Cryo Pur raises EUR 6 million to finance bio-LNG development and rollout
Cryo Pur has announced that it has successfully raised EUR 6 million in funding that will be used to finance industrial growth and development.
France-based cryogenic technology developer Cryo Pur has announced that it has successfully raised EUR 6 million in the second round of financing through the Xerys funds. Two years after its creation and a first fundraising of EUR 3 million, the additional funds will be used to finance its development, strengthens its equity and its industrial organization to ready itself for a growing order intake.
– This new fundraising will enable us to achieve our main objectives, namely taking orders on the one hand and industrial growth, on the other hand, said Denis Clodic, CEO and Founder of Cryo Pur in a statement.
BioNGVAL a successful demonstrator
According to Clodic, the industrial demonstrator in operation at the SIAAP wastewater treatment plant (WWTP) in Valenton, outside Paris, France has acted as a showcase for the technology. The BioNGVAL project has, as it was anticipated, enabled Cryo Pur to convince its first customers to invest in its industrial bio-LNG units, which cost from EUR 2 million to EUR 6 million per contract.
Cryo Pur’s technology uses cryogenics to purify the biogas and separate out carbon dioxide (CO2) in a single process, before liquefying the biomethane and the company has been quickly spotted by industrial players in the waste and biogas sectors and has focused its commercial development in Western Europe: France, the United Kingdom, Italy, the Netherlands, and Scandinavia.
In July 2016, Cryo Pur signed its first commercial contract for a bio-LNG unit with Greenville Energy in Northern Ireland. the United Kingdom. Cryo Pur has also been selected as a turnkey supplier for two agricultural biogas projects in France based on the remote injection model: liquid biomethane produced on an agricultural site is transported by truck to a site connected to the natural gas grid, with a sufficient capacity for year-round biomethane intake.
Develop unit capacity increase
Clodic also reveals that the company is “in advanced discussions” to launch a project in Italy using biogas from municipal organic waste, as well as several projects with landfill management companies, where the gas requires a specific treatment, including the liquefaction of biomethane.
Cryo Pur’s growth prospects have led the management team to commit dedicated resources to the design and manufacture of industrial units as well as the supervision of subcontractors.
The company is currently developing a range of units able to treat 100 to 2 000 Nm3 per hour of biogas, which represents production rates between approximately 1 and 20 tonnes of liquefied biomethane per day, and allows it to cover practically all the opportunities the company has under consideration today.