. What better way to make a massive impact on sustainability than stopping logging of precious tropical hardwoods, whilst still providing a long-lasting wood alternative to concrete, plastic and steel?” added Thomas Hoegh, Founder and CEO of Arts Alliance Ventures.

Carnegie AS and Pareto Securities AS have acted as financial advisors to the company.

About Kebony | www.kebony.com

Kebony is a Norwegian company which aims to be the leading wood brand and technology company. Underpinned by proven wood modification technologies, it produces an enhanced wood of a superior quality that is both environmentally friendly and cost-effective.

The company’s headquarters is based in Oslo, while production, research and development and other administrative functions are located in the Skien municipality, south of Oslo. In addition, the Group has a production facility in Antwerp, Belgium. Kebony has subsidiaries in Norway, Denmark and Sweden, sales representatives in Germany, France, UK and the US and a wide distribution network internationally. Shareholders are leading the venture with private equity investors from Belgium, Germany, France, Norway and UK. The company has received numerous awards for its environmentally friendly technology and innovation, including its naming as a World Economic Forum Technology Pioneer.

The Kebony® technology permanently transforms sustainable wood species such as pine into Kebony wood with features that are comparable, and in some cases superior, to those of precious tropical hardwoods. This unique environmentally friendly process is also a superior alternative to traditional wood treatment based on impregnation with biocides (wood preservatives). The company’s patent- protected production processes yield products that deliver major improvements in durability and dimensional stability, at the same time as being highly attractive. The Kebony products are suitable for a multitude of applications and designs – encompassing both indoor and outdoor applications.

Kebony’s purpose and mission is through active innovation, quality thinking and understanding of commercial possibilities; give the world beautiful, long lasting and environmentally friendly wood products. The company will show social responsibility and contribute to improvements of the environment in a way that builds a better future.


Baker Hughes invests in Electrochaea

Baker Hughes Invests in Bio-methanation Technology Company Electrochaea to Expand Carbon Utilization Portfolio with Power-to-Gas Solution

  • Electrochaea technology enables CO2 recycling into grid-quality, low carbon synthetic natural gas (SNG),  contributing to decarbonization of hard-to-abate sectors, such as transportation and heating.
  • Baker Hughes will combine its post combustion carbon capture technology with Electrochaea’s bio-methanation technology to develop and commercialize an integrated carbon capture and utilization (CCU) solution.

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June 28, 2021 at 8:00 AM EDT

Baker Hughes (NYSE: BKR), an energy technology company, has announced an investment in Electrochaea, a growth stage company developing novel proprietary bio-methanation technology. Through its investment, Baker Hughes will enhance its broader carbon capture and utilization (CCU) portfolio and provide an integrated solution for customers across the carbon dioxide (CO2) value chain to enable the production of low carbon synthetic natural gas (SNG) from captured CO2 and green hydrogen, helping meet demand for cleaner fuels to advance the energy transition.

The Electrochaea bio-methanation process is an accessible, highly-efficient, scalable and complementary technology to the Baker Hughes CCU portfolio. The two companies will join efforts to accelerate the scale up and industrialization of the technology, and they will develop the commercialization of an innovative integrated carbon capture and utilization solution. Once commercialized, the solution will provide to customers a unique ability to transform CO2 emissions into clean SNG.

Baker Hughes will draw from its portfolio of carbon capture technologies, including its Compact Carbon Capture design, to provide integrated solutions tailored to specific applications utilizing both CO2 sources with biogenic origin, such as biomass and waste-to-energy plants, as well as sources based on combustion of fossil fuels, such as industrial plants.

“The combination of these technologies provides an integrated method to decarbonize hard to abate sectors such as road transportation and heating”, said Rod Christie, executive vice president of Turbomachinery & Process Solutions at Baker Hughes. “This agreement is another deliberate step in our strategy to position Baker Hughes for new energy frontiers like CCU by investing in emerging technologies and combining them with our own proven capabilities. Together, we can develop and scale faster, providing integrated solutions that can effectively decarbonize a range of industries.”

“Delivering synthetic natural gas at grid scale would be a remarkable development for energy consumers,” added Mich Hein, CEO of Electrochaea. “By combining Baker Hughes’ carbon capture technology process with biomethanation, customers could potentially deploy large scale plants to reduce the carbon impact of existing gas infrastructure. We look forward to working with Baker Hughes to scale up this promising new solution.”

