Electrochaea raises 36 million euros

Heat from methane: that is Electrochaea's vision. The Munich-based company has now also received funding from the European Innovation Council for a new plant in Denmark.

According to reports in the Handelsblatt the Munich-based start-up Electrochaea has raised 36 million euros in a Series D financing round. The European Innovation Council has invested 14.9 million euros. Further capital came from existing investors such as Baker Hughes and btov.

Electrochaea intends to use the funds to build a new electrolysis plant with a capacity of ten megawatts at its site in Roslev, Denmark. The company follows a power-to-gas approach. Water molecules are split using electricity from renewable energies. The hydrogen obtained is then converted into methane, which can be used for heating. So far, the company mainly has pilot plants in the USA, Switzerland and Denmark. In Germany, the electricity costs are too high and the framework conditions are still too poor, the company told Handelsblatt.

Electrochaea was founded in 2014 and is based in Munich. Other locations are in Denmark and California. Initial investors included Munich Venture Partners, btov, Sirius Venture Partners, KfW Bank, Focus First Holdings, Energie 360° and Caliza Holding.