BAKU, Azerbaijan, October 24. The European Investment Bank is providing €40 million in venture debt financing to Meva Energy AB, a Swedish cleantech company developing modular gasification plants that convert biomass residues into climate-neutral, industrial-grade biogas, Trend reports.
The innovative fuel can directly replace fossil gas across various industries, supporting Europe’s transition to cleaner energy and greater energy independence.
The EIB’s investment will help Meva scale up beyond its demonstration plant in Kisa, Sweden, enhancing its technology and enabling entry into new markets. The project is backed by the European Commission’s InvestEU program.
The loan will fund upgrades to Meva’s first-of-its-kind plant with tissue producer Sofidel in Sweden, the construction of a gasification unit for IKEA in Poland, and the world’s first fossil-free copper smelting facility for Elcowire Group in Sweden.