Airex Energy lands C$38m Series B to advance decarbonization solutions

• Cycle Capital led the round
• Also participating were new investor Fonds de solidarité FTQ and existing investors Investissement Québec, Desjardins-Innovatech and Export Development Canada.
• The funds raised will be used by Airex for growth initiatives, including a project that aims to boost biochar production in Europe and North America by 2035

Airex Energy, a Laval, Quebec-based provider of decarbonization solutions, has secured C$38 million in Series B financing.

Cycle Capital led the round, with participation from other backers that included new investor Fonds de solidarité FTQ and existing investors Investissement Québec, Desjardins-Innovatech and Export Development Canada.

Airex produces biochar, biocarbon and biocoal, each of which has multiple applications relevant to climate change. Among the applications sought by industrial players, biochar sequesters carbon in the ground and in other materials, biocarbon is used to produce green steel and other metals, and biocoal is an environmentally-friendly fuel and coal replacement.

The funds raised will be used by Airex for growth initiatives, including a project that aims to boost biochar production in Europe and North America by 2035. Other initiatives include the conclusion of agreements in Quebec’s biocarbon and Asia’s biocoal sectors, as well as continuous improvements in the technology.

“From the outset, we have been convinced of decarbonization’s potential, particularly in polluting industries, as well as of Airex’s patented technology,” said Andrée-Lise Méthot, founder and managing partner of Cycle Capital, in a statement. “As we get ready to launch the large-scale commercialization of biochar and biocoal, we look forward to contributing to Airex’s growth, alongside Airex’s team, strategic partners such as Suez and renowned investors like the Fonds de solidarité FTQ, Investissement Québec and Desjardins.”

Based in Montreal, Cycle Capital invests in climate technology companies that develop solutions to contribute towards climate change mitigation by enabling a net-zero transition, reducing greenhouse gas emissions, and optimizing resources and processes. It has offices in North America, Europe and Asia.