The industrial gases industry in DACH (Germany, Austria, Switzerland) plays a crucial role in multiple sectors, providing essential gases like oxygen, nitrogen, and hydrogen. Companies involved range from major chemical manufacturers to specialized engineering firms, focusing on production, distribution, and application of these gases. With the growing emphasis on sustainability and green energy, the industry is progressing towards cleaner technologies, including hydrogen for decarbonization. Innovations in gas applications supporting medical, metallurgical, and environmental sectors signal a dynamic evolution. Insights show a shift towards digitalization and increased focus on circular economies will likely shape future developments in this essential industry.


The investors featured in this article represent a mix of corporate, venture capital, and private equity entities, headquartered across Germany, Austria, and Switzerland. Ranging in size from small startups to large corporations, these firms were established between the late 1800s and early 2000s. In 2024, they collectively engaged in 55 investments specifically targeting the industrial gases sector, highlighting their active approach to supporting technological advancements and sustainable solutions within this field. Diverse strategies and investor motivations enrich the landscape, demonstrating a vibrant investment community keen on addressing industrial and environmental challenges.


Top 14 Industrial Gases Investors in DACH


1. Brenntag

  • Website: brenntag.com
  • Type: Corporate
  • Headquarters: Essen, North Rhine-Westphalia, Germany
  • Founded year: 1874
  • Headcount: 10001+
  • Number of deals in 2024: 8
  • LinkedIn: brenntag

Brenntag SE, founded in 1874 and headquartered in Essen, North Rhine-Westphalia, Germany, is a leading global chemical distributor that connects chemical manufacturers and users. The company serves approximately 195,000 customers across various industries, including food, pharmaceuticals, oil & gas, and industrial chemicals. Brenntag's strategy includes expanding its footprint in key markets through acquisitions and joint ventures. Notably, their recent acquisition of the Aik Moh Group aims to enhance their industrial chemicals and value-added services in South-East Asia, which may include industrial gases. Additionally, their joint venture with Raj Petro Specialities Pvt. Ltd. and other acquisitions, such as the lubricants division of Reeder Distributors, demonstrate their commitment to broadening their chemical distribution capabilities, potentially encompassing industrial gases as part of their diverse portfolio.


2. Mercuria


Mercuria Energy Group Ltd. is a global energy trading company based in Geneva, Switzerland, founded in 2004. With a workforce of 1001-5000 employees and a turnover exceeding USD 100 billion, Mercuria operates in various commodity markets, including crude oil, natural gas, and renewable energy. The company is committed to facilitating the energy transition, with a goal of having fifty percent of its investments directed towards sustainable projects by 2026. Notably, Mercuria has made significant strides in the industrial gases context through its acquisition of Roadgas Limited, which focuses on bio-CNG and bio-LNG stations, enhancing the decarbonization of heavy transport fleets. Additionally, their investment in Beyond6, a clean energy specialist, further underscores their commitment to alternative fuels and energy solutions. These transactions highlight Mercuria's strategic positioning within the industrial gases sector, particularly in relation to natural gas and renewable energy initiatives.


3. Sgs

  • Website: sgs.com
  • Type: Corporate
  • Headquarters: Geneva, Geneva, Switzerland
  • Founded year: 1878
  • Headcount: 10001+
  • Number of deals in 2024: 5
  • LinkedIn: sgs

SGS S.A. is a leading testing, inspection, and certification company based in Geneva, Switzerland, founded in 1878. With a global presence and a workforce of over 10,000 employees, SGS provides independent services to ensure product quality and compliance across various industries. The company has been actively expanding its portfolio through strategic acquisitions. Notably, SGS acquired a majority stake in Sulphur Experts Inc., a Canadian firm specializing in process engineering consulting and testing for the amine treating and sulfur recovery industries, which is directly relevant to the industrial gases sector. Additionally, SGS has enhanced its industrial services offering through the acquisition of Engineering Control Limited, a consultancy based in New Zealand. These transactions reflect SGS's commitment to supporting industries that require specialized testing and certification services, including those in the industrial gases market.


4. BASF Venture Capital

  • Website: basf.de
  • Type: Corporate
  • Headquarters: Ludwigshafen, Rhineland-Palatinate, Germany
  • Founded year: 2001
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: basf

BASF Venture Capital, founded in 2001 and based in Ludwigshafen, Germany, is the corporate venture capital arm of BASF, one of the world's leading chemical manufacturers. The firm invests in innovative companies across various industries, including automotive, construction, and agriculture, with a strong emphasis on sustainability and enhancing product performance. Notable transactions include investments in H2scan, which specializes in hydrogen sensing technology, and Aspen Aerogels, which develops advanced materials that could have applications in energy efficiency and industrial processes. These investments reflect BASF's commitment to supporting technologies that align with the future of industrial gases and sustainable practices.


