Perpetual Next, the Dutch climate tech company that upgrades biological waste streams into renewable raw materials such as biocarbon and green gas, has announced that it has raised EUR 320 million in new equity capital in a Series A financing round.
According to a statement, the company will use the capital for technology acquisitions and projects aimed at carbon removal and storing carbon in products that would otherwise end up in the atmosphere as carbon dioxide (CO2).
Perpetual Next’s share capital comes from the majority shareholder and investor Momentum Capital; the conversion of loans to equity capital; and the issuance of shares to new investors.
The EUR 320 million in Series A shares were acquired by third parties. The remainder of the issued share capital of EUR 667 million is held by Momentum Capital.
This financing round provides Perpetual Next with two critical assets: the confidence of key investors in our strategy, and the capital to take the next steps in our growth. This enables the upscaling of our technology to harvest the carbon value of waste streams by converting them into alternatives to fossil raw materials, said Niels Wage, CEO of Perpetual Next.
Leading torrefaction technology
In 2019, Perpetual Next was founded by Momentum Capital through the merger of portfolio companies that had been active in climate tech for many years. The companies’ production facilities are located in the Netherlands, Belgium, the United Kingdom, and Estonia.
Starting with the acquisition of the TorrCoal in September 2021, Perpetual Next has embarked on an acquisition program that combines several leading torrefaction technologies.
Several acquisitions are planned for the coming period.
Green gas in Delfzijl
In February of this year, Perpetual Next set up a joint venture with Gasunie to enable the construction in Delfzijl of a production facility for green gas, as an alternative to fossil natural gas.
The final investment decision for this green gas project is scheduled for later this year, after which construction can start.
This will be followed by further scaling up of the technology in a similar plant with a significant capacity increase, with Perpetual Next taking on the producer role.
Expected revenue growth
Due to large-scale purchase contracts for biocarbon such as with steel manufacturer ArcelorMittal and the construction of new production facilities, the annual turnover of Perpetual Next is expected to grow to EUR 250 million in 2025 with an expected EBITDA of EUR 80 million.
The demand for this is high because the whole world wants to produce more sustainably. Now we can seriously invest in capacity to meet this demand, ended Niels Wage.
