The European Investment Bank (EIB) announced on Thursday that it is extending €40 million (approximately $46.4 million) in venture debt financing to Swedish cleantech company Meva Energy AB. The funding aims to support the expansion of Meva’s modular gasification technology, which converts biomass residues into climate-neutral industrial biogas.
Backing from InvestEU Programme to Expand Biogas Production
The financing is backed by the European Commission’s InvestEU programme and will enable Meva to grow beyond its current demonstration plant located in Kisa, Sweden. The company plans to deploy decentralised, on-site biogas units across Europe, helping manufacturing industries replace fossil gas with renewable alternatives.
According to the EIB, Meva’s plants utilize local biomass residues—such as agricultural and wood waste—to produce renewable fuel and biochar, providing a sustainable energy source for industrial use.
Innovative Modular Gasification Technology
Meva’s modular gasification system operates by converting biomass at high temperatures in an oxygen-limited environment to generate industrial-grade biogas. This process also produces biochar as a by-product, which can be used for carbon storage in soil, contributing to negative emissions and climate mitigation efforts.
Financing Specific Projects for Industrial Clients
The loan will fund several key projects, including technology upgrades at Meva’s existing gasification plant with tissue manufacturer Sofidel in Kisa. It will also support the construction of a new gasification unit for Ikea in Poland and a fossil-free copper smelting project for Elcowire Group in Sweden.
