Meva secures €2.9m frunding from InnoEnergy
Biomass innovation consortium that can turn sawdust waste into energy announces early success and secures €2.9m funding.
The Local Residue Energy (Loreen) project, which is developing a cost-effective combined heat and power (CHP) plant fuelled by the gasification of unprocessed, dry biomass residues from agriculture and wood-based manufacturing, is celebrating a stellar first year. Milestones since the projects inception in 2016 have included securing €2.9 million investment from InnoEnergy – the innovation engine for sustainable energy across Europe – the completion of an extensive feasibility study and the optimisation of its demonstration system.
The project consortium is formed of Meva Energy, the developer of small, circular energy systems with a minimum of distribution and parasitic losses, the Research Institute of Sweden (RISE) and a leading international furniture manufacturer.
The initial feasibility studies showed that Meva Energy’s gasification processes will be able to produce heat and power in the range below the commercial viability of existing steam-turbine technology – typically less than 10MWe.
“Meva Energy’s technology and this project are an ideal illustration of what can be achieved through collaborative innovation and market focus,” says Dr. Roland Doll, leader of the Energy from Chemical Fuels Thematic Field at InnoEnergy. “This could be the solution that really expands the possibilities for cogeneration and for biomass.”
Niclas Davidsson, CEO of Meva Energy and Loreen’s project director, says:
“Many of our potential customers have already converted fleet vehicles or begun monitoring energy consumption; they are now ready to take the next step.”
InnoEnergy’s specialist energy knowledge is so important to us. With private VCs more focused on the digital sector, there’s a great need for investors like InnoEnergy in clean tech and related fields.”