Lightrock invests in Norwegian firm Antec Biogas
Founded in 2014 and headquartered in Oslo, Antec has developed a proprietary, modular and highly-efficient biogas reactor technology, leveraging a multi-chamber approach to convert organic wastes into biogas.
The process is versatile and enables end-users to use the biogas for heat, energy and fuel. Antec’s technology results in a 30-50% cost reduction (EUR/MWh) compared to traditional biogas technologies, according to the firm, and a 60-70% faster time-to-value for feedstock owners such as farmers, municipalities and aquaculture businesses.
Lightrock invests alongside Antec’s existing investors, including Norselab, a Norwegian VC fund, to support the company’s growth in Norway and beyond. Its investment is motivated by global goals to reduce greenhouse gas and CO2 equivalents.
Kevin Bone, partner at Lightrock and deal lead for Antec, said: “We back solutions that i) have the potential to maximise renewable sources and resource circularity, ii) are scalable to meet supply and demand indicators in line with population and economic growth, but can deliver in localised/distributed models, iii) are efficient in the production and conversion of input to output, and iv) can integrate with evolving energy systems are they decarbonise.
“We rate Antec highly on these axes, see this technology as unlocking the true potential of biogas and believe management’s mission “to change the rules of the game” is an important step towards achieving targets of carbon neutrality in a logical and economic manner. We look forward to supporting them in this mission.”
Pal Erik Sjatil, CEO and global managing partner at Lightrock, added: “Biogas benefits from significant market tailwinds as it is a critical and cost-effective element of the energy transition.
“In parallel, the sustainable management of waste continues to be both an environmental challenge itself and a large untapped energy source.
“Antec effectively leverages both dimensions with a novel, future-oriented, circular, and scalable technology that enables more attractive unit economics and financing options, as well as decentralised small-scale production at the point of waste access.”