GÖRG advises Electrochaea on further financing round
Paris/Munich (energate) — The power-to-gas plant manufacturer Electrochaea has raised further growth capital via a financing round. The gas storage operator Storengy has joined as a new investor. According to Storengy, the move is intended to position the company in a growth market. The companies did not disclose the amount of the investment. Eletrochaea’s existing investors, including the development bank KFW and venture capitalists Munich Venture and B‑to‑V Partners, Caliza and Focus First also participated in this financing round. In parallel, Storengy and Electrochaea announced their intention to jointly implement commercial projects in Europe and North America based on the developed power-to-gas technology. They did not give details.
Advisor Electrochaea: GÖRG Partnership of attorneys mbB
GÖRG Partnerschaft von Rechtsanwälten mbB, under the lead of Dr. Christian Glauer, advised Electrochaea GmbH on another financing round.
Dr. Christian Glauer, Associate Partner, M&A/Corporate Law, Munich
Dr. Bernt Paudtke, Partner, M&A/Corporate Law, Munich
Dr. Christian Bürger, Partner, Antitrust Law, Cologne
Tobias Reichenberger, Associate, M&A/Corporate Law, Munich
Baker & McKenzie Partnership of Lawyers and Tax Consultants mbB
Holger Engelkamp B.Sc. LL.M., M&A/Corporate, Berlin
Based on biocatalysis, Electrochaea offers an internationally patented key power-to-gas technology (photo). It recycles CO2 cost-effectively while producing storable and versatile renewable natural gas from renewable electrical energy. The first large-scale plant is successfully in operation in Denmark. By 2025, plants with a capacity of more than one gigawatt are to be built.
With its unique bioreactor, Electrochaea’s technology offers a solution for energy storage, carbon dioxide (CO2) recovery and renewable fuel production in the form of synthetic methane. The unique feature of Electrochaea technology is its proprietary reactor and patented catalyst, which consists of an exceptionally efficient and robust strain of Archaea* that converts green electricity into methane along with CO2 and hydrogen. The functionality was tested and further developed in the world’s first and largest biomethanation plant near Copenhagen, Denmark. The benefits of biological methanation are impressive; it enables long-term energy storage, decarbonization of the gas grid and gas use (including industry and mobility), and enables independence from fossil fuels.
Storengy, a wholly owned subsidiary of ENGIE, is a leading global provider of natural gas underground storage. Thanks to its 60 years of experience, Storengy designs, develops and operates gas storage facilities and offers its customers innovative products developed on the basis of long experience and reliable technology. The company operates natural gas storage facilities with a volume of 12.2 billion cubic meters. Building on its globally recognized expertise and operator and dealer experience in storage capacity in Germany, the UK and France, Storengy is positioning itself as a market leader, particularly in the areas of geothermal energy development (heating, cooling and power generation) and innovative energy supply. Solutions for the production and storage of environmentally friendly renewable energies (biomethane, hydrogen, power-to-gas, synthetic methane, .…). Storengy makes its know-how available to its customers around the world.