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RWE Innogy makes two biomass VC investments

on . Posted in Finance

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For its renewable energy growth, RWE Innogy focuses on onshore and offshore wind expansion. Photo Courtesy of
RWE AG

The renewable energy business of a leading European power firm recently added new biomass technology companies to its venture capital portfolio.

RWE Innogy, the renewable energy company of RWE AG, said it has acquired a minority share in Danish firm Stirling DK ApS while investing in Swedish company Mantex AB as part of its venture capital activities. Both firms have developed biomass technology applications.

Stirling DK has developed a distributed combined heat and power (CHP) or cogeneration system based on the Stirling engine system, which can be fueled by solid biomass.

Solid biomass of low value, such as fresh wood chips from forests, can be used as fuel for the CHP system, which has been installed in a municipal utility and a hospital in Germany, RWE Innogy said.

Cogeneration refers to the use of a heat engine or a power station to simultaneously generate both electricity and useful heat.

On the other hand, Mantex AB has developed a method of determining moisture concentration in biomass. Fast and accurate measurement of moisture and ash concentration is important in determining the quality of the biomass fuel, RWE Innogy said.

As a result of the investments, RWE Innogy’s VC activities now cover six companies and a total investment of €35 million ($49 million).

For its renewable energy growth, RWE Innogy focuses on onshore and offshore wind expansion. Its parent firm RWE AG is Germany’s largest power producer.

But “[a]s corporate venture capital investor, we are a reliable partner in the current market environment for young innovative companies seeking equity capital to develop and launch their technologies in the market," the company said.

RWE Innogy has shares in UK company Quiet Revolution, which is developing wind turbines and Dutch firm Topell (biocoal pellets). It has also invested in battery company Revolt Technology and has created Voith Hydro Ocean Current Technologies in the area of marine technology.


- Eric Dorente

Sources:

1 http://www.rwe.com/web/cms/en/113648/rwe/press-news/press-release/?pmid=4003662

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