5. Siemens Financial Services


Siemens Financial Services, founded in 1997 and based in Munich, Bavaria, Germany, is a corporate investor that specializes in providing financial solutions to support technological advancements across various sectors, including industry, infrastructure, mobility, and healthcare. They are actively involved in fostering digital transformation and sustainability initiatives. In 2024, they participated in significant funding rounds such as the Series A investment in CarbonCapture, which raised $80 million, focusing on carbon capture technologies. Additionally, they have invested in FertigHy, a company working on hydrogen solutions, through multiple funding rounds, indicating their commitment to supporting innovations that are crucial for the industrial gases sector. These transactions highlight Siemens Financial Services' strategic alignment with the industrial gases industry, particularly in the context of sustainability and clean energy solutions.


6. Capvis AG

  • Website: capvis.com
  • Type: Private Equity
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1990
  • Headcount: 11-50
  • LinkedIn: capvis

Capvis AG is a private equity firm based in Baar, Zug, Switzerland, founded in 1990. The firm specializes in managing investments across various sectors, including healthcare and industrial technology. Capvis partners with institutional investors, such as pension funds, to provide long-term capital and strategic growth opportunities. The firm focuses on enhancing the market position of its portfolio companies through effective management and consulting. Notably, Capvis has made significant acquisitions in the industrial technology sector, including a majority stake in BARTEC, a leading provider of industrial safety technology, and Thermamax Group, a specialist in high-temperature insulation systems. These transactions highlight Capvis's commitment to supporting growth in industries that are closely related to industrial gases, thereby positioning itself as a relevant player in the broader industrial landscape.


7. Deutsche Beteiligungs AG

  • Website: dbag.com
  • Type: Private Equity
  • Headquarters: Frankfurt, Hesse, Germany
  • Founded year: 1965
  • Headcount: 51-200
  • Number of deals in 2024: 2
  • LinkedIn: deutsche-beteiligungs-ag

Deutsche Beteiligungs AG is a private equity firm based in Frankfurt, Hesse, Germany, founded in 1965. The firm specializes in investments in mid-sized companies and focuses on providing capital and advisory services to enhance the growth potential of its portfolio companies. DBAG has a diverse investment portfolio, primarily in sectors such as telecommunications, IT services, software, and healthcare. Notably, DBAG has been involved in several acquisitions relevant to industrial processes, including the acquisition of Clyde Bergemann Power Group in 2005, which provides solutions for power generation and industrial applications, and Coperion in 2007, a company that specializes in process technology and equipment for the plastics and chemical industries. More recently, in 2023, DBAG acquired a majority stake in Avrio Energie, which is involved in energy solutions, further indicating their interest in sectors that may intersect with industrial gases.


8. UVC Partners


UVC Partners is a venture capital firm based in Munich and Berlin, specializing in investing in B2B startups across Europe. Founded in 2011, the firm provides financial support and strategic guidance to early-stage companies, helping them grow in competitive markets. Their portfolio includes a diverse range of innovative startups in various sectors, including climate tech and energy. Notably, UVC Partners led funding rounds for companies like Reverion, which focuses on biogas power plants, and Cyclize, which is involved in carbon recycling. These investments highlight UVC Partners' commitment to supporting technologies that have implications for the industrial gases industry, particularly in the context of sustainable energy solutions.


9. IBB Ventures


IBB Ventures is a venture capital firm based in Berlin, Germany, founded in 1997. The firm specializes in early-stage financing and has supported over 270 startups, providing them with the necessary expertise and resources to thrive in competitive markets. Among their notable transactions, IBB Ventures has invested in Nuventura, a startup that focuses on sustainable energy infrastructure and aims to reduce greenhouse gas emissions. This investment, along with others in the clean technology space, highlights IBB Ventures' commitment to supporting innovative solutions that could intersect with the industrial gases industry. Their recent funding rounds, including a €25 million Series A for Nuventura, demonstrate their active role in fostering advancements that may influence the industrial gases sector.


10. Blue Earth Capital AG


Blue Earth Capital AG is an impact investment firm founded in 2015, based in Baar, Zug, Switzerland. The firm specializes in addressing environmental and social challenges through investments in private equity, private credit, and partnerships. They cater to institutional investors and organizations aiming for market-rate financial returns while making a measurable impact. In 2024, Blue Earth Capital has been active in various funding rounds, including a significant investment in Sunfire, a German electrolyzer manufacturer focused on green hydrogen technologies, which raised $340 million in March 2024. This investment highlights their commitment to the industrial gases sector, particularly in the context of sustainable energy solutions. Additionally, they led a funding round for CarbonCure Technologies, which focuses on carbon utilization, further emphasizing their engagement in innovative technologies that intersect with the industrial gases industry.


