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Austrian bio-energy start-up secures British funding

Countryside © ADVANTAGE AUSTRIA

© ADVANTAGE AUSTRIA

26. June 2007

 
 

CycleEnergy, an Austrian bio-energy power plant project company founded by the investment company Ventacc has received backing from the British private equity and venture capital group 3TS Capital Partners.

Over the next four years, 3TS Capital Partners, which is backed by 3i in London, will invest over EUR 100m (£67m) in the construction and acquisition of bio-power plants across the CEE countries. CycleEnergy’s CEO, Florian Dietz, said that a stock market flotation is planned for 2011.

CycleEnergy is a bio-energy group focused on decentralised, rural renewable energy solutions. The company constructs and operates biomass and biogas combined heat and power (CHP) plants across Central and Eastern Europe. Woodchips are what the Austrian start-up is currently focused on, but it says it can adapt its power generation to whatever waste products are available in the surrounding areas.

The company is currently completing construction of a 5.5 MW woodchip fired biomass facility in Allentsteig in northern Austria. Two further plants are planned for Poland and the Czech Republic. Florian Dietz is predicting a turnover of EUR 1.6m (£1m) for 2007 rising to EUR 10m (£6.7m) in 2008.

“Over the past two years we have analysed various investment opportunities in the cleantech, energy and environment sectors in Central Europe. CycleEnergy is now our first cleantech investment with more to come," explains Pekka Maki, Managing Director of 3TS. “We are very pleased with the company’s strong management team and financial strength.”

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