Biomass company Cycleenergy raises €10m in venture capital

30 September 2009

Austrian biomass power plant developer Cycleenergy Beteiligungs has raised €10m in second round funding. Portugese private equity firm Banif Investment Managers led the round with a €6m investment through its New Energy Fund, with participation from 3i, a London fund advised by 3TS Capital Partners, and Cycleenergy GmbH.

Laszlo Hradszki of 3TS Capital Partners, said, ‘Cycleenergy currently operates three biomass power plants in Austria and with the funding they will have another three acquisitions. These are already concretely identified and will be closed this and next year. This funding round will secure the company’s position in the Austrian market as a serious consolidator and enable it to attract further funds in the future in order to realize its ambitious plans.’

The funding brings the total investment in Cycleenergy to €17.5m in equity and €60m overall, which will be used to consolidate and expand its presence in the Austrian biomass cogeneration sector.

Cycleenergy founder and CEO Florian Detz said, ‘The company is poised for rapid growth, both in number of operational assets and in terms of profitability. Further investments from New Energy Fund, with continuing support from 3TS, will enable our company to become one of the main players in the sector, and to put strategies into practice that protect our environment, which is what we believe in.’

Cycleenergy operates biomass combined heat and power plants based on feed-in tariffs and long term heat supply contracts, with a focus on operational and greenfield biomass power plant opportunities between ten and 50MW.

Copyright © 2009 NewNet

Tags: biomass, venture capital

This story was published on Wednesday, September 30th, 2009 at 4:45 pm and is filed under Europe, biomass/biofuel, deals. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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