September 15, 2021
Amsterdam, Dilsen-Stokkem, 15 September 2021 – Perpetual Next, the world leader in torrefaction technology and producer of bio-carbon, and torrefaction technology specialist TorrCoal are joining forces as of today. The integration of TorrCoal within Perpetual Next will expand the technology solutions that the global chemical, steel and cement industries need to reduce their dependence on fossil carbon for their production. The carbon will only be used for biochemical and production processes and absolutely not for coal fired power plants.
Thanks to this investment, Perpetual Next will be able to offer both ready-to-use biocarbon and various torrefaction technologies to multiple industries. TorrCoal's technology will broaden Perpetual Next's offering to its customers in terms of feedstock for the production of sustainable bio-carbon, including low-grade waste streams such as scrap wood and plastic-containing waste.
Torrefaction: Making renewable carbon from low-grade waste streams
Torrefaction involves converting waste streams into bio-carbon and bio-coal through a thermal refining process. This creates an affordable and renewable raw material with a high energy density and carbon content, which has many applications and can replace fossil carbon.
In the past, dozens of companies have been trying to master this promising torrefaction technology. Many of them failed. Perpetual Next and TorrCoal did succeed. Jointly, they now bring together decades of experience from highly specialised teams. Although they have focused on torrefaction, both companies have developed a different process to master the technology.
High-grade applications for low-grade waste streams
TorrCoal has focused on using scrap wood and recyclable plastic waste as feedstock, as we know it from waste separation stations and environmental parks. TorrCoal knows how to convert this into high-quality carbon and to supply this in powder form to, among others, the biochemical and steel industries. So that these companies can significantly reduce their fossil coal consumption. Perpetual Next is able to upgrade waste streams from wood production into high-grade carbon. Moreover, it has succeeded in producing on an industrial scale. The company has two fully-fledged production facilities in Europe and, with the integration of TorrCoal, a third will be added. The torrefaction process itself is a clean process; the production of bio-carbon takes place in a closed environment to which no extra energy needs to be added. Both Perpetual Next and TorrCoal currently supply the world's largest steel producer ArcelorMittal with high-grade bio-carbon for their steel production process to extract iron from iron ore. The aim is to give these, and other customers access to more low-grade waste streams for high-grade bio-carbon.
Reversed mining to prevent climate change
Rob Melk, CEO TorrCoal ‘One thing is certain: the carbon we produce is of such a high quality that it should only be used in biochemical processes and production processes in which carbon atoms are indispensable. The applications are limitless and as part of Perpetual Next we have even greater leverage to meet them. Let's be clear, we don't want to use it to burn it for low-value applications such as electricity generation.'
Martijn van Rheenen, CEO Perpetual Next: ‘The industry and the world need this. That is why we are happy to join forces with TorrCoal. Because in order to truly prevent further climate change, we will not only have to emit less CO2, we will also have to extract CO2 from the atmosphere. We call this 'reversed mining'. Instead of taking fossil coal out of the ground and adding CO2 to the atmosphere through combustion, we can use our technologies to capture CO2 and store it in products and our soil, thus keeping CO2 out of the atmosphere. That is why we focus exclusively on companies that need carbon atoms for their production process. Think of the biochemical industry, steel production or, for example, the agricultural sector for soil enrichment and CO2 storage. By the way, it is an illusion to think that we can replace all fossil coal use with this. There are simply not enough responsible waste streams for that.’
Scientific research on alternative raw materials
In addition to these technologies, Perpetual Next is investing heavily in research into the use of alternative raw materials such as bagasse (sugar cane residue) and other grasses. To this end, the company is working with Wageningen University & Research on a research program into more than 20 types of raw material and is actively acquiring technologies around the world. Perpetual Next has noticed a strong increase in demand from various industries for on-site torrefaction lines that produce bio-carbon from low-grade waste sources.
Van Rheenen: ‘The battle for high quality biocarbon has begun. This battle is not only about economics: which industries can afford the limited amount of renewable carbon available? But also about ethics: which industries should have the right to use this scarce bio-carbon? Our technologies will help industries win that battle by enabling them to use low-value waste streams for their high-value sustainable products.’
Martijn Dekker (CTO Perpetual Next): ‘The integration of TorrCoal provides Perpetual Next with the additional experience and technology to build on our leadership position. There is a combined experience of many decades and great synergies between the teams of specialists. The requests we receive from the steel, cement and chemical industries could, to a certain extent, be covered by our own technology. The complementary TorrCoal technology enables us to offer an even wider range of solutions in the search for sustainable carbon.’
Perpetual Next and TorrCoal integration
For the time being, both companies will continue to operate in the market under their own names. After the completion of the integration TorrCoal will formally be part of the Perpetual Next company. No announcements will be made regarding the valuation involved in this specific integration of TorrCoal.
Acquisitions and R&D investments as the spearhead of the growth strategy
For Perpetual Next, the integration of TorrCoal is an important part of an investment program to develop, acquire and integrate various torrefaction technologies. The investment will exceed EUR 200 million by 2021 alone. The company has engaged investment bank Jefferies to help meet the financing needs and realise the global growth opportunities. The main objective is to unlock a range of low-value waste streams and associated technologies for various industries. Perpetual Next will explicitly not supply its torrefied bio-carbon for use in coal-fired power plants, which it considers a waste of high-value carbon resources.
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About Perpetual Next
The mission of Perpetual Next is to prevent further climate change by reducing CO2 emissions and capturing and storing CO2 for its customers. Perpetual Next achieves this by preventing waste and upgrading organic waste streams to high-quality raw materials and products using leading technologies. Perpetual Next is organised into three divisions: Trading, Conversions and Technologies. For the storage of CO2, Perpetual Next pursues an active reforestation policy. With its activities, Perpetual Next generates CO2 rights, which are a fundamental part of its business model. Perpetual Next has linked its mission to the UN Sustainability Development Goals, the ESG criteria and the EU Green Deal.
Contact Perpetual Next
www.perpetualnext.com
info@perpetualnext.com
Joost Oostveen, Corporate Communications: j.oostveen@perpetualnext.com | +31(0)620424438
About TorrCoal
TorrCoal strongly believes in the power of bio-carbon. A clean and consistent quality carbon for high quality production processes. TorrCoal has been developing its torrefaction technology since 2005, initially focusing on conversion of organic waste streams to renewable biocarbon. Since then, TorrCoal technology has been continuously improved and optimised in terms of efficiency, consistency, reliability and carbon footprint. To date, TorrCoal is one of the few companies in the world that has been able to achieve a consistent torrefaction process for high-quality organic waste streams on a commercial scale.
Contact TorrCoal
www.torrcoal.com
info@torrcoal.nl
Rob Melk, CEO Invertr Investments & Director TorrCoal: r.melk@invertr.nl | +31(0)653864958
Relevant former press releases: