Current investor in Topell, Innogy Venture Capital alongside Yellow&Blue Clean Energy Investment led the consortium of investors.
Topell CEO Jules Kortenhorst said that its proprietary torrefaction technology transforms the low-grade biomass into a homogenous and energy-dense fuel, which is suitable for combustion and gasification applications.
"The additional financing will allow us to ramp up production at our commercial-scale demonstration plant in the Netherlands and to rapidly grow our business through the sale of additional plants," added Kortenhorst.
Additionally, Topell signed a new partnership agreement with the Torftech Group from the UK for manufacturing rights to build and improve Torftech’s Torbed reactors that enable gas and solids to be contacted more efficiently.
Apart from strengthening its financial position, the company also added to its intellectual property catalogue significantly.