Edinburgh based Carbogenics, which developed proprietary technology that boosts green energy production, has raised more than £1m in investment to build its first production and R&D facility in Scotland.
The company turns difficult-to-recycle farm and paper waste which would otherwise go to landfills or be sent for incineration into a product called CreChar.
The product is a carbon-rich, porous material that will help stabilise the performance of anaerobic digestion plants and enhance green energy production from food and farming waste. CreChar’s circular solution permanently sequesters carbon in soils helping to secure a Net Zero future.
The investment has come from a new lead investor Green Angel Ventures along with valued existing investors Scottish Enterprise and Old College Capital. Based on successful lab and industrial trials, Carbogenics’ growth plan includes building its first production facility in Perthshire to enable the launch of CreChar into the UK anaerobic digestionmarket.
It is anticipated the facility will be operational by the end of Q1 2024. The company is also creating new roles across production, operations and business development doubling its size and is in the process of raising further debt and investment finance in the coming months.
Professor Ed Craig, CEO of Carbogenics, commented: “Carbogenics has become the stand-out company producing and using Biochar in the UK. This investment will allow us to scale the business significantly, including building our first production facility, solidifying our customer base in the UK, and facilitating our European expansion plans.
“As a Scottish born enterprise, we are delighted to re-invest back into Scotland, accessing the significant market opportunities presented across the UK and Europe where countries like Denmark aim to be 100 per cent powered by biogas by mid 2030s.
“Carbogenics continues to innovate and as energy security joins sustainability as a key priority for the energy transitin we believe the UK will grow its use of biogas from the current c1 per cent and mirror its trading partners in Europe.”
Cam Ross, CEO of Green Angel Ventures, added: “Green Angel Ventures invests exclusively in companies fighting climate change. Our 350 specialist angel syndicate members were attracted by the large potential for carbon impact with Carbogenics’ technology, and our Climate Change Fund was a natural additional investor.
“Professor Craig and his team have developed a process which should genuinely help fight the biggest challenge we need to tackle, and they have our full support.”
By Matthew Neville – Senior Correspondent, Bdaily
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