Topell Energy, a Netherlands-based biomass company backed by Innogy Venture Capital, the corporate venturing unit of Germany-based energy company RWE Innogy, has raised €13m ($16.3m),and has strengthened its intellectual property, in a deal first announced at Global Corporate Venturing’s annual symposium in London
Innogy Venture Capital was joined in the round by Yellow&Blue Clean Energy Investment Management, the corporate venturing unit of Nuon, part of Germany-based energy company Vattenfall, as well as Innovatie- en Investeringsfonds Gelderland, a provincial investment fund managed by PPM Oost, a Dutch regional development company, as well as management team members and business angels.
Albert Fischer, managing director of Yellow&Blue Investment Management, said: “We are excited about Topell’s prospects because the torrefaction step is instrumental in unlocking the potential of biomass for large-scale energy production. With this investment in Topell, Yellow&Blue is further broadening its engagement in the field of clean energy production.”
Crispin Leick, managing director of Innogy Venture Capital, said: “Having supported Topell from seed funding until today, we are very pleased to see how the company has developed from a startup with an exciting idea to the best positioned technology supplier for the leading European utilities in the biomass sector. Torrefaction based on Topell’s technology has the potential to change the biomass value chain as it is known today.”