Liquid Wind raises EUR 4 million in Series A funding round
Swedish power-to-liquids (PtL) developer Liquid Wind AB has announced that it has closed its Series A funding round, securing EUR 4 million in equity investment. Investors in the eMethanol facility developer include Alfa Laval, Carbon Clean, Falkor, Haldor Topsoe, Siemens Energy, and Uniper. The investment will be used for the development of Liquid Wind’s first eMethanol production facility to be built in Sweden, and support plans for further facilities.
Liquid Wind aims to develop and finance facilities to produce carbon-neutral liquid fuel, eMethanol. In particular, the marine industry is looking to eMethanol as a pathway to enable more sustainable shipping, and currently consumes 350 million tonnes of fuel annually.
According to the company, when used as a marine fuel, eMethanol reduces carbon emissions by 94 percent compared to current fossil fuels.
Liquid Wind is currently developing its first eMethanol facility, which will be located in Örnsköldsvik, in northeast Sweden. To meet the growing demand for cleaner fuel, Liquid Wind is designing its business to scale rapidly.
The appetite to invest in cleantech and ESG focused companies was amplified when ESG funds out-performed the S&P 500 during the pandemic. This is an indication of future market value and Liquid Wind is well placed to deliver impactful returns to our stakeholders, commented Tuya Bold, Head of Finance at Liquid Wind.
The goal is to establish 500 facilities globally by 2050, each with a capacity to produce 50 000 tonnes per annum of eMethanol. Several expert partners have joined the project to support in reaching this goal, including Alfa Laval, Carbon Clean, Falkor, Haldor Topsoe, Siemens Energy, and Uniper, with many providing technology and expertise as well as investment.
There is a growing desire from established businesses to drive sustainable change and enable the shift from fossil resources. We are proud to work with these world-class companies and leverage their expertise and financial muscles to enable the sustainable energy transition and make a significant dent in carbon emissions, said Claes Fredriksson, CEO, and Founder of Liquid Wind.
Liquid Wind has also raised funds from angel investors and through crowdfunding, leveraging the growing interest in e-fuel and desire to support climate action from private individuals.
Crowdfunding has been an important source of funding for Liquid Wind, particularly in the early days of our business. It is a great way to enable people to effectively ‘vote for’ the future they want to see. As well as financial support, we have also gained valuable contacts and ambassadors through crowdfunding, said Claes Fredriksson.
Liquid Wind expects to reach financial close for the facility early in 2022, with eMethanol available from early 2024.