GTT backs Energo’s solution for production of low-carbon fuels

GTT Strategic Ventures, the investment fund of French GTT Group, has participated in a €16.5 million financing round to support the development of Energo, the French start-up that developed a technology based on the plasma catalysis process, which enables the production of renewable energies such as green hydrogen, biofuels or methane from CO2, biogas, and ammonia.

The investment by GTT was made alongside Crédit Mutuel Alliance Fédérale’s Fonds de Révolution Environnementale et Solidaire and Nord France Amorçage.

The French start-up Energo was created in 2018 following academic research at Chimie Paris Tech to develop a technology for producing synthetic molecules using plasma catalysis.

According to Energo, the technology is energy-efficient, competitive, and adaptable to all energy sources. Its fields of application include the recovery of CO2 by methanation, the dissociation of ammonia to produce hydrogen, or the dry reforming of methane to produce hydrogen or organic liquids (methanol, acetone, etc.).

The start-up was the winner of the first class of La French Tech 2030 in 2023, and has benefited, since its creation, from the support of Bpifrance, Ademe, the Hauts-de-France region, the PSL-Chimie Paris University, and the European Union.

Commenting on the investment, Philippe Berterottière, Chairman and CEO of GTT, said Energo’s solutions have the potential to contribute to the decarbonization of maritime transport through the production of low-carbon fuels, as well as to the emergence of the hydrogen sector.

“GTT, through its investment fund GTT Strategic Ventures, is proud to support the development of Energo, which contributes, through its innovative and competitive technologies, to the energy transition. Energo’s solutions have the potential to contribute to the decarbonization of maritime transport through the production of low-carbon fuels, as well as to the emergence of the hydrogen sector. Alongside our co-investors, we will enthusiastically support a talented management team committed to building a sustainable world. Energo is the fifth minority investment for GTT Strategic Ventures, whose ambition is to contribute to the growth of climate tech champions,” he stated.

Vincent Piepiora, CEO of Energo, added: “We are delighted to have finalized this financing round with leading investors in the field of sustainable and responsible investment. This financing will enable us to maintain our technological lead by investing heavily in our R&D and our equipment and energy production facilities. This collaboration will support our expansion, strengthen our market position, boost our innovation and consolidate our ESG approach.”

Sabine Schimel, Managing Director of Crédit Mutuel Impact, commented: “The technology developed by Energo is a highly promising and efficient solution for the production of biofuels, green methanol and green hydrogen. Contributing to the decarbonization of industry and mobility, this operation is fully in line with the investment strategy of our fund ‘Révolution Environnementale et Solidaire’, funded by Crédit Mutuel Alliance Fédérale’s ‘dividende sociétal’. We share the ambition and the industrial vision of Energo’s founders, and are proud to support the company over the long term, paving the way for a new scale and commercial success of its technology with a high environmental impact.”