The renewable natural gas (RNG) industry in Europe is concentrated on capturing methane emissions from organic sources and transforming them into usable energy. Companies involved span from innovative startups developing advanced biogas technologies to established energy giants diversifying their portfolios. This sector is gaining traction due to the increasing demand for sustainable energy solutions in the transition towards a low-carbon future. Recent studies show that RNG can significantly offset greenhouse gas emissions, making it a key player in future energy strategies. As regulations tighten and social consciousness about climate change grows, the industry anticipates unprecedented opportunities for expansion and investment.


The list of top investors in the renewable natural gas industry in Europe showcases a range of financial players, from venture capital firms to corporate giants. With their headquarters spread across various key locations, including Eindhoven and London, these investors differ in size from small entities to large organizations with thousands of employees. Founded between 1834 and 2015, each investor brought substantial influence and activity to their deal-making in 2024, with counts that include companies such as Shell and TotalEnergies. This variety illustrates shared interests in supporting sustainable energy projects.


Top 15 Renewable Natural Gas Investors in Europe


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. With a focus on promoting growth and job creation, the EIB serves both public and private organizations seeking funding for initiatives that align with sustainability goals. In 2024, the EIB was involved in significant debt financing transactions, including $725 million for Energias de Portugal and $609 million for Enel Green Power, both of which are key players in the renewable energy sector. Additionally, the EIB's involvement with Ørsted, a leader in renewable energy, further underscores its commitment to financing projects that contribute to a sustainable energy future. These transactions highlight the EIB's role in supporting the transition to renewable energy, which may include investments in renewable natural gas projects.


2. Shell

  • Website: shell.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1907
  • Headcount: 10001+
  • Number of deals in 2024: 20
  • LinkedIn: shell

Shell plc is a multinational oil and gas company based in London, England, operating in the energy and chemicals sectors. Founded in 1907, Shell provides essential products such as fuels, lubricants, and chemical solutions to businesses and consumers worldwide. Recently, Shell has made significant strides in the renewable energy sector, particularly with its acquisition of Nature Energy Biogas A/S for nearly USD $2 billion, which is set to enhance its position as the largest producer of Renewable Natural Gas in Europe. This acquisition, announced on November 28, 2022, is expected to close in Q1 2023, pending regulatory approvals. Additionally, Shell has been involved in various other transactions, including investments in electric vehicle charging technologies and other energy-related ventures, showcasing its broader commitment to diversifying its energy portfolio.


3. 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. Notably, InnoEnergy has participated in several relevant transactions, including a seed investment in Naoden, a French company focused on waste-to-energy technology, which secured over EUR 1.6 million to industrialize its solutions. Additionally, InnoEnergy has invested in Meva Energy, which has raised funds for its renewable energy initiatives. Their involvement in RVE.SOL, a company that aims to provide renewable power and clean water in East Africa, further demonstrates their commitment to sustainable energy solutions that align with the goals of renewable natural gas.


4. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a public entity and financial institution based in Paris, Île-De-France, France, founded in 2015. It supports entrepreneurs and businesses in France and internationally through a variety of services, including direct funding, export credit insurance, and private equity investments. Bpifrance aims to foster entrepreneurship and innovation through coaching and partnerships, helping businesses navigate growth and international expansion. Notably, Bpifrance has been involved in significant transactions within the renewable energy sector. For instance, it participated in a funding round for Technique Solaire, which plans to develop biomethane units as part of its growth strategy. Additionally, Bpifrance invested in Q ENERGY France, which raised funds for its renewable energy projects. These transactions demonstrate Bpifrance's active role in supporting the renewable energy landscape, including renewable natural gas initiatives.


5. 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 a range of funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to promote innovation in various sectors. Notably, the EIC has been involved in significant transactions related to renewable natural gas, such as providing funding to Electrochaea, which raised over $20 million in a venture round and received additional grants. Similarly, Reverion, another company focused on renewable energy solutions, raised substantial funds through Series A financing and grants from the EIC. These transactions highlight the EIC's active role in supporting companies that contribute to the renewable natural gas industry.


6. TotalEnergies


TotalEnergies is a corporate energy company based in France, founded in 1924, with a workforce of over 10,000 employees. The company focuses on producing and marketing a diverse range of energy solutions, including oil, gas, and renewable energy. TotalEnergies is committed to achieving carbon neutrality by 2050, addressing the need for sustainable and reliable energy sources for both businesses and consumers. Notably, TotalEnergies has made strategic acquisitions that enhance its position in the renewable natural gas sector, such as the acquisition of PitPoint B.V. in 2017, which is a leading provider of alternative fuels in Europe. This acquisition aims to strengthen their presence in the clean fuel market. Additionally, their involvement with Clean Energy Fuels and NextDecade through post-IPO equity transactions further demonstrates their engagement in the broader natural gas and renewable energy landscape.


7. Crowdcube

  • Website: crowdcube.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2010
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: crowdcube-limited

Crowdcube is a crowdfunding platform based in London, England, that enables businesses to raise capital through equity investments. Founded in 2010, Crowdcube connects startups and SMEs with potential investors, facilitating the funding process while promoting diversity and inclusion within its workforce. In recent years, Crowdcube has been involved in several transactions relevant to