Environmental Technology Investment
A Bristol company has secured £8.5 million to expand its ‘waste to energy’ technology.
WASE’s electro-methanogenic reactor (EMR) maximises the biogas produced from biomass in the anaerobic digestion plant and from organic matter in the wastewater.
The company claims its units increase biogas production by 30 percent, up to 10 times faster than AD, while also increasing the methane content of the biogas by more than 80 percent compared to conventional AD, which typically has a methane content of 50-60 percent.
“Our plug-and-play system fits into existing infrastructure and is 50 to 70 percent smaller than what is currently available,” said founder and CEO Thomas Fudge.
“Modular solutions are customizable and much easier for companies to implement on their own sites, leading to increased energy production and cost savings in the long term.”
The round was led by Extantia Capital, with participation from Hitachi Ventures, WEPA Ventures, the family venture capital firm of WEPA, a multi-generational European family-owned company, and Engie New Ventures, the CVC arm of global energy company Engie.
Other investors include Elbow Beach Capital and Empirical Ventures. The round includes £2.4 million in non-dilutive funding.
This will be used by WASE to expand its product range whilst also scaling up its operations and delivering on millions of pounds worth of contracts and projects it has signed with clients.
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“By not only optimising waste decomposition but also promoting methane production across the board, we hope our technology will set new standards in the waste treatment and energy sectors,” Fudge added.
“We envision a future where waste-to-energy maximises the economic and environmental benefits for all players involved, and we aim to play a major role in this transition by becoming a leader in the biogas market.”
“Extantia and ENGIE’s deep understanding of this space, along with all of the investors backing us in this round, will be invaluable resources in helping us achieve this.”
Carlota Ochoa Neven du Mont, principal at Extantia, added: “The WASE approach is changing the way industrial companies think about their resources.”
“We believe their cutting-edge technology, accumulated expertise in commercializing wastewater treatment solutions, existing supplier relationships and capital-efficient approach give them a significant advantage over their competitors in this space and we are pleased to be able to support them.”
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