Perpetual Next raises €320 million of new capital in Series A financing round
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. In 2021, with the acquisition of the Belgian TorrCoal, Perpetual Next started an acquisition programme that combines several leading torrefaction technologies. Several acquisitions are planned in the upcoming period.
In February 2022, 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 significantly greater capacity, with Perpetual Next taking on the producer role.
Due to large-scale purchase contracts for bio-carbon (such as with steel manufacturer ArcelorMittal) and the construction of new production facilities, the annual turnover of Perpetual Next is expected to grow to €250 million in 2025 with an expected EBITDA of €80 million.
Niels Wage, CEO of Perpetual Next, said: “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. 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.”