Specialist natural gas technology venture capital firm Energy Capital Ventures has led a €8.75 million ($14 million) seed-funding round for Auckland-based waste-to-energy start-up Vertus Energy.
Blackbird Ventures has contributed to the round as a new investor along with European deep-tech firm APEX Ventures and Australian sophisticated investor syndicates network Aussie Angels. Pre-seed investors Icehouse Ventures, Outset Ventures, Startmate, NOAB Ventures and Australian clean tech expert John Wood also contributed to the round.
The global biogas market is projected to grow at an annual rate of 5.2% to pass $77 billion by 2030.
Vertus plans to use the new funding to set up pilot projects using its flagship BRIO product, the first of a planned series of products to be developed from the company’s research.
BRIO is a small unit that can be easily installed inside the anaerobic digester of biomethane production plants to provide advanced control of anaerobic bacteria.
According to Vertus, the technology can triple the speed of biomethane generation, boost energy production by up to 60% and is adaptable for use with a variety of waste streams.
The new capital is to be used to accelerate commercial adoption of BRIO units. Vertus plans to initially establish pilot projects in European countries as Europe leads adoption of biomethane production. The company will target setting up pilot projects at large-scale biogas production facilities and wastewater treatment plants.
Vertus has set up its European regional headquarters in Vienna, Austria, while chief operating officer and co-founder Benjamin Howard is leading the regional strategy from the UK.
“We’ve already established relationships with global players who have recognised how the technology can help them meet their renewable energy goals,” Howard said.
Co-founder of Chicago-based Energy Capital Ventures, Vic Pascucci, said: “As the only venture capital fund solely dedicated to green molecules, we have devoted the last several years to analysing technologies and start-ups in biogas, biomethanation and renewable natural gas. It was abundantly clear from our exhaustive due diligence that Vertus Energy’s technology, commercial progress and team were far superior to anything in the market.”
Vertus was founded by Howard, a construction engineer; the inventor of the company’s technology Dr Danilo Perez; entrepreneur Santiago de los Reyes and mechanical engineer Freddy Gonzalez.
Image: Vertus Energy founders Santiago de los Reyes, Dr Danilo Perez, Benjamin Howard and Freddy Gonzalez.
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INVESTMENT ACTIVITY
Global investor leads $14m seed-round for start-up
Specialist natural gas technology venture capital firm Energy Capital Ventures has led a €8.75 million ($14 million) seed-funding round for Auckland-based waste-to-energy start-up Vertus Energy.
Blackbird Ventures has contributed to the round as a new investor along with European deep-tech firm APEX Ventures and Australian sophisticated investor syndicates network Aussie Angels. Pre-seed investors Icehouse Ventures, Outset Ventures, Startmate, NOAB Ventures and Australian clean tech expert John Wood also contributed to the round.
The global biogas market is projected to grow at an annual rate of 5.2% to pass $77 billion by 2030.
Vertus plans to use the new funding to set up pilot projects using its flagship BRIO product, the first of a planned series of products to be developed from the company’s research.
BRIO is a small unit that can be easily installed inside the anaerobic digester of biomethane production plants to provide advanced control of anaerobic bacteria.
According to Vertus, the technology can triple the speed of biomethane generation, boost energy production by up to 60% and is adaptable for use with a variety of waste streams.
The new capital is to be used to accelerate commercial adoption of BRIO units. Vertus plans to initially establish pilot projects in European countries as Europe leads adoption of biomethane production. The company will target setting up pilot projects at large-scale biogas production facilities and wastewater treatment plants.
Vertus has set up its European regional headquarters in Vienna, Austria, while chief operating officer and co-founder Benjamin Howard is leading the regional strategy from the UK.
“We’ve already established relationships with global players who have recognised how the technology can help them meet their renewable energy goals,” Howard said.
Co-founder of Chicago-based Energy Capital Ventures, Vic Pascucci, said: “As the only venture capital fund solely dedicated to green molecules, we have devoted the last several years to analysing technologies and start-ups in biogas, biomethanation and renewable natural gas. It was abundantly clear from our exhaustive due diligence that Vertus Energy’s technology, commercial progress and team were far superior to anything in the market.”
Vertus was founded by Howard, a construction engineer; the inventor of the company’s technology Dr Danilo Perez; entrepreneur Santiago de los Reyes and mechanical engineer Freddy Gonzalez.
Image: Vertus Energy founders Santiago de los Reyes, Dr Danilo Perez, Benjamin Howard and Freddy Gonzalez.