Turn2X raises €20M Series A to build e-methane plants across Europe
What's the deal? German energy technology company Turn2XDealroom has a profile for this one. Try Dealroom → has raised €20 million (roughly $23.1 million) in a Series A round to roll out commercial plants producing e-methane from renewable electricity in Spain and other markets. Antwerpen Ventures led the round, with continued backing from LEA PartnersDealroom has a profile for this one. Try Dealroom →, First Momentum VenturesDealroom has a profile for this one. Try Dealroom →, and Verve VenturesDealroom has a profile for this one. Try Dealroom →, alongside several industry angel investors.
What's the endgame? Turn2X builds plants co-located with renewable power capacity that use only water and biogenic CO2 as inputs. It first produces green hydrogen, then adds biogenic CO2 to form renewable natural gas, which can move through existing pipelines to high-consumption customers such as factories.
How will the money be used? The company plans to expand its commercial plant rollout across Spain and other geographies, cut e-methane production costs, and hire more staff.
Why now? Earlier this year, a Turn2X project in Spain was among nine hydrogen production projects selected under the European Commission's third European Hydrogen Bank auction, securing a share of the €1.09 billion in total awarded funding.
The signal: At €20 million, the round sits among the larger raises in its class, ranking in the top 17% by amount. That scale reflects growing investor appetite for e-fuels that can slot into existing gas infrastructure rather than require new networks.
Read more: renewablesnow.com
Image credit: Turn2X