SNG is methane that originates from a synthesis process that starts from carbon and hydrogen feedstock. Compared to renewable natural gas (RNG) and bio-methane – which have biological origin – or fossil based natural gas, SNG re-utilizes CO2 that would be otherwise emitted into the atmosphere, thus contributing to significantly mitigating greenhouse gas emissions.

Electrochaea’s technology produces SNG from green hydrogen and CO2 that can come from a variety of sources, such as biogas, fermentation off-gas or captured from single point emitters such as power and industrial plants. SNG can be used for low-carbon heating, transport and industrial applications. In addition, once SNG is injected into existing natural gas pipelines, it can be used as a form of energy storage.

Along with the lead investor Baker Hughes, the existing investors MVP, Storengy (an ENGIE subsidiary), KfW, Caliza, Focus First, Energie 360°, and btov also participated in Electrocheaea’s latest financing round. Baker Hughes will take an approximately 15% stake in Electrochaea to help advance new project development and commercialization. Baker Hughes will also assume a seat on Electrochaea’s Board of Directors.

 

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About Baker Hughes:

Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

About Electrochaea:

Electrochaea delivers a technology to produce renewable methane, a drop-in fuel for natural gas, that can be stored and transported in the existing gas grid. Electrochaea’s patented process addresses the climate challenge by utilizing CO2, producing a renewable fuel, and providing a solution for long-term storage of intermittent renewable energy. The company is planning to deploy its technology with partners to produce more than 15 billion cubic feet per year of renewable SNG by 2025. Industrial-scale pilot plants have operated in the U.S., Switzerland and Denmark. Electrochaea is headquartered in Munich, Germany, with subsidiaries in Denmark and the U.S. Visit us at www.electrochaea.com.


Prolupin secures growth financing

Prolupin announces growth financing round led by

Capricorn Partners and Novax

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Prolupin, the innovative plant-based protein company based in Grimmen, Germany, today announced the first closing of a double digit million growth financing round which will enable the company to expand its B2B and B2C offerings. After exceptional year-on-year growth since market introduction of its vegan Made with LUVE brand in 2015, the new financing will allow Prolupin to address the mass market for further growth and international expansion. The round was led by Capricorn Partners, from its Capricorn Sustainable Chemistry Fund and on behalf of Quest for Growth, an independent manager of private and quoted equity funds that invest in minority shareholding positions of innovative companies with technology as competitive advantage and Novax, the Stockholm-based growth investor powered by the Swedish Axel Johnson family, hallmarked by their long-term commitments and prominent holdings within the food space. The round
was initiated by existing investors Munich Venture Partners and eCapital Entrepreneurial Partners, who joined and hired the investment bank Bryan, Garnier & Co as exclusive financial advisor on the transaction.

The Capricorn Partners and Novax investment brings a broad mix of technology expertise and trade network resources to Prolupin as it seeks to grow its plant-based offerings from lupines both B2B and B2C, including the non-dairy yoghurts, milks, ice creams and cream cheeses on the European market under the vegan Made with LUVE brand.

Malte Stampe, CEO of Prolupin commented “the addition of Capricorn and Novax to our team will enable us to accelerate the growth of Prolupin within B2B and B2C. The marketing and distribution we are now able to deploy over the coming years will put our unique Lupine Protein Isolate (LPI) as well as the vegan Made with LUVE brand center stage for customers and consumers aiming for a healthy, sustainable ingredient and lifestyle.”

Reiner Kuester, Chairman of the Supervisory Board said “we are delighted to welcome Capricorn and Novax and the expertise they bring to the board. This investment from industry experts further validates the potential of Prolupin to become a major player in plant-based foods.”

Yvette Go, Senior Investment Manager at Capricorn Partners added “we were attracted by the potential of this innovative plant-based protein company. And we are very impressed with Prolupin’s unique approach of successfully proving the application potential of lupine with the Made with LUVE brand. As investors in technology companies we are excited to join forces in supporting the growth of Prolupin’s business using its unique technology advantage to expand in both B2B and B2C markets.”

Pär Warnström, Senior Investment Manager at Novax added “we were impressed by Prolupin’s unique capability to process the potent lupine crop, and look forward to partner with Malte and the team on their journey towards becoming a pioneering leader in the field of healthy plant-based foods.”

