Denmark’s AquaGreen bags €4M for its bio-waste conversion technology; eyes expansion biomass solutions

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AquaGreen, a Danish company that specialises in environmentally friendly solutions, announced on June 29 that it has raised 30M DKK (€4,026M) from its existing lead investor Nordic Alpha Partners and Swedish FMG Circular Invest AB.

Founded in 2014, AquaGreen received its first capital injection in the spring of 2021 and has since grown to approximately 30 full-time employees. The recent investment is set to propel AquaGreen’s expansion and contribute to broader climate and environmental benefits.

AquaGreen’s innovative technology targets wet biomasses, including sewage sludge, in a carbon-negative manner. Supported by the Technical University of Denmark (DTU), AquaGreen has developed and patented a climate-, environment-, and cost-effective solution that converts bio-waste into a sought-after resource through a circular process.

The technology

The company’s HECLA technology, featuring an integrated steam dryer and pyrolysis oven, dries and converts sewage sludge into biochar while significantly reducing carbon emissions. This solution recovers 80 per cent of the energy in biomasses while eliminating harmful pollutants and retaining vital nutrients like phosphorus for plant use.

The company says that its cost-effective and environmentally efficient solution offers a sustainable alternative for handling wet bio-waste, benefiting Denmark and Sweden, and potentially requiring around 5,000 HECLA plants throughout the EU. 

With the first HECLA plants successfully installed in Denmark’s Zealand and Funen, the company is set to launch ambitious international growth plans.

Developed in collaboration with DTU, Odsherred Forsyning and VandCenter Syd, AquaGreen’s technology presents a sustainable and environmentally friendly resource.

AquaGreen’s HECLA technology removes harmful substances and preserves vital nutrients like phosphorus, benefiting agricultural soil and the environment. The self-sufficient and circular process fuels itself with released gases, making it a versatile solution applicable to various industries.

The investors 

Nordic Alpha Partners, a growth equity fund based in the Nordics and Germany, is focused on sustainable HardTech companies driving the global green transformation.

“At Nordic Alpha Partners, we strive to spot the technology pioneers within the green transformation that can scale into highly impactful global market leaders,” says Laurits Bach Sørensen, senior partner at Nordic Alpha Partners.

“AquaGreen is a perfect example, and we are thrilled that the company’s unique technology and scalable factory concept is now ready for fast-paced global expansion,” adds Bach

According to Rasmus Lund, senior partner at NAP, AquaGreen’s groundbreaking technology for sustainable biomass treatment aligns with the circular economy trends in wastewater treatment.

“AquaGreen is a technology pioneer within sustainable biomass treatment with their groundbreaking technology, solution which is currently unique in the world,” Lund says.

“The potential is enormous on a global scale, and since AquaGreen has already proved their factory concept in Denmark and is underway in Sweden, the timing is perfect for us to increase our investment to enable the accelerated internalisation and expansion of the company,” adds Lund.

FMG Circular Invest AB, a joint initiative of Feralco Group and Mellby Gård, focuses on scaling sustainable water treatment solutions. Feralco Group is a leading supplier of water treatment chemicals, purifying over 100 million people annually.

The initiative’s commitment to investing in innovative technologies related to sustainable water treatment aligns AquaGreen’s biomass transformation technique.

“FMG Circular Invest AB’s purpose is to invest in companies with innovative technologies related to sustainable water treatment solutions. AquaGreen and their technique that transforms biomass, like sewage sludge, into valuable resources, such as soil-improving biochar, while eliminating harmful substances is fully aligned with our investment focus,” says Filip Eliasson, director of business development at Mellby Gård.

“We foresee a significant demand for AquaGreen’s offering going forward and are excited to be part of the continued growth journey.”

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