Gothenburg-based Meva Energy, a Swedish company that locally produces cost-efficient renewable gas and power for the manufacturing industry, announced on Monday, August 7, that it has secured €9M in a fresh round of funding.
The investment came from AXA IM Alts, a France-based investment firm that specialises in alternative asset classes, investing across the capital stack in private and listed markets.
As part of the deal, AXA IM Alts will appoint a representative to Meva Energy’s board of directors, helping the company in implementing its strategic initiatives.
Jonathan Dean, Head of Impact Private Equity Fund Management at AXA IM Alts, says, “In order to fulfil the international climate agenda, the industrial sector needs to undergo a seismic shift from a fossil fuel-dependent energy system, to a renewable-centric one.”
“In our view, Meva Energy provides an innovative climate mitigation solution for the industrial sector, helping to displace fossil fuel in industrial processes and providing a cleaner source of baseload power.”
“The company closely aligns with our own impact objectives to increase resource efficiency and support initiatives around climate change mitigation, and we look forward to working with the business as it continues to build scale,” adds Dean.
Capital utilisation
Meva Energy looks to enhance its capabilities in converting low-value biomass waste residues into clean energy using cost-efficient gasification technology.
The company says it will also use the funds to expand operations and collaborate with more partners across Europe, initially focusing on the paper and engineered wood industry. This will contribute to the acceleration of decarbonisation in the region and promote sustainable energy solutions.
Niclas Davidsson, CEO at Meva Energy, says, “We believe that an investment from one of the world’s largest asset managers who also shares our company’s vision for the future will be highly beneficial for Meva Energy and our customers’ journey towards net zero.”
MEVA Energy’s waste-to-energy approach aligns with AXA IM Alts’ goals of ecosystem protection and combating deforestation and degradation.
Brief about Meva Energy
Meva Energy specialises in clean energy solutions for the manufacturing industry. The company was founded in 2008 as a result of biomass gasification research at Luleå University of Technology and at the Energitekniskt Centrum gasification centre.
Meva Energy focuses on the thermochemical conversion of solid biomass residue, with a proprietary technology that converts residue into renewable gas, including fine fraction feedstocks like sawdust.
Due to the stability and simplicity of the conversion process, the Meva Energy system is able to produce renewable gas at the same cost levels as fossil gas.
