Cycleenergy, an Austrian bioenergy group, closed EUR 6.7 million in equity financing for expansion of its biomass and biogas power plant activities in Central and Eastern Europe.

Cycleenergy, an Austrian bioenergy group, closed EUR 6.7 million in equity financing for expansion of its biomass and biogas power plant activities in Central and Eastern Europe.

3TS Capital Partners, a leading CEE growth capital investor backed by 3i in London, led the round. The investment round consists of EUR 4.3 million from 3TS Central European Fund II and EUR 2.4 million from founding shareholder Ventacc.

Florian Dietz, CFO of Cycleenergy commented "We have over 150 MW of capacity in our project pipeline. Closing this round of fundraising enables us to accelerate our business development plans in the region. This is the first step in a series of transactions that should allow us to invest over EUR 100 million in construction and acquisition of bio-power plants across CEE countries."

The company is currently completing construction of a 5.5 MW (nominal) woodchip fired biomass facility in northern Austria. The plant uses OCR technology and is expected to go online this summer.

"Over the past two years we have analyzed various investment opportunities in cleantech, energy and environment sectors in Central Europe. Cycleenergy is now our first cleantech investment with more to come", stated Pekka Maki, Managing Director of 3TS. "We are very pleased with the company's strong management team and financial strength. 3TS has the experience and the resources to support Cycleenergy in becoming one of the leading regional bioenergy players."