Additional funding secured by Topell Energy
11 June 2012
Netherlands-based biomass torrefaction technology provider Topell Energy has announced €13 million ($16.3 million) worth of new funding to increase future production and plant sales.
The Topell funding was led jointly by existing investor Innogy Venture Capital along with Yellow and Blue Clean Energy Investment Management.
‘The additional financing will allow us to ramp up production at our commercial-scale demonstration plant in the Netherlands and to rapidly grow our business through the sale of additional plants,’ says Topell CEO Jules Kortenhorst.
Kortenhorst adds that Topell has also agreed a new partnership with UK-based Torftech Group to help build and improve Torftech’s reactors for torrefaction applications.
‘Having supported Topell from seed funding until today, we are pleased to see how it has developed from a startup into a well-positioned technology supplier in the European biomass sector,’ says Innogy Venture MD Crispin Leick. ‘We feel torrefaction based on Topell's technology has the potential to change the biomass value chain as it is known today.’