Portuguese venture capital fund InterCapital has selected Biorecro as their first venture in Northern Europe and has invested 1M SEK ($100,00 USD). InterCapital is now the lead investor in Biorecro’s current offering.
InterCapital’s Managing Director Joao Paulo Champalimaud observes that Biorecro has created a scalable business model within a rapidly growing sector, and is one of the most exciting clean-tech companies in Europe. “In addition, the BECCS technology Biorecro is developing for their services is also a key technology required to meet critical global climate goals. For these reasons we are confident in our investment decision in Biorecro,” said Mr Champalimaud.
Biorecro’s Chairman Lennart Byström shared, “We are very pleased with the great interest and recognition we’re attracting from international VC firms. We are definitely a solid Swedish company, but ever since the launch of Biorecro, our goal has been to be the global leader within our sector. It is exciting to now have expanded our group of British, American and Swedish investors to also include Portuguese owners.”
Biorecro is a Swedish clean-tech company founded in 2007. The company removes carbon dioxide from the atmosphere using Bio-Energy with Carbon Capture and Storage (BECCS) technology. With BECCS, carbon dioxide-generated through photosynthesis in trees and plants-is captured from the atmosphere, and then permanently stored thousands of meters below ground. By applying the BECCS technology, Biorecro achieves a removal of carbon dioxide from the atmosphere. The Climate Cleanup service offered by Biorecro is a new alternative beyond traditional carbon offsets. Instead of just offsetting for carbon emissions, through the implementation of BECCS carbon emissions can now actually be permanently removed from the atmosphere.
During the first half of 2013 Biorecro has initiated a new offering of shares raising 25 MSEK to fund an expansion of the sales organization in Sweden, the UK, Germany and other parts of Europe. In addition, Biorecro is pursuing several new production-related BECCS projects in North America, Europe and Brazil
