The aim of the investment round is to scale and commercialise the technology of Electrochaea The company has developed and brought to market a process that replaces fossil natural gas. It also allows renewable energy to be stored in large quantities and for long periods of time, while simultaneously reusing CO2.
The EIC Fund invests in innovative European technologies with high market potential. Electrochaea has developed a technology for storing electricity in the form of gas, providing a key technology for achieving Europe's goal of net-zero greenhouse gas emissions by 2050. The additional growth capital will be used to build a large-scale commercial project, which is already receiving €2.5 million in funding from the EIC Accelerator program.
Net‐zero greenhouse gas emissions
Biomethanation produces renewable, climate-neutral methane of gas grid quality by reusing CO2 and green hydrogen. This renewable gas can replace fossil natural gas. This makes it possible to significantly reduce greenhouse gas emissions while also safeguarding investments in existing gas distribution and storage infrastructure. Mich Hein, CEO of Electrochaea, says:
"The investment by the EIC Funds will enable Electrochaea to supply renewable gas to customers across Europe and the world. Technologies that can contribute to net-zero greenhouse gas emissions must be brought to market immediately and deployed on a larger scale. Our technology has already proven itself in two demonstration plants in Denmark and Switzerland."
Achieving the goals of the Green Deal
And Martin Bruncko, member of the EIC Fund's Investment Committee, adds:
"Electrochaea is a great example of how the EIC Fund supports innovative climate technology companies in bringing their technologies to market and achieving the goals of the Green Deal. This financing will support Electrochaea in successfully producing renewable methane on an industrial scale, which can replace natural gas and be stored and transported in the existing gas grid."
