The fresh capital comes from Lea Partners, Verve Ventures, and First Momentum Ventures. Turn2x plans to use it to advance the development and expansion of its so-called RNG plants across Europe. RNG stands for Renewable Natural Gas. This renewable natural gas represents the startup from water and carbon dioxide. Electrolysis converts water into hydrogen, and then, with the addition of biogenic CO2, which is produced, for example, during the combustion of biomass, into methane, i.e., biogas. Turn2x's modular RNG plants are designed replace fossil fuelsThe startup aims to avoid 23 million tons of CO2 by 2030. The next plants will be built in Spain, Italy, and Norway, among other places.
Eu-startups.com quoted Nils Seele from Lea Partners:
"We already knew the Turn2x team from other companies. We are therefore excited to be working with them again and supporting them in building even more RNG plants across Europe. Turn2x's technology is groundbreaking and has the potential to save over one billion tons of CO2 over the next decade. We look forward to the company's continued growth and success."
The Managing Director of Turn2x, Philip Kessler, says:
"We are incredibly grateful for the trust and commitment of our investors in this seed round. With this financing, we can take the production of our innovative RNG plants to a new level and help even more countries transition to renewable energy."
