The fresh capital comes from Lea Partners, Verve Ventures and First Momentum Ventures. Turn2x plans to use it to advance the development and expansion of its so-called RNG systems across Europe. RNG stands for Renewable Natural Gas. This renewable natural gas is produced by the startup from water and carbon dioxide. Through electrolysis, water is first converted into hydrogen and, with the addition of biogenic CO2 that arises, for example, from the combustion of biomass, then converted into methane, or biogas. Turn2x’s modular RNG systems are designed to replace fossil fuels. By 2030, the startup aims to avoid 23 million tons of CO2. The next systems will be built in Spain, Italy and Norway, among other places.
Eu-startups.com quotes Nils Seele from Lea Partners:
“We already knew the Turn2x team from other companies. That’s why we’re thrilled to work with them again and support them in building even more RNG systems across Europe. Turn2x’s technology is pioneering and has the potential to save over a billion tons of CO2 in the coming decade. We look forward to the company’s continued growth and success.”
Turn2x CEO Philip Kessler says:
“We are incredibly grateful for our investors’ trust and commitment in this seed round. With this funding, we can take the production of our innovative RNG systems to the next level and help even more countries transition to renewable energy.”
