Amsterdam-based Perpetual Next, a company that produces renewable carbon, biochar, green gases, and green hydrogen from organic residues, announced on Wednesday that it has raised €320M in a Series A round of funding.
The round saw participation from the majority shareholder and investor Momentum Capital. The round also saw the conversion of loans to equity capital and the issuance of shares to new investors. The €320M worth of shares were acquired by third parties. The remainder of the issued share capital of €667M is held by Momentum Capital.
Perpetual Next says it will use the funds for technology acquisitions and projects aimed at carbon removal – storing carbon in products that would otherwise end up in the atmosphere as CO2.
CEO of Perpetual Next, Niels Wage, says, “This financing round provides us with two critical assets: the confidence of key investors in our strategy, and the capital to take the next steps in our growth. This enables the upscaling of our technology to harvest the carbon value of waste streams by converting them into alternatives to fossil raw materials. The demand for this is high because the whole world wants to produce more sustainably. Now we can seriously invest in capacity to meet this demand.”
From organic residues to high-quality products
Founded in 2019 by Martijn van Rheenen and led by CEO Niels Wage, Perpetual Next was founded by Momentum Capital through the merger of portfolio companies that had been active in climate tech for many years.
Perpetual Next’s aim is to reduce CO2 emissions and harvest CO2 from the atmosphere for its clients to prevent future climate change. The company does this by reusing residual flows and upgrading organic residual flows into high-quality raw materials and products, all while contributing to the circular economy.
The Amsterdam-based company is organised into three divisions: Trading, Conversions and Technologies.
CO2 rights are generated as a result of the company’s actions, which is an important aspect of its business strategy. The UN Sustainable Development Goals, the ESG standards, and the EU Green Deal are all part of Perpetual Next’s goal. The company’s production facilities are located in the Netherlands, Belgium, the UK, and Estonia.
Recent growth and development
With the acquisition of TorrCoal in 2021, Perpetual Next started an acquisition programme that combines several leading torrefaction technologies – it is a thermochemical process that causes biomass to partly decompose, creating torrefied biomass or char, also referred to as “biocoal”. Several acquisitions are also planned in the coming period.
In February this year, Perpetual Next also set up a joint venture with Gasunie, a Dutch natural gas infrastructure and transportation company, to enable the construction of a production facility for green gas in Delfzijl as an alternative to fossil natural gas.
The final investment decision for this green gas project is scheduled for later this year, after which construction will start. Following that, the company’s technology will be further scaled up in a comparable factory with a large capacity increase, with Perpetual Next serving as the producer.
The company reports that its annual sale is predicted to expand to €250M in 2025. This is due to large-scale bio-carbon purchase contracts such as with steelmaker ArcelorMittal, and the development of new production facilities.