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.”