UK-based startup WASE secures £8.5m to scale waste-to-energy technology

UK-based startup WASE secures £8.5m to scale waste-to-energy technology

Published: 28-03-2024 14:47:00 | By: Pie Kamau | hits: 1001 | Tags:

WASE, a UK-based startup that is unlocking the power of waste to make it the fuel for the future, announced it has secured £8.5 million funding round. The round was led by Extantia Capital, with participation from Hitachi VenturesWEPA Ventures, the family venture capital firm of the European multigenerational family business WEPA, and Engie New Ventures, the CVC arm of the global energy company Engie. Other investors include Elbow Beach Capital and Empirical Ventures

The round includes £2.4 million in non-dilutive funding. The round earmarks funds for WASE to scale operations and execute multi-million pounds of signed contracts and projects with the customers while building out product offering.

Thomas Fudge, Founder and CEO, WASE: ''We want our technology to set a new standard in the waste treatment and energy sectors, by not only optimising waste breakdown but by boosting methane production across the board. We’re seeing a future of Waste-to-Energy that maximises economic and environmental benefits for all players involved, and we aim to play a major part in this transition by becoming leaders in the biogas market. Extantia and ENGIE, who deeply understand this sector, and all the investors supporting us in this round, will be invaluable resources to help us achieve this.''

This investment is crucial in the next stage of WASE's scale-up strategy and the delivery of its proprietary Electro-Methanogenic Reactor (EMR) technology to customers. WASE's units increase biogas generation by 30%, up to ten times faster than AD. The tech also increases the methane content of biogas to more than 80% compared to conventional AD where methane contents of 50-60% are more typical.

The plug-and-play system fits into existing infrastructure and is 50-70% smaller than what is currently available. The modular solution allows customisation, making it much easier for companies to deploy at their site, resulting in more energy production and lower costs in the long run.

Camille Bonenfant-Jeanneney, Managing Director, ENGIE Renewable Gases Europe: ''ENGIE has the ambition to develop 10 TWh per year of biomethane production capacity in Europe by 2030. We want to accelerate the energy transition and strengthen Europe’s sovereignty. This participation into WASE is a concrete step to deploy innovative technology onto the market and to allow greater efficiency and competitiveness.''