Airex Energy Completes $38M Funding Round
Canada-based biomass carbonization technology provider Airex Energy Inc. announced it has concluded a Series B funding round valued at $38 million Canadian, which Airex Energy states will fast-track its growth initiatives, including a Québec biochar project tying in with its partnership with France-based environmental quality developer, Suez, which aims to significantly boost biochar production in Europe and North America by 2035.
Led by Canada-headed “cleantech” venture capital and impact investor Cycle Capital Management, the most recent round welcomed the FTQ Fonds de solidarité, which joined the syndicate of existing investors including Investissement Québec, Desjardins-Innovatech, Export Development Canada (EDC), and Cycle Capital.
Using proprietary technology Airex Energy produces biochar, which sequesters carbon in the ground and in other materials; biocarbon, which is used to produce green steel and other metals; and biocoal, an environmentally friendly fuel and coal replacement.
“From the outset, we have been convinced of decarbonization’s potential, particularly in polluting industries, as well as of Airex’s patented technology. As we get ready to launch the large-scale commercialization of biochar and biocoal, we look forward to contributing to Airex’s growth, alongside Airex’s team, strategic partners such as Suez, and renowned investors like the Fonds de solidarité FTQ, Investissement Québec and Desjardins,” notes Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital.
“We are proud to count on the support of recognized local investors. Their backing is a wonderful acknowledgment of our shared sustainable development ambitions, as well as a sign of confidence. Thanks to our one-of-a-kind technology, we are poised to become a leader in the area of innovative and environmentally friendly decarbonization solutions both inside and outside Canada,” adds Michel Gagnon, CEO of Airex Energy.
Valmet To Convert Coal-Fired Boiler In Finland To Pellet-Fired
Valmet will be converting Helen Ltd.’s coal-fired district heat boiler to bubbling fluidized bed (BFB) combustion to enable wood pellet firing at the Salmisaari ‘A’ power plant in Helsinki, Finland. The conversion promotes the company’s goal of phasing out coal, while at the same time strengthening the construction of a sustainable energy system…
Enviva Announces First Quarter Setback
Enviva, the world’s largest producer of industrial wood pellets, released its quarterly report in early May, and it rippled through the wood-to-energy ranks. “The plans and initiatives underway to improve productivity and costs across Enviva’s current asset platform continue to fall behind expectations,” commented John Keppler, Executive Chairman of the board…
Find Us On Social
Subscribe to Our Newsletter
Wood Bioenergy News Online hits the inboxes of subscribers in the wood-to-energy sectors.
Wood Bioenergy is published and delivered worldwide 6 times per year. Free to qualified readers in the U.S. Subscribers outside the U.S. are asked to pay a small fee.
Complete the online form so we can direct you to the appropriate Sales Representative.