WASE raises £8.5 million to step-up waste-to-energy technology
The United Kingdom based start-up WASE has said that it has successfully raised over £8.5 million in funding, with £2.4 million coming from non-dilutive sources. Extantia Capital led the financing round, joined by investors such as Hitachi Ventures, WEPA Ventures, the family venture capital firm associated with the European multigenerational business WEPA, and Engie New Ventures, the corporate venture capital arm of the global energy company Engie.
Additionally, Elbow Beach Capital and Empirical Ventures have contributed to the investment.
The funds raised are designated to facilitate the expansion of WASE’s operations, support the implementation of multi-million-pound contracts and projects in their established pipeline, and enhance their product portfolio.
WASE specializes in proprietary Electro-Methanogenic Reactor (EMR) technology, which significantly amplifies biogas production from biomass in anaerobic digestion (AD) plants and organic matter in wastewater. The company claims that its units can boost biogas generation by up to 30%, and at a rate up to ten times faster compared to conventional methods. Furthermore, the technology enhances the methane content of biogas to over 80%, contrasting with the more typical 50-60% methane content found in conventional AD processes, according to the firm’s statements.
Thomas Fudge, Founder & CEO, WASE, said, “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.”
Carlota Ochoa Neven Du Mont, principal at Extantia, added, “We strongly believe that biogas and biomethane will soon be a key source of renewables and will make up a growing percentage of the energy mix. WASE’s approach doesn’t just increase biogas and biomethane yields from the AD process, making it more profitable and productive, it is reshaping the way industrial businesses are thinking about their resources.”
