- Press Releases
January 21 (Renewables Now) - Germany-based Ineratec GmbH has raised EUR 20 million (USD 22.67m) in a Series A financing round to fund the scale-up of its production capacity for sustainable e-kerosene from carbon dioxide and green hydrogen and strengthen its position in the power-to-liquid sector.
The Karlsruhe-based company needs fresh capital to build an industrial plant for the production of synthetic fuels near the Frankfurt airport in 2022. The factory will produce up to 4.6 million litres (1.2 million gallons) of e-fuels annually from up to 10,000 tons of biogenic carbon dioxide and renewable electricity, Ineratec said on Thursday.
The expansion follows the opening of a pilot plant for the production of e-kerosene in the Emsland region, Lower-Saxony, last October. The 1-MW plant is powered with biogenic carbon dioxide and renewable hydrogen from the air and from a biogas plant nearby and part of its production of 350 tonnes is delivered to Lufthansa Cargo in the form of e-kerosene.
The fundraiser was backed by existing investors High-Tech Gruenderfonds (HTGF), Extantia Capital, FO Holding and Planet A and attracted new investors from the energy and aviation industry -- French utility Engie SA (EPA:ENGI), aerospace components manufacturer Safran SA (EPA:SAF) and MPC.
For Engie, the investment is a step towards its goal of reaching 4 GW of green hydrogen capacity by 2030 while for Safran, it underlines its strive to make aviation carbon-neutral by 2050.
(EUR 1 = USD 1.134)