Triogen Group, a supplier of waste heat recovery solutions, has closed a EUR6.5m financing round.
Wadinko NV joined as a new investor and led the round. Existing investors Yellow&Blue, Intervest and management also participated in the round.
The new funding builds on strong results to date and will be used to further accelerate growth within the EU and internationally, as well as to strengthen ties with strategic partners. Over the past years Triogen has expanded its reseller network and installed base to ten countries, proving commercial validation and operational robustness in a broad range of markets, regulatory environments and customer applications. Commercial momentum has resulted in a strong order portfolio with 2013 unit sales already exceeding the cumulative FY 2012 and FY 2011 number.
Based on the Organic Rankine Cycle principle (ORC), Triogen’s solutions convert waste heat into valuable electricity and hot water where heat would otherwise be wasted or cooled away to ambient air
Triogen’s technology ensures higher efficiency of existing processes as well as reductions in fuel costs and CO2 emissions, generating attractive financial returns for owners.
Will Wesselink, managing director of lead investor Wadinko, says: “Triogen has tremendous potential having developed the market-leading waste heat recovery solution that has now created impressive new revenue streams for a number of customers across a range of geographies. We are looking forward to working with this dynamic team and helping to drive further transformation in the business. We are committed to providing the capital and management support that Triogen needs to succeed and grow.”
Ron aan de Stegge, director of Triogen, says: “Triogen has achieved significant results so far, both technologically with proven uptime up to 98 per cent and a range of application areas as well as commercially with sales in ten European countries. We see significant opportunities for our technology and are very excited to expand our business as can be seen by the momentum created in the first half of 2013 in which we added two application areas as well as first sales in Finland, Slowakia and Latvia. We are delighted to have secured further investment which will help us to further improve this momentum, accelerate our specific growth plans and to capture future opportunities suitable for quality ORC units.”
