Topell Energy B.V., a The Hague, Netherlands-based provider of torrefaction technology solutions for the biomass supply chain, has completed a €13m financing.
The round was co-led by Yellow&Blue Clean Energy Investment Management and existing investor Innogy Venture Capital, with participation from Innovatie- en Investeringsfonds Gelderland B.V., a provincial investment fund managed by PPM Oost, a Dutch regional development company, management team members and business angels.
Founded in 2008 and led by CEO Jules Kortenhorst, Topell Energy has developed a highly efficient scalable process to upgrade various biomass feedstocks to an efficient biofuel. It enables large-scale production of densified biofuel from woody biomass with benefits including lower cost transportation and storage and more efficient conversion of biomass into heat and power. The company intends to sell its torrefaction technology solutions to biomass supply chain companies around the world.
Topell Energy plans to use the proceeds from the financing to ramp up production at its commercial-scale demonstration plant in Duiven, the Netherlands, and to grow the business through the sale of additional plants.