 

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About Prolupin: Prolupin is a spin out from the  Fraunhofer-Institut für Verfahrenstechnik und Verpackung (IVV) in Munich with deep scientific expertise and a patent protected process for producing protein isolates from lupines. The company produces and markets a range of purely plant-based non-dairy alternatives to yoghurts, milks, ice creams and cream cheeses to address the growing demand for tasty plant-based foods for consumers focused on health and sustainability. For further information contact Malte Stampe, CEO at ms@prolupin.de or www.prolupin.com and madewithluve.de

About Capricorn Partners: Capricorn Partners is an independent European manager of venture capital and equity funds, investing in innovative European companies with technology as competitive advantage. The investment team of Capricorn is composed of experienced investment managers with deep technology expertise and a broad industrial experience. Capricorn Partners is managing the venture capital funds Capricorn Sustainable Chemistry Fund, Capricorn Digital Growth Fund, Capricorn ICT Arkiv, Capricorn Health-tech Fund and Capricorn Cleantech Fund. In addition, it is the management company of Quest for Growth, quoted on NYSE Euronext Brussels, and the investment manager of Quest Cleantech Fund and Quest+, sub‐funds of Quest Management SICAV, registered in Luxembourg. Find more information at www.capricorn.be

About Quest for Growth: QUEST FOR GROWTH is a privak/pricaf, a public alternative investment fund (AIF) with fixed capital under Belgian law, managed by Capricorn Partners NV. The diversified portfolio of Quest for Growth is for the most part invested in growth companies listed on European stock exchanges, in European unquoted companies and in venture capital funds. Quest for Growth focuses on innovative companies in areas such as digital technologies (ICT), technologies for the healthcare sector (Health-tech) and clean technology (Cleantech). Quest for Growth has been listed on Euronext Brussels since 23 September 1998. Find more information at www.questforgrowth.com/en

About Novax: A long-term investor and partner to fast-growing businesses across Europe with strong teams, sector-leading positions and high-impact potential. Founded in 1999 and based in Stockholm, Novax is a part of the Swedish Axel Johnson Group. Investments include Academic Work, ApoEx, Bruce, Filippa K, Hedvig, Matsmart, Leeroy, RCO, STC and Voyado. Through our long-term and thesis-driven devotion to a limited number of sectors, we are committed to support pioneering businesses on their journeys toward market-leadership over the long-haul. Find more information under www.axeljohnson.se/bolag/novax

About eCAPITAL: eCAPITAL entrepreneurial Partners AG is a Münster-based alternative investment fund manager (AIFM) in accordance with EU-directive EuVECA. As a leading German venture capital firm, eCAPITAL has supported innovative entrepreneurs in future-oriented industries since 1999. The firm focuses on rapidly growing companies in the areas of Software / IT, Cleantech, Industry 4.0 and New Materials. Currently, eCAPITAL manages six funds with a total of 220 million euros under management. Find more information under www.ecapital.de/en

About Munich Venture Partners: Munich Venture Partners is a European venture capital investor backing entrepreneurs driving the eco-industrial revolution with transformative technologies. The investment focus is on sectors with CO2 emission-intensive value chains: energy, mobility, agriculture and food, and industrial technologies. MVP has more than 15 years of experience investing in cleantech start-ups across Europe, including investments in recent success cases relayr and sonnen. Find more information under http://www.munichvp.com

About Bryan, Garnier & Co: Bryan, Garnier & Co is a European, full-service growth-focused independent investment banking partnership founded in 1996. The firm provides equity research, sales and trading, private and public capital raising as well as M&A services to growth companies and their investors. It focuses on key growth sectors of the economy including Technology, Healthcare, Consumer and Business Services. Bryan, Garnier & Co is a fully registered broker dealer authorized and regulated by the FCA in Europe and the FINRA in the U.S. Bryan, Garnier & Co is headquartered in London, with additional offices in Paris, Munich, Stockholm, Oslo, Reykjavik as well as New York and Palo Alto. The firm is a member of the London Stock Exchange. Find more information under www.bryangarnier.com

GreenCom Networks

time to shine

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MVP portfolio company GreenCom Networks is acquiring shine, founded by the innogy Innovation Hub. shine made its name by building up energy management services for residential customers. The start-up already utilizes GreenCom’s Energy Information Brokerage Platform and has expanded GreenCom’s services with an array of services including shine energy check, shineSmart, and shineHub.

GreenCom will integrate shine’s end-customer base and services into its energy IoT platform. This will allow GreenCom to offer end-to-end services on top of its technology platform, which allows integration of solar PV, batteries, heat pumps or electric vehicles from various manufacturers. GreenCom plans to demonstrate disruptive services for residential customers that go beyond today’s flat-rate or energy community offerings in the market. Those lessons will be used to support GreenCom’s utility partners and device manufacturers to speed up the transition towards a future energy world.

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