Biogasol attracts €15m
13.11.2012 - Danish Biogasol receives €15m equity and state money to test an lignocellulosic ethanol-production technology in a large-scale setting.
The renewable energy company BioGasol ApS from Ballerup has raised €15m. One third of the sum is new equity financing consisting of a co-investment by the current majority shareholder, Cyprus-based Fjord Capital Partners Ltd, and Unipension, a leading Danish pension fund managing assets of more than €12bn. €10m stems from a grant which has been approved by the Energy Technology Development and Demonstration Program (EUDP), a part of the Danish Energy Agency. BioGasol owns an appreciated, innovative pre-treatment reactor design for the cost-efficient and highly controlled conversion of lignocellulosic biomass into replacements for conventional fuels and other oil-based materials. The money is supposed to be used for transfering BioGasol's proprietary technology into demonstration scale. The large-scale testing plant will be built in Denmark starting in Q1/2013. "Our new demonstration facility will be co-financed by our industrial partners, SweetWater Energy in the US and a Scandinavian strategic partner," stated BioGasol's CEO Anders Weber.
Biogasol ApS is a Danish biotechnology company. Since its inception in 2006 as a spinout from the Technical University of Denmark, it already has successfully developed a pentose/hexose co-fermentation technology on pilot scale that makes use of metabolically engineered thermophilic bacteria. Biogasol develops so-called 2nd generation bioethanol by focussing on agricultural waste and wood as a source of lignocellulose.
Italian pioneer Chemtex group on the other hand is about to open a US bioethanol plant which will use non-food grasses grown on marginal land. Interestingly, Chemtex relies on the biomass processing enzymes produced by another Danish company, Novozymes. Biogasol is also uses some Novozymes enzymes. However, the company also owns proprietary and patented organisms like a heat-loving thermophilic bacterium isolated 20 years ago from a thermal spring in Iceland or a xylose-converting bacterium.