WASE secures £8.5M+ to scale waste-to-energy technology to maximise biogas potential
WASE doubles the amount of methane generated from biomass from previously untreatable waste streams.
Bristol, 27 March 2024 - Empirical Ventures Syndicate invest in WASE, a UK-based startup which is unlocking the power of waste to make it the fuel for the future. WASE was the first investment made by Science Angel Syndicate in 2021, and now the newly rebranded Syndicate, Empirical Ventures, participated in their follow-on round alongside other existing and new investors.
WASE have raised over £8.5 million, including £2.4 million in non-dilutive funding. The financing round was led by Extantia Capital, with participation from Hitachi Ventures, WEPA Ventures, the family venture capital firm of the European multigenerational family business WEPA, and Engie New Ventures, the CVC arm of the global energy company Engie. Other investors include Elbow Beach Capital and Empirical Ventures. The round earmarks funds for WASE to scale operations, execute multi-million pounds of signed contracts and projects in their qualified pipeline, and build out their product offering.
WASE's proprietary Electro-Methanogenic Reactor (EMR) technology is versatile and maximises the amount of biogas produced from biomass in anaerobic digestion (AD) plants, as well as from organic matter in wastewater. Its units increase biogas generation by 30% up to ten times faster. The tech also increases the methane content of biogas to more than 80% compared to conventional AD where methane contents of 50-60% are more typical. WASE's plug-and-play system - which fits into existing infrastructure and is also 50-70% smaller than what is currently available. The modular solution allows customisation, making it much easier for companies to deploy at their site, resulting in more energy production and lower costs in the long run.
Thomas Fudge, Founder and CEO of WASE said: "We want our technology to set a new standard in the waste treatment and energy sectors, by not only optimising waste breakdown but by boosting methane production across the board. We’re seeing a future of Waste-to-Energy that maximises economic and environmental benefits for all players involved, and we aim to play a major part in this transition by becoming leaders in the biogas market. Extantia and ENGIE, who deeply understand this sector, and all the investors supporting us in this round, will be invaluable resources to help us achieve this.”
Carlota Ochoa Neven Du Mont, Principal at Extantia, said: “We strongly believe that biogas and biomethane will soon be a key source of renewables and will make up a growing percentage of the energy mix. WASE's approach doesn’t just increase biogas and biomethane yields from the AD process, making it more profitable and productive, it is reshaping the way industrial businesses are thinking about their resources. We think their cutting-edge technology, the know-how they have built-in commercialising their wastewater solutions, their existing supplier relationships, and their capital-efficient approach positions them well ahead of competitors in this space - and we’re delighted to support them.”
Camille Bonenfant-Jeanneney, Managing Director of ENGIE Renewable Gases Europe said: “ENGIE has the ambition to develop 10 TWh per year of biomethane production capacity in Europe by 2030. We want to accelerate the energy transition and strengthen Europe’s sovereignty. This participation into WASE is a concrete step to deploy innovative technology onto the market and to allow greater efficiency and competitiveness.”
Dr Johnathan Matlock said: “Thomas and Llŷr were the first entrepreneurs we backed at Science Angel Syndicate in 2021 when we made an investment into WASE who had a vision for the valorisation of wastewater in SME industries. We are excited to see this company announce its latest £8.5m round with coverage in TechCrunch as great validation of the early bet we placed. Of course this is still just the beginning of the development of this technology and we stand by ready to continue supporting WASE through this next phase of scaling and building out of their product offering.”
Public Relations Enquiries
Dr Johnathan Matlock, Director
johnathan@empiricalventures.vc
About WASE
WASE is a leading company dedicated to unlocking the potential of waste, transforming it into a renewable energy source for the future. With a focus on sustainability and circularity, WASE partners with industry pioneers to maximise environmental impact through innovative technology and collaborative efforts, fostering circular waste reuse and sustainable energy generation. WASE's proprietary Electro-Methanogenic Reactor (EMR) technology is versatile and maximises the amount of biogas produced from biomass in anaerobic digestion (AD) plants, as well as from organic matter in wastewater. Its units increase biogas generation by 30% up to ten times faster. For more information, please visit www.https://www.wase.co.uk/.
About Empirical Ventures Syndicate (formerly Science Angel Syndicate)
Empirical Ventures leads pre-seed and seed rounds for deep science startups that are creating century-defining technologies. Comprised of a fund and angel syndicate, Empirical Ventures backs exceptional science-led startups that are using the latest technological advances to solve some of the most pressing challenges facing society and our planet. For more information about Empirical Ventures and its mission, please visit empiricalventures.vc.
About Extantia Capital
Extantia Capital is a climate-first venture capital firm accelerating the path to a decarbonised world. Extantia unites mission-driven entrepreneurs, scientists, investors, and business leaders to advance the transition. The platform includes Extantia Flagship, a fund backing scalable deep decarbonisation companies, Extantia Allstars, a fund-of-funds investing in climate venture capital funds, and Extantia Ignite, a sustainability hub advancing knowledge and competence in climate innovation and ESG practices. For more information, visit www.extantia.com.
About Engie New Ventures
ENGIE New Ventures (ENV) is ENGIE’s Research & Innovation investment fund dedicated to innovative start-ups in the field of climate technology. ENV makes minority investments in innovative start-ups that bring strategic value to the Group, with a specific focus on future disruptive technologies. Since 2014, it has invested in over 50 solutions in the cleantech sector, mainly involving renewable energies, energy efficiency and flexibility solutions, and green gases, including hydrogen. ENV has offices in Paris, San Francisco and Tel Aviv. For further information: www.engieventures.com
About Hitachi Ventures
Hitachi Ventures is the strategic venture capital arm of Hitachi Ltd., investing in technologies that address society’s key technological challenges in target areas such as climate tech, energy, IT, industry, and healthcare. With offices in Munich, Boston & Silicon Valley we cover our global investment mandate and have backed world-leading companies such as Ascend Elements (Battery Recycling), Rescale (HPC simulation platform) & ArsenalBio (programmable cell therapy). We look for leading startups with exciting technologies and business models which we support as investor as well as through strategic collaborations with Hitachi business units. For more information, visit https://www.hitachi-ventures.com.
About WEPA Ventures
WEPA Ventures invests in early-stage European start-ups that drive innovation in areas such as circular economy, sustainability software or renewable energy and water technologies. As family venture capital firm, WEPA Ventures is part of the WEPA Group, a future-oriented multigenerational European family business.
About Elbow Beach Capital
Elbow Beach Capital is a private investment company focused on sustainable energy, decarbonisation and social impact businesses. EBC supports exceptional founders and their teams in scaling their businesses through capital investments, coupled with ESG and go-to-market expertise. EBC is currently the UK’s most active specialist seed investor in climate technology, backing innovative entrepreneurs who are building businesses that will have a positive impact on our planet and society. Learn more about Elbow Beach Capital: www.elbowbeachcapital.com