GTT Strategic Ventures and Engie New Ventures Invest in CryoCollect
[By: GTT Strategic Ventures]
GTT Strategic Ventures, the GTT Group investment fund dedicated to supporting sustainable tech champions, announces that it has participated in a 4 million € financing round to support the development of CryoCollect, a French engineering company specialized in gas handling technologies. This investment was made alongside Engie New Ventures, Engie’s investment fund for innovative start-ups which help accelerate the energy transition. The new investors join the founder and historic shareholders of CryoCollect.
Since its creation in 2017, CryoCollect has specialized in the design and engineering of gas treatment, liquefaction and separation technologies for gases such as bio-methane, carbon dioxide and hydrogen. CryoCollect has built a multidisciplinary team of engineers and researchers, combining high-level scientific expertise with robust industrial know-how.
The company has especially pioneered the capture, purification and liquefaction of carbon dioxide contained in exhaust gases from anaerobic digestion (biogas), enabling the production of liquid biogenic CO2. Such biogenic CO2, which is part of the natural short carbon cycle, can replace fossil CO2 in industrial processes which require CO2 as a feedstock, such as the food & beverage industry or the production of synthetic fuels. With more than a dozen references already marketed, CryoCollect’s CO2 capture technology for biogas is, by far, the technology with the largest number of actual deployments.
CryoCollect applies its know-how in gas processing and liquefaction in other areas to accelerate the energy transition, notably industrial and CO2 capture on-board vessels, re-liquefaction of CH4 boil-off, BioLNG liquefaction to transport bio-methane, as well as its’ use as a sustainable fuel.
Philippe Berterottière, Chairman and CEO of GTT, declared: “Investing in CryoCollect aligns with GTT’s commitment to innovation and pioneering smart technologies that contribute to building a sustainable world. We are thrilled with this investment, poised to accelerate CryoCollect’s developments in sustainable gas production, thereby expanding the availability of bioLNG and bioCO2. This advancement will play a pivotal role in producing of low-carbon fuels for the maritime industry. CryoCollect marks the sixth minority investment for GTT Strategic Ventures, our investment fund dedicated to future climate tech champions.”
Haytham Sayah, CEO and co-founder of CryoCollect commented: “At CryoCollect, we are passionate about innovation. Since our inception in 2017, we have been committed to developing cutting-edge technologies in the field of energy, focusing on purification, liquefaction, and the valorization of natural resources to reduce environmental impacts. Engie and GTT are natural partners for us and we are delighted to welcome them on board. GTT has decades of experience in building a robust and efficient engineering and Technology Company. While Engie embraces a large array of activities (in biogas production, energy efficiency in the industry, bioLNG, etc.) that have a great fit with our portfolio of technologies. Both investors are strongly committed to accelerating the energy transition.”