Unipension, the DKK89bn (€12bn) Danish pension administration group, has co-led a €15m financing round at innovative biofuels company BioGasol.
BioGasol technology converts agricultural waste and wood into replacements for conventional fuels.
“We have for some time monitored BioGasol and the substantial progress it has made,” said Unipension’s Chief Investment Officer Niels Erik Petersen.
“We are particularly impressed by the recent development of the company and its ability to achieve early commercial traction.
“We fully support management and the team of highly skilled employees in their efforts to achieve strong operational growth and financial performance.”
Unipension is the umbrella body for several funds in Denmark, including those for architects, academics and veterinary surgeons. It has around 100,000 members.Danish pension funds have been among the leaders in investing in renewables.
BioGasol said its raised €5m in new equity financing from Unipension and current majority shareholder Fjord Capital Partners, the London-based clean energy investment boutique that was an early backer of electric car pioneer Tesla Motors.
BioGasol also announced a €10m grant from the Danish Energy Agency. The new cash will enable the six-year-old firm to build its production capacity.
“BioGasol welcomes Unipension as a new investor in the Company,” said BioGasol Chairman and Fjord Senior Partner Arild Nerdrum.
“We appreciate the support from this significant institution.”
BioGasol was founded in 2006 as a spinout from the Technical University of Denmark. BioGasol