Swedish torrefaction technology developer Bioendev AB has revealed that Daiwa Securities Group, Japan’s second-largest investment bank, has through its subsidiary Daiwa Energy and Infrastructure Co. Ltd acquired a 40 percent stake in the company.
According to a statement, the acquisition is an important boost to Bioendev’s expansion plans. The company’s innovative torrefaction technology for production of biocoal also known as black pellets, is also a good fit for the Japanese investment bank’s portfolio of renewable energy investments.
The bank started its new subsidiary focusing on renewable energy technologies as recently as October this year. Its portfolio of innovative renewable energy investments is rapidly expanding and plays a central role in Japan’s move to decrease its dependency on nuclear and fossil energy sources.
Bioenergy technologies is a strategic area of interest. Recent investments in Southeast Asia include pellets projects in Vietnam with a potential to benefit from access to Bioendev’s technology.
For Bioendev, the investment comes at a critical time as the company readies itself for international expansion and establishment of new projects in China, India and on the West Coast of the United States that requires additional staffing.
Furthermore, Bioendev’s production facility in Umeå, Sweden, is currently upgrading to the 4th generation of the company’s torrefaction technology.
This is a new important milestone for Bioendev, as it enables us to take the next necessary steps toward offering and manufacturing a biocoal that can substitute fossil coal on a global scale. As the recent IPCC report concluded, we need to do more and act faster in order to avoid catastrophic climate change. Bioenergy plays a pivotal role in the energy transition. We are thus firmly committed to our mission to push the frontiers of modern bioenergy technology, commented Johan Berggren, CEO of Bioendev.
In addition to Daiwa Energy and Infrastructure Co. Ltd., Bioendev is owned by the Swedish municipal utility Umeå Energy as well as the company’s founding partners.