Renewable energy is becoming one of the fastest growing energy sources. The global raw biogas upgrading market is expected to reach $340 million by 2016 and with a compounded annual growth rate of 22%. However a major technical challenge for raw biogas upgrading is how to cost-efficiently utilize unexploited agricultural waste at the small and medium scale and turn it into pure biomethane.
NeoZeo, a spin-out from Stockholm University, has found a novel solution for solving that problem. The company has developed and patented a unique zeolite structured porous material and process for the effective separation of carbon dioxide and methane. The key commercial application is the small and medium scale upgrading or purification of raw biogas into cost-efficient green gas fuel for cars and buses. The new capital investment will finance the design, development and marketing of a commercial-scale biogas upgrading unit and enable initial sales in key target markets during 2014 and 2015.
Toby Moore, Managing Partner of Imprimatur Capital Fund Management in Latvia stated, “We have been impressed by the high technical competence of the NeoZeo team, the positive support of Stockholm University Innovation in the commercialisation of the technology and the strongly growing market in which NeoZeo operates and aims to become a leading player worldwide.”
Petr Vasiliev, Co-founder & CEO of NeoZeo stated that “The investment and Imprimatur Capital Fund Management team are essential to achieve NeoZeo’s targets to make the big step from prototype to pilot to reach the biogas upgrading market and take a technological lead with our small-scale raw biogas upgrading solution for farms.”
Imprimatur Capital Technology Venture Fund has been funded by the Latvian Guarantee Agency managed and EU Structural fund co-financed holding fund, in addition to a number of private sector institutional investors and other private investors.