The renewable natural gas (RNG) industry in Benelux is rapidly evolving, driven by sustainability goals and technological advancements. This sector primarily focuses on producing gas from organic waste, agriculture by-products, and biomethane, which can replace fossil fuels. Various companies, from startups to established firms, engage in biogas production, upgrading technologies, and distribution systems. Significant investment flows and government policies favor the shift toward greener energy sources, paving the way for a cleaner future. With increasing demand for cleaner alternatives and market innovations, the industry is set for robust growth, translating environmental benefits into economic opportunities.


The landscape of renewable natural gas investors is vibrant in the Benelux region, featuring a mix of venture capital firms, private equity entities, and corporate investors. Companies like EDFI ElectriFI in Belgium and SET Ventures in the Netherlands illustrate varied investment approaches. In total, these investors range from small teams to large corporate structures, with deal counts reflecting an active engagement in 2024 for future growth. Founded as early as 1926 and as recently as 2014, these investors collectively support the transition to renewable natural gas, showing significant commitment over multiple investment rounds.


Top 13 Renewable Natural Gas Investors in Benelux


1. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. The EIB's customers include public and private organizations seeking funding for initiatives that promote growth and job creation. In recent years, the EIB has been involved in several significant transactions in the renewable energy sector, such as providing debt financing to Enel Green Power, which raised over $609 million, and to Repsol Energy Ventures, which secured approximately $635 million. Additionally, the EIB has supported Energias de Portugal and Iberdrola with substantial debt financing, further demonstrating its active role in financing renewable energy projects. These transactions highlight the EIB's commitment to supporting sustainable energy initiatives, which may include renewable natural gas projects.


2. InnoEnergy

  • Website: innoenergy.com
  • Type: Venture Capital
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 2010
  • Headcount: 201-500
  • Number of deals in 2024: 52
  • LinkedIn: innoenergy

EIT InnoEnergy is a not-for-profit organization founded in 2010, based in Eindhoven, North Brabant, Netherlands, dedicated to accelerating sustainable energy innovations. It serves as a marketplace for energy solutions, offering training programs and support for innovators and corporates in the energy sector. InnoEnergy collaborates with various stakeholders to tackle the challenges of energy transition and sustainability. Among its investments, InnoEnergy has participated in funding rounds for companies like Naoden, which focuses on waste-to-energy technology, and Meva Energy, which is involved in renewable energy solutions. These transactions highlight InnoEnergy's commitment to fostering innovations that contribute to the renewable energy landscape, including renewable natural gas.


3. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, such as the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC also provides business acceleration services, networking opportunities, and prizes to promote innovation in multiple sectors. Notably, the EIC has been involved in significant transactions related to renewable natural gas, including funding for Electrochaea, which raised over $20 million in a venture round, and TreaTech, which secured CHF 9 million in Series A funding with EIC's support. These investments highlight the EIC's commitment to fostering advancements in renewable energy technologies, including those that contribute to the renewable natural gas industry.


4. EDFI ElectriFI - The Electrification Financing Initiative


EDFI ElectriFI - The Electrification Financing Initiative is a not-for-profit impact investment facility based in Belgium, established in 2016. It focuses on financing renewable energy projects in developing countries, providing both equity and debt financing along with technical assistance to improve access to clean energy. The organization targets renewable energy companies and projects, particularly in rural and underserved areas, to help them achieve sustainable energy solutions. Notably, EDFI ElectriFI has invested in Sistema.bio, which raised $12 million in a Series A round to develop affordable biogas equipment for small and remote farms, and a subsequent $15 million in a venture round. This investment aligns with the goals of promoting renewable natural gas solutions, as biogas is a key component of this sector. Additionally, their funding of Husk Power Systems for solar hybrid microgrids demonstrates their commitment to renewable energy, although it is not directly related to natural gas.


5. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton partners with management teams to address challenges and drive growth, providing operational expertise and capital to help companies unlock their full potential. Notably, Triton has been involved in several significant transactions, including the acquisition of OCU Group in 2022, which aims to facilitate further investment in both regulated and non-regulated opportunities in the context of the UK's energy transition towards renewable power. Additionally, their acquisition of DeepOcean in 2016 and the recent agreement to acquire Siemens Energy's Trench business highlight their strategic investments in sectors that may intersect with energy and infrastructure, potentially relevant to renewable natural gas initiatives.


6. SET Ventures

  • Website: setventures.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: setventures

SET Ventures is a venture capital firm based in Amsterdam, Netherlands, founded in 2007. The firm is dedicated to advancing a carbon-free energy system by investing in innovative energy technologies and supporting energy entrepreneurs with both capital and insights. Their portfolio primarily consists of startups in the energy sector that are focused on reducing carbon emissions and promoting renewable energy. Notable transactions include their recent investment in tibo energy, a Dutch startup that raised €3M in seed funding to expand its operations, which may include renewable energy solutions. Although their investments in companies like General Fusion and ESFORIN are more aligned with fusion energy and algorithm-based trading for renewable energy integration, respectively, they reflect a commitment to innovative energy solutions that could encompass renewable natural gas technologies in the future.


7. Triodos Bank

  • Website: triodos.com
  • Type: Venture Capital
  • Headquarters: Driebergen-Rijsenburg, Utrecht, Netherlands
  • Founded year: 1980
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: triodos-bank

Triodos Bank N.V. is a public entity operating as an ethical bank focused on sustainable finance. Founded in 1980 and based in Driebergen-Rijsenburg, Utrecht, Netherlands, Triodos Bank offers services such as depository receipts, green bonds, and investment management, catering to individuals and businesses seeking to align their financial activities with ethical and sustainable practices. The bank operates in multiple European countries, promoting transparency and positive impact in the banking sector. Notably, Triodos Bank has made significant investments in the renewable energy sector, including a $12 million Series A investment in Sistema.bio, which develops affordable bio-gas equipment for small farms, enhancing their environmental sustainability. Additionally, they have invested in Powergen Renewable Energy and EINHUNDERT Energy, further demonstrating their commitment to supporting renewable energy initiatives. Their involvement in these transactions highlights their active role in promoting renewable natural gas solutions.


8. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Their clientele primarily consists of entrepreneurial companies seeking capital and expertise to navigate market challenges. Notably, Gimv has been involved in significant transactions related to renewable energy, such as their investments in McPhy Energy, which focuses on hydrogen storage technology, and Lampiris, a company engaged in the energy sector. These investments reflect Gimv's commitment to supporting sustainable energy solutions, positioning them as a relevant investor in the renewable natural gas industry.


9. SHIFT Invest

  • Website: shiftinvest.com
  • Type: Venture Capital
  • Headquarters: Amstelveen, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: shift-invest

SHIFT Invest is a venture capital fund based in Amstelveen, North Holland, Netherlands, founded in 2009. The firm specializes in impact investing, targeting innovative enterprises with significant potential for environmental impact. They provide funding and support to early-stage companies across various sectors, including energy transition, smart food & agriculture, and sustainable mobility. Notably, SHIFT Invest has participated in funding rounds for companies like Vandebron, which focuses on renewable energy, and Vertoro, a bio-based startup developing liquid lignin technology, which could have applications in renewable natural gas production. Their investment in SOLHO, a company specializing in solar energy, further demonstrates their commitment to sustainable energy solutions. Overall, SHIFT Invest aims to contribute to sustainability by helping entrepreneurs scale their businesses effectively.


10. ABN AMRO Clearing Bank

  • Website: abnamro.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1982
  • Headcount: 501-1000
  • Number of deals in 2024: 19
  • LinkedIn: abn-amro-clearing-bank-n-v-

ABN AMRO Clearing Bank, founded in 1982 and based in Amsterdam, North Holland, is a banking institution that provides a range of financial services including personal banking, business banking, and investment management. The bank serves individual consumers and businesses, helping them manage their financial needs and investments while ensuring compliance with financial regulations. In recent years, ABN AMRO has been involved in several significant transactions in the renewable energy sector, including debt financing for companies such as Mainstream Renewable Power, EET Fuels, and Low Carbon. For instance, EET Fuels raised $650 million in debt financing in October 2024, which indicates ABN AMRO's active role in supporting companies that may be involved in renewable natural gas initiatives. Their involvement in financing BNZ Energy, which raised over $740 million in October 2024, further highlights their commitment to the renewable energy landscape.


11. Capricorn Partners


Capricorn Partners is an investment management firm based in Leuven, Flanders, Belgium, specializing in venture capital, growth capital, and quoted equity funds. Founded in 1993, the firm focuses on innovative companies across various sectors, including digital technologies, health, and clean technologies. Capricorn Partners is committed to responsible investing, aiming to create both financial returns and strategic value for its clients. Notably, they have participated in transactions such as Trillium Renewable Chemicals, which raised $10.6 million to commercialize a process for manufacturing chemicals from plant-based materials, and Qpinch, which raised over $16 million in Series B funding. Their investments in Electric Hydrogen, which raised significant capital for hydrogen production, further demonstrate their engagement in the clean energy sector, aligning with the principles of renewable natural gas.


12. Finindus

  • Website: finindus.be
  • Type: Venture Capital
  • Headquarters: Zelzate, Flanders, Belgium
  • Founded year: 1926
  • Headcount: 1-10
  • Number of deals in 2024: 6
  • LinkedIn: finindus

Finindus is a venture capital firm based in Zelzate, Flanders, Belgium, founded in 1926. The firm specializes in providing early-stage and growth financing to innovative technology companies, particularly in the fields of materials, sustainable manufacturing, and Industry 4.0. They emphasize proactive and pragmatic assistance to maximize long-term value creation for their portfolio companies. In 2024, Finindus has made notable investments, including $18 million in Power to Hydrogen, which focuses on hydrogen production, a critical area in the renewable energy sector. They also participated in the Pre-Seed round for HyperHeat, which may have applications in energy efficiency. Furthermore, their involvement with Ionomr Innovations, a developer of polymer and membrane technologies for hydrogen applications, highlights their commitment to supporting technologies that can facilitate the transition to renewable energy sources. These transactions reflect Finindus's strategic interest in sectors that intersect with renewable natural gas and hydrogen technologies.


13. Rubio Impact Ventures


Rubio Impact Ventures is a venture capital firm based in Amsterdam, Netherlands, founded in 2014. The firm specializes in impact investing, providing growth capital and strategic support to entrepreneurs who are addressing significant social and environmental challenges. Their investment areas include clean energy, mental health, and education, emphasizing collaboration and partnership with their portfolio companies. Notably, Rubio Impact Ventures has been involved in several transactions in the clean energy sector, including multiple funding rounds for Sympower, a clean energy system provider. These transactions, which include significant investments in 2022 and 2024, highlight their active role in supporting innovative solutions in the clean energy landscape, which is closely related to the renewable natural gas industry.



Renewable Natural Gas Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
InnoEnergyEindhoven, North Brabant, Netherlands201-500201052
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
EDFI ElectriFI - The Electrification Financing InitiativeBelgium11-5020162
Triton PartnersLuxembourg201-50019976
SET VenturesAmsterdam, North Holland, Netherlands11-5020075
Triodos BankDriebergen-Rijsenburg, Utrecht, Netherlands1001-500019802
GimvAntwerp, Flanders, Belgium51-20019808
SHIFT InvestAmstelveen, North Holland, Netherlands11-5020094
ABN AMRO Clearing BankAmsterdam, North Holland, Netherlands501-1000198219
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
FinindusZelzate, Flanders, Belgium1-1019266
Rubio Impact VenturesAmsterdam, North Holland, Netherlands1-10201413


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