Meva Energy bags €9M investment to decarbonise Europe

Göteborg-based clean energy company Meva Energy has secured a €9 million investment from AXA IM Alts. This funding will bolster Meva Energy’s commitment to decarbonisation initiatives across Europe, specifically focusing on advancing clean energy adoption in the manufacturing sector.

“We believe that an investment from one of the world’s largest asset managers who also shares our company’s vision for the future will be highly beneficial for Meva Energy,” Niclas Davidsson, CEO of Meva Energy, said.

He maintained this partnership would greatly benefit Meva Energy and its customers as they work together to achieve a net-zero future.

Davidsson explained that the investment marks an “important milestone.” It provides the company with the financial capacity to fund the establishment of new energy facilities and facilitate its ongoing global expansion efforts.

Meanwhile, AXA IM Alts investment manager Jonathan Dean underlined the need for the industrial sector to make a major shift. He highlighted the importance of transitioning to green energy sources for the international climate agenda.

Dean lauded Meva Energy as an innovative solution for climate mitigation in the industrial sector, offering cleaner power sources and displacing fossil fuels in industrial processes.

“We look forward to working with the business as it continues to build scale,” he said, adding that AXA IM Alts’ impact objectives align closely with Meva Energy’s mission.

About Meva Energy

Meva Energy is a company specialising in gasification technology for renewable energy production. It focuses on small-fraction fuels and is committed to providing highly efficient solutions for renewable industrial gas or power.

The company traces its roots back to 1995, when research on biomass gasification began at the Luleå University of Technology and the Energitekniskt Centrum (ETC) gasification centre in Sweden.

Meva Energy was officially founded in 2008. The company established its office in Skellefteå. A pilot plant of 400 kW was designed and developed in 2009 at ETC, serving as a test bed for system verification and fuel tests.

In 2011, Meva Energy received its first order for a full-scale commercial plant from the local utility company Pite Energi in Sweden. This plant, located in Hortlax, was designed to produce 1.2 MW of electricity and 2.4 MW of heat.

The company then established a collaborative partnership and distribution agreement with Cummins Inc. Cummins supplied the Hortlax plant with its QSV91 gas engine.