An Edinburgh-based start-up who’ve developed proprietary technology that boosts green energy production, has raised more than £1m in investment to build its first production and R&D facility in Scotland.
Carbogenics turns difficult-to-recycle farm and paper waste which would otherwise go to landfills or be sent for incineration into a product called CreChar®.
The product is a carbon-rich, porous material that will help stabilise the performance of anaerobic digestion plants and enhance green energy production from food and farming waste. CreChar’s circular solution permanently sequesters carbon in soils helping to secure a Net Zero future.
The investment has come from a new lead investor Green Angel Ventures along with valued existing investors Scottish Enterprise and Old College Capital.
Based on successful lab and industrial trials, Carbogenics’ ambitious growth plan includes building its first production facility in Perthshire to enable the launch of CreChar into the UK anaerobic digestion market.
It’s anticipated the facility will be operational by the end of March next year. The company is also creating new roles across production, operations and business development doubling its size and is in the process of raising further debt and investment finance in the coming months.
“This investment will allow us to scale the business significantly, solidifying our customer base in the UK, and facilitating our European expansion plans,” said Carbogenics CEO, Professor Ed Craig.
“As a Scottish born enterprise, we are delighted to re-invest back into Scotland, accessing the significant market opportunities presented across the UK and Europe where countries like Denmark aim to be 100% powered by biogas by the mid 2030s.
“As energy security joins sustainability as a key priority for the energy transition we believe the UK will grow its use of biogas from the current 1% and mirror its trading partners in Europe.”
CEO of Green Angel Ventures, Cam Ross, said it was Carbogenics potential to make a significant impact on climate change that convinced them to invest.
“Green Angel Ventures invests exclusively in companies fighting climate change. Our 350 specialist angel syndicate members were attracted by the large potential for carbon impact with Carbogenics’ technology, and our Climate Change Fund was a natural additional investor. Professor Craig and his team have developed a process which should genuinely help fight the biggest challenge we need to tackle, and they have our full support.”
CreChar® has a wide range of applications with Carbogenics focusing on its proven ability to enhance and stabilise anaerobic digestion and supporting significant carbon sequestration and fertilisation, locking away carbon for hundreds of years.
Founded in 2016, Carbogenics, a spinout from the University of Edinburgh, was a winner of the top prize in Converge as well as Shell Springboard in 2018.
