Perpetual Next, a climatetech company that turns organic waste streams into valuable raw materials, announced on June 15 that it has raised €320 million ($337 million) in Series A funding. The Amsterdam-based company works towards carbon removal with projects focusing on renewable CO2, green gases, biochar, and green hydrogen.
Majority shareholder and investor Momentum Capital participated in the round that saw loans conversion to equity and the issuing of €320 million ($337 million) worth of shares that were acquired by third parties. Momentum Capital holds the rest of the issued share capital which amounts to €667 million ($702 million).
Perpetual Next announced it will use the funds to acquire technology and work on carbon removal projects.
“This financing round provides us with two critical assets: the confidence of key investors in our strategy, and the capital to take the next steps in our growth,” said Niels Wage, CEO of Perpetual Next. “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.”
Established by Martijn van Rheenen in 2019 and led by Wage, Perpetual Next was founded by Momentum Capital via merging climate tech portfolio companies.
The goal of Perpetual Next is carbon removal from the atmosphere and capturing carbon from ambient air for its clients to avert further climate change. The company contributes to the circular economy and reuses and upgrades waste flows into high-quality products and raw materials. It is organized into Trading, Conversions, and Technologies divisions.
The company has production facilities in the Netherlands, the UK, Estonia, and Belgium and generates CO2 rights. It has included in its goal the UN Sustainable Development Goals, the ESG standards, and the EU Green Deal.
Perpetual Next acquisition program – which began with the acquisition of TorrCoal in 2021, includes several torrefaction tech solutions. Torrefaction refers to a thermochemical process that leads to partial biomass decomposition creating torrefied biomass or biocoal. The company plans several new acquisitions.
In February 2022, Perpetual Next established a joint venture with Netherlands-based Gasunie, a gas infrastructure, and transportation company. The joint venture aims to allow the construction of a green gas production site in Delfzijl.
Construction of this facility will start after the final investment decision, which is due later in 2022. The company technology will then be scaled up in a comparable factory with a large capacity, and Perpetual Next will be the producer.
Perpetual Next predicts an increase in its annual sale to €250 million ($263 million) in 2025. In addition to the development of new production sites, this expansion is due to large-scale purchase contracts of bio-carbon.