Meva Energy, a company supported by EIT InnoEnergy, has signed a significant investment agreement with Just Climate. The investment will accelerate the company’s transition from focusing on research and development to becoming an industrial scale operating company providing clean energy solutions to its growing customer base. The investment substantially increases Meva Energy’s capacity and capability to help manufacturing industries convert their low value waste residues to fossil-free energy by using a unique, cost-efficient gasification technology based on small fraction fuel.
Just Climate is a London-based investment business created by sustainable investment firm Generation Investment Management to address the most hard-to-abate net-zero challenges at scale. The investment in Meva Energy is one of Just Climate’s first investments. Post this investment, Just Climate will become the largest shareholder of Meva Energy.
This milestone transforms Meva Energy’s ability to accelerate the decarbonization of the manufacturing industry in Europe, starting with the paper and engineered wood industry. Through partnerships with two industrial players of scale, IKEA Industry and Sofidel, the business has the potential to play a catalytic role in a sector-wide transition.
“As an innovative greentech company we are really happy to partner with a climate-led global investor. This important step forward significantly increases our ability to deliver impactful and sustainable bio-syngas plants to our customers in the manufacturing industry. This investment also materially increases our international reach and network. Just Climate’s investment to back our impact potential is a strong statement of shared values and commitments”, says Niclas Davidsson, CEO at Meva Energy.
Meva Energy’s thermochemical conversion technology converts biogenic residue, including sawdust, to renewable gas. The gas can then be used to fuel power generation or to replace fossil gas consumption in industrial heat systems. Meva’s process also produces biochar, a stable form of renewable carbon that can be used as soil improvement and fertilizer, where it effectively creates a carbon sink. By installing the Meva Energy system directly where the residue originates, a fully circular and decentralized energy system is achieved. Meva Energy’s technology enables energy generation with extremely low air pollution levels in contrast to direct combustion of wood residue, which is increasingly being questioned and is often associated with high levels of air pollution.
”Just Climate is solving for reduction of emissions at scale while generating attractive risk-adjusted returns. We achieve this by investing in and supporting high-impact industrial solutions and companies. Combining the benefits from replacing fossil gas with biogenic renewable gas with the potential carbon sink effect of biochar, Meva Energy is one of the most interesting cases we have seen. We believe that Meva Energy’s technology will be a disruptive facilitator for manufacturing industries’ ability to cut emissions. As a climate-led investor, we are excited to be part of Meva’s growth”, says Tushar Kumar, Partner at Just Climate.
Following the investment, Tushar Kumar and Robin Duggan represent Just Climate in Meva Energy’s board of directors, together with Benoit Grobon as a co-opted director.