Antec Biogas aims to take the lead in the global green energy shift - brings on board investment funds Lightrock and Norselab
Antec Biogas is riding the circular wave, and are ready to introduce their first-of-its-kind biogas technology into global markets. Investment funds Lightrock and Norselab, both focusing strongly on sustainable technology, have come onboard as investors in a recent funding round. Antec Biogas now have both the financial backing and the stamp of approval needed to conquer markets with brand new technology.
Imitating the process of nature
Antec Biogas is improving the efficiency and profitability of biogas production by imitating the processes found in nature. Founded in 2014 by brothers Egil and Uno Andersen and Eirik Gundersen, the company delivers patented biogas reactors for industrial use that are publicly recognized for higher efficiency than traditional technologies. With investors Norselab and Lightrock now onboard, alongside existing investor Project Sandwater, they are gearing up to take on a leading role in the global green energy shift.
Working to solve a global challenge by the use of technology, Antec Biogas aims to reduce climate change and improve sustainable energy sources. But convincing investors has not only been easy, Eirik Gundersen, CEO of Antec Biogas shares.
- We have been involved in several lengthy processes with potential investors, and have generally experienced a strong focus on the risk involved. It is not easy to develop and introduce brand new technology into a market for the first time, but too much focus on possible threats will certainly not help you move forward either, he adds.
Spring 2021, Gundersen and Antec Biogas connected with investment funds Norselab and Lightrock through a process facilitated by SEB.
- It was incredibly rewarding connecting with Norselab and Lightrock, who will certainly become strong forces working for what we aim to achieve. What makes them stand out is that all of our conversations leading up to the deal have focused on the enormous opportunity space, Gundersen says. We also consider it a major advantage that both Lightrock and Norselab have solid track records from building and investing in sustainable technology companies, he adds.
- Antec fits perfectly with our investment mandate, says Kevin Bone, Partner at Lightrock.
- Their technology takes biogas to a whole new level and will contribute significantly to Net-Zero, building Antec into a landmark business that delivers both strong environmental impact and attractive business returns, he elaborates.
Going forward, and with new funding in place, Antec Biogas will explore and test various business models. Gundersen emphasizes that this is also one of the reasons why the two investment funds were right for the company.
Yngve Tvedt, Chief Investment Officer at Norselab, says that the fund looks forward to exploring the business opportunities made possible by circular value chains;
- Antec Biogas uses a resource that would otherwise be wasted and efficiently turns it into green energy. On top of that, they also put the residual waste to good use as fertilizer. This is a great example of the circular value chains we will require for the future, and it is without a doubt a massive business opportunity.
- We look forward to supporting Antec Biogas through scaling and international expansion, Tvedt concludes.
The Norwegian energy heritage
According to Eirik Gundersen, his own generation is partly to blame for the world reaching its breaking point in terms of resource use and waste generation.
- So why not take something my generation has helped produce more of and make it useful? As both populations and economies are growing, we are facing increased challenges when it comes to both energy and waste production. By creating green energy using waste we are solving two problems at once, Gundersen says.
Expecting a 20-fold increase
While Antec Biogas aims to solve global challenges, the team is also keen to contribute to driving the green transformation in Norway. With a long tradition of clean energy production in the country and sustainable energy production increasing in demand worldwide, the outlooks are great in global markets.
- We have a strong desire to be part of the global green energy shift, and are strongly motivated by being part of a greater movement. And we believe that the timing for developing a profitable global biogas company out of Norway is great, Gundersen says.
And global trends seem to agree; Global policy spending on biogas production is expected to rise by more than 120bn EUR, and regulatory tightening of waste handling will boost the supply of substrate - enabling at least a 20 fold increase in biogas production.
About Antec Biogas
Antec Biogas has developed a revolutionary process for extracting biogas. The company was established in 2011, based on unique technology originating from the Norwegian University of Life Sciences. Antec Biogas’ patented biofilm reactor provides a faster and more efficient process turning waste into energy. In 2016, the Norwegian company won the Bioenergy Innovation Award - an award presented by SINTED, the Research Council, NMBU and Innovation Norway for Best Green Technology Invention. Antec Biogas is in an industrial growth phase, delivering biogas technology globally.
Lightrock is a global private equity platform backing purpose-driven entrepreneurs tackling the world’s biggest challenges. Since 2007, Lightrock has invested in companies that pursue scalable and tech-driven business models around the key impact themes of people, planet, and productivity/tech for good. Lightrock’s portfolio includes more than 60 high-growth companies, supported by over 50 professionals based in 7 cities across Europe, Latin America, India and Africa. Lightrock is backed by the Princely House of Liechtenstein and LGT, the international private banking and asset management group.
Norselab is a leading Norwegian growth fund established in 2020 that invests in industry-related, data-driven technology companies with a clear contribution to the UN's sustainability goals. The team behind Norselab are seasoned entrepreneurs themselves, with a high level of expertise in scaling and growing technology companies. Through active involvement in the portfolio companies, the fund wants to ensure that aims to help more Norwegian technology companies achieve international success.
About Project Sandwater
Project Sandwater is an ownership environment for investments in Nordic growth companies. The owner community is being established, but has been a shareholder in Antec Biogas through the company Sirkulær Invest AS. Project Sandwater has also invested in a number of other companies with a common goal of contributing to a more sustainable future.