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LXP Group closes Series A financing
Biomass will replace crude oil. LXP Group, which has pioneered a proprietary process for conversion of 2G biomass, has come a step closer to realizing this vision with the announcement of new equity funding of €2.6m. The round was led by Munich-based venture investor MIG with its Fund 15. The capital is earmarked for the commercialization of the LXP technology, specifically the construction of an industrial scale demonstration plant.
Today, mostly 1G biomass is used to produce bio-based chemicals and fuels, i.e. “food” biomass such as corn. The startup based near Berlin has developed and patented a chemical process to instead convert 2G biomass, i.e. the leftover agricultural residues, to bio-based chemicals and fuels.
“LXP’s technology is a quantum leap towards full biomass utilization and will enable the processing of 2G biomass to significantly higher value products within a bio-based economy” raves Jürgen Kosch, responsible investment manager at MIG.
Founder and CTO Dr. Friedrich Streffer agrees: “Our technology is a game-changer: simple, highly flexible and with great economics. At the same time, the market for new bio-based platform chemicals is rapidly developing, creating countless opportunities to implement the LX-technology.”
The equity financing is part of a larger financing package currently under negotiation for the development of an industrial scale demonstration plant and brings the total equity capital raised to €5,8m since founding the company in 2009. While the LX-process has been fully proven at lab and pilot scale, an industrial scale demonstration plant is crucial to eliminate any scale-up risks and key for marketing efforts vis-à-vis commercial scale applications.
- Series A financing