Swedish electrofuel firm Liquid Wind raises EUR 15.2m in Series B capital

Liquid Wind, a Swedish company developing electrofuel production facilities, has raised EUR 15.2 million (USD 14.8m) in Series B financing from existing investors and UK-based hydrogen specialist investment fund HyCap Fund I SCSp.

The funding, which follows a EUR-4-million Series A financing round last year, will support the company in continuing to build its skills and develop green electrofuel projects for the marine industry, it said on Monday.

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Among the existing shareholders that took part in the funding round are German energy company Uniper SE (ETR:UN01), Swedish equipment manufacturer Alfa Laval AB (STO:ALFA), Siemens Energy AG (ETR:ENR), Danish catalysis company Topsoe and Elyse Energy.

Commenting that methanol can facilitate the green transition of hard-to-decarbonise sectors, Arne Hauner, director innovation at Uniper, said: “European solutions are needed more than ever and together with our strong partners, we have now achieved an important milestone to further support Liquid Wind's growth.”

Last month, Liquid Wind secured an environmental permit for FlagshipONE, a project in Ornskoldsvik, northeastern Sweden, that it owns together with Ørsted A/S (CPH:ORSTED). In August, the company said it will develop its second facility FlagshipTWO in Sundsvall, also in northeastern Sweden. Both plants will produce green electrofuel for the shipping industry.

(EUR 1 = USD 0.972)