Two years after the company’s establishment and its first fundraising of €3m ($3.3m), Cryo Pur raised an additional €6m ($6.6m), again through the Xerys funds, in order to finance its development. The innovative technology company strengthens its equity and its industrial organisation to ready itself for a growing order intake.
“This new fundraising will enable us to achieve our main objectives, namely taking orders on the one hand and industrial growth on the other hand,” said Denis Clodic, CEO and Founder of Cryo Pur.
“Cryo Pur aims to be the global leader in the production of liquid biomethane,” confirms Denis Clodic, a member of the French Academy of Technology and co-winner of the 2007 Nobel Peace Prize for his contributions to the IPCC (Intergovernmental Panel on Climate Change). He adds, “Liquid biomethane (bio-LNG) is a completely carbon-free fuel since it is produced from organic waste, and it is easily stored and transportable.”
Thanks to its technological lead in cryogenics applied to biogas, Cryo Pur is today the only company offering a range of solutions for the applications, Cryo Fuel, Cryo Dist, Cryo Haul and Cryo CO2.
Cryo Pur garners commercial success
The industrial demonstrator in operation at the SIAAP Waste Water Treatment Plant in Valenton (Paris area), installed in a partnership with SUEZ, has acted as a showcase for the technology, enabling Cryo Pur to convince its first customers to invest in its industrial units, which cost from €2m ($2.2m) to €6m ($6.6m) per contract. Cryo Pur was quickly spotted by industrial players in the waste and biogas sectors, and has focused its commercial development in Western Europe: France, the UK, Italy, the Netherlands and Scandinavia.
In 2016, Cryo Pur signed its first commercial contract in the UK. Cryo Pur has also been selected as a turnkey supplier for two agricultural biogas projects in France based on the remote injection model: liquid biomethane produced on an agricultural site is transported by truck to a site connected to the natural gas grid, with a sufficient capacity for year- round biomethane intake.
Finally, Cryo Pur is in advanced discussion to launch a project in Italy using biogas from municipal organic waste, as well as several projects with landfill management companies, where the gas requires a specific treatment, including the liquefaction of biomethane.
Cryo Pur strengthens its industrial organisation
Cryo Pur’s growth prospects have led the management team to commit dedicated resources for the design and manufacture of industrial units as well as the supervision of subcontractors.
Cryo Pur is currently developing a range of units able to treat 100 to 2,000 Nm3/ h of biogas, which represents production rates between approximately 1 and 20 tonnes of biomethane per day, and allows to cover practically all the opportunities under consideration today.
The model of Cryo Pur is based on mastering the detailed design of its units, in particular through its Process and Design teams, and on managing the manufacturing in partnership with sub-contractors specialised in the Oil and Gas industry. This model ensures the control of margins for Cryo Pur, and the reliability of the units for customers.