While the focus on the energy transition is increasing and new regulations are emerging, companies like are now finding opportunities to develop alternative and sustainable energy sources. One fact that is gaining more and more importance is the contribution of natural gas to global CO2 pollution. After all, the amount of CO2 produced by burning fossil natural gas is nearly six times the total CO2 emissions of the aviation industry.
With a successful seed funding round of €4.3 million, German company TURN2X is now looking to further advance its innovative renewable natural gas (RNG) production technology. The financing round was led by LEA Partners with participation from Verve Ventures, First Momentum Ventures and industry experts.
The idea for TURN2X originated in Africa. Founder Philip Kessler experienced the effects of climate change firsthand while on sabbatical abroad and saw the urgent need to reduce CO2 emissions. “We have too much CO2 in the atmosphere, mainly because we burn too many fossil fuels. Methane in particular is a major contributor, even though it can actually be produced in a CO2-neutral way,” he says.
Back in Germany, Kessler meets his co-founders Dr. Dominik Schollenberger and Benedikt Stolz at the Karlsruher Institut für Technologie (KIT), with whom he founds TURN2X in 2022. With their technology, they convert renewable energy from sources such as solar and wind into renewable natural gas (RNG) – a clean and green alternative to fossil natural gas.
Founded in 2022, TURN2X’s technology is based on Schollenberger’s research, which he conducted for more than a decade at KIT in Karlsruhe, Germany. TURN2X’s patented modular methanation reactor can handle variable load changes – an industry first. This technology is characterized by its ability to adapt to fluctuating energy supply from renewable sources, making it a promising solution for renewable energy production. Since 2019, the first plant has already been located in Brandenburg, Germany, feeding its renewable natural gas into the German grid.
“We already know the TURN2X team well from other companies, so we are very excited to work with them again and help them build more RNG plants across Europe. TURN2X’s technology is cutting-edge and has the potential to save over 1 billion tons of CO2 over the next decade. We look forward to the company’s continued growth and success,” said Nils Seele, Partner at LEA Partners.
Philip Kessler now intends to use the fresh capital to drive the growth of TURN2X and the development and expansion of RNG production facilities across Europe. The main goal: to help the world transition to a net-zero energy supply and thus contribute to mitigating climate change. Countries and companies in the maritime industry, as well as municipal utilities and energy-intensive industries should achieve net zero as a result.
“We are incredibly grateful for the trust and commitment of our investors in this seed round,” said Philip Kessler, CEO of TURN2X. “With this funding, we can take our innovative RNG production to the next level and help more countries make the critical transition to renewable energy.” The next RNG plants will now be built in Spain, Italy and Norway, among other countries.
Read the orginal article: https://www.eu-startups.com/2023/06/munich-based-turn2x-secures-e4-3-million-to-expand-production-of-renewable-natural-gas-across-europe/