11. Kickfund

  • Website: kickfund.ch
  • Type: Venture Capital
  • Headquarters: Basel, Basel, Switzerland
  • Founded year: 2022
  • Headcount: 1-10
  • Number of deals in 2024: 21
  • LinkedIn: kickfund-ch

Kickfund AG is a venture capital firm based in Basel, Switzerland, founded in 2022. The firm specializes in investing in Switzerland's best deep-tech startups, particularly those at the pre-seed and seed stages. Kickfund provides funding and support to innovative companies, especially those that have participated in the Venture Kick competition. In 2024, Kickfund has been actively involved in various transactions, including a notable investment in Neology Hydrogen, which raised $110,486 through a convertible note, highlighting their interest in hydrogen technology. They also participated in the seed round for WattAnyWhere, which is gearing up for growth, and invested in Cowa Thermal Solutions, which raised approximately $2.1 million in a venture round. These transactions reflect Kickfund's commitment to enhancing the Swiss innovation ecosystem, particularly in sectors that intersect with industrial gases.


12. Planet A Ventures

  • Website: planet-a.com
  • Type: Venture Capital
  • Headquarters: Berlin, Berlin, Germany
  • Founded year: 2020
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: planet-a

Planet A Ventures is a Berlin-based venture capital firm founded in 2020, specializing in investments in green technology startups across Europe and Israel. The firm is dedicated to supporting founders who tackle significant environmental challenges through innovative solutions. Planet A not only provides financial backing but also offers mentorship and resources to help startups scale effectively. Among their notable transactions, Planet A led a $5 million Seed financing round for Carbon One, which is developing a new method for methanol production, a key industrial gas. They also participated in multiple funding rounds for INERATEC, a startup focused on sustainable e-fuels, which has implications for the industrial gases sector as it aims to transform renewable energy into sustainable fuels. Furthermore, their investment in Carbon Re, a climate tech firm targeting decarbonization in energy-intensive industries such as cement and steel, highlights their commitment to supporting technologies that can significantly impact the industrial gases market. Overall, Planet A Ventures is actively engaged in sectors that intersect with industrial gases, making them a relevant player in this investment category.


13. Sulzer

  • Website: sulzer.com
  • Type: Corporate
  • Headquarters: Winterthur, Zurich, Switzerland
  • Founded year: 1834
  • Headcount: 10001+
  • LinkedIn: sulzer

Sulzer Ltd. is a prominent industrial engineering and manufacturing company based in Winterthur, Zurich, Switzerland, founded in 1834. The company specializes in fluid engineering solutions, providing a diverse range of products and services, including pumps, compressors, and aeration systems. Sulzer serves multiple sectors, such as water treatment, oil and gas, and power generation, with a strong emphasis on innovation and sustainability to enhance operational efficiency. Notably, Sulzer has made strategic acquisitions that bolster its capabilities in the industrial gases context, including the acquisition of Rotec's Gas Turbine Service Business, which enhances its offerings in gas turbine technology. Additionally, the acquisition of Nordic Water Products further demonstrates Sulzer's commitment to expanding its portfolio in related industries. These transactions highlight Sulzer's active role in sectors that intersect with industrial gases, making it a relevant player in this field.


14. ACP | Allianz Capital Partners


Allianz Capital Partners (ACP) is an investment management firm based in Munich, Bavaria, Germany, founded in 2006. They specialize in private equity, infrastructure, and renewable energy investments, managing assets for institutional investors and insurance companies. ACP focuses on generating stable, long-term returns while enhancing portfolio diversification, supported by their affiliation with Allianz Global Investors. Notably, ACP has been involved in transactions relevant to the industrial gases sector, including their investment in GasNet, which raised funds in a private equity round in 2019. This involvement highlights their engagement in the industrial gases industry, alongside other sectors they invest in.



Industrial Gases Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
BrenntagEssen, North Rhine-Westphalia, Germany10001+18748
MercuriaGeneva, Geneva, Switzerland1001-500020047
SgsGeneva, Geneva, Switzerland10001+18785
BASF Venture CapitalLudwigshafen, Rhineland-Palatinate, Germany10001+20013
Siemens Financial ServicesMunich, Bavaria, Germany1001-5000199715
Capvis AGBaar, Zug, Switzerland11-5019900
Deutsche Beteiligungs AGFrankfurt, Hesse, Germany51-20019652
UVC PartnersGarching, Bavaria, Germany11-50201115
IBB VenturesBerlin, Berlin, Germany11-50199718
Blue Earth Capital AGBaar, Zug, Switzerland11-50201511
KickfundBasel, Basel, Switzerland1-10202221
Planet A VenturesBerlin, Berlin, Germany11-5020207
SulzerWinterthur, Zurich, Switzerland10001+18340
ACP | Allianz Capital PartnersMunich, Bavaria, Germany51-20020060


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