GTT Strategic Ventures joins €4 Million funding round to back biogas capture technology
GTT Strategic Ventures joined a €4 million funding round to support CryoCollect, a French engineering firm specializing in gas handling technologies. Engie New Ventures also participated, backing CryoCollect’s advancements in biomethane, carbon dioxide, and hydrogen technologies. CryoCollect focuses on capturing and liquefying biogenic CO2, which can replace fossil CO2 in industrial processes. This investment aligns with GTT’s commitment to sustainable innovations and marks GTT Strategic Ventures’ sixth investment in climate tech leader
GTT Strategic Ventures, the investment fund from the GTT Group focused on supporting sustainable technology leaders, has joined a €4 million funding round to back CryoCollect, a French engineering firm specializing in gas handling technologies, reported Bioenergy Insight.
This investment was made alongside Engie New Ventures, Engie’s fund dedicated to fostering innovative startups that drive the energy transition. The new investors join the company’s founders and existing shareholders.
Founded in 2017, CryoCollect specializes in designing and engineering technologies for gas treatment, liquefaction, and separation, with a focus on biomethane, carbon dioxide, and hydrogen.
As per media report, CryoCollect has assembled a team of engineers and researchers with high-level scientific expertise and extensive industrial experience. The company has notably advanced the capture, purification, and liquefaction of carbon dioxide from anaerobic digestion (biogas), producing liquid biogenic CO2.
This biogenic CO2, part of the natural short carbon cycle, can replace fossil CO2 in industrial processes requiring CO2 as a feedstock, such as in the food and beverage industry or synthetic fuel production.
Philippe Berterottière, Chairman and CEO of GTT, stated: “Our investment in CryoCollect reflects GTT’s commitment to innovation and supporting smart technologies that contribute to a sustainable world. We are excited about this investment, which will accelerate CryoCollect’s advancements in sustainable gas production and enhance the availability of bioLNG and bioCO2. This marks GTT Strategic Ventures’ sixth minority investment in future climate tech leaders.”
Haytham Sayah, CEO and co-founder of CryoCollect, remarked: “CryoCollect is dedicated to innovation and has been focused on developing advanced technologies in energy, particularly in purification, liquefaction, and resource valorization to minimize environmental impact. We are thrilled to welcome GTT and Engie as partners. GTT brings decades of expertise in engineering and technology, while Engie’s broad activities in biogas production, energy efficiency, and bioLNG align well with our technology portfolio. Both investors are committed to accelerating the energy transition.”
Source Link : https://bioenergytimes.com/gtt-strategic-ventures-joins-e4-million-funding-round-to-back-biogas-capture-technology/
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