BioGasol has raised €5m (£4m) in equity financing and received a €10m grant allocation from the Energy Technology Development and Demonstration Program (EUDP), part of the Danish Energy Agency.
BioGasol has created a pre-treatment reactor design for the cost-efficient and controlled conversion of lignocellulosic materials, such as agricultural waste and wood, into replacements for conventional fuels and other oil-based materials.
The equity financing was provided as a co-investment by the current majority shareholder, Fjord Capital Partners, and Unipension, a Danish pension fund managing assets of more than €12bn. EUDP also granted €10m to support demonstration of the company’s solutions at scale.
The funding will enable BioGasol to build support and production capacity to meet its quickly expanding customer base, including its strategic North American partner SweetWater Energy.