Axègaz, a Levallois Perret, France-based small scale liquid natural gas (LNG) supplier, raised €3.7m in funding.
Backers included investment fund 123 Venture, which acquired approx. a 10% stake, among others.
The company intends to use the funds to launch its industrialization phase and speed up its commercial development in France and Europe.
Founded in 2012 by Alfonso Morriello, CEO, Axègaz specializes in liquid natural gas (LNG) supply. The company targets customer segments of industry, transportation, and local distribution networks serving residential and tertiary activities.
Since its creation, the development of Axègaz has been financed by its shareholders, which include its founders, the investment fund Gravitation (created by Charles Beigbeder, former founder of Powéo), Energipole, (founded by Alain Mallart), and Energnl, a private investment group led by Jérôme Moitry.
The company has 6 active sites and sales in the order of 3 million € for 2015, and 70 projects under study.