Perpetual Next in Top 60 XPRIZE Carbon Removal More

Press Release: Perpetual Next raises EURO 320 million of new capital in Series A financing round

June 15, 2022

Amsterdam, 15 June 2022 – Perpetual Next, the Dutch climate tech company that upgrades biological waste streams into renewable raw materials such as bio-carbon and green gas, has acquired €320 million in new equity capital in a Series A financing round. The company will use the capital for technology acquisitions and projects aimed at carbon removal: storing carbon in products that would otherwise end up in the atmosphere as CO2. Perpetual Next's share capital comes from majority shareholder and investor Momentum Capital; the conversion of loans to equity capital; and issuance of shares to new investors. The €320 million in Series A shares were acquired by third parties. The remainder of the issued share capital of €667 million is held by Momentum Capital.

Leading torrefaction technology
In 2019, Perpetual Next was founded by Momentum Capital through the merger of portfolio companies that had been active in climate tech for many years. The companies’ production facilities are located in the Netherlands, Belgium, the United Kingdom and Estonia. In 2021, with the acquisition of the Belgian TorrCoal, Perpetual Next has started an acquisition program that combines several leading torrefaction technologies. Several acquisitions are planned in the coming period.

Green gas in Delfzijl
In February of this year, Perpetual Next set up a joint venture with Gasunie to enable the construction in Delfzijl of a production facility for green gas, as an alternative to fossil natural gas. The final investment decision for this green gas project is scheduled for later this year, after which construction can start. This will be followed by further scaling up of the technology in a similar plant with significant capacity increase, with Perpetual Next taking on the producer role.

Expected revenue growth
Due to large-scale purchase contracts for bio-carbon (such as with steel manufacturer ArcelorMittal) and the construction of new production facilities, the annual turnover of Perpetual Next is expected to grow to EUR 250 million in 2025 with an expected EBITDA of EUR 80 million.

Niels Wage, CEO of Perpetual Next: “This financing round provides Perpetual Next with two critical assets: the confidence of key investors in our strategy, and the capital to take the next steps in our growth. This enables the upscaling of our technology to harvest the carbon value of waste streams by converting them into alternatives to fossil raw materials. The demand for this is high, because the whole world wants to produce more sustainably. Now we can seriously invest in capacity to meet this demand.”

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About Perpetual Next
Perpetual Next's mission is to prevent further climate change by reducing CO₂ emissions and extracting CO₂ from the atmosphere for its clients. Perpetual Next achieves this by reusing residual flows and by upgrading organic residual flows into high-quality raw materials and products using leading technologies, thereby contributing to the circular economy. Perpetual Next is organized into three divisions: Trading, Conversions and Technologies. Perpetual Next generates CO₂ rights with its activities, 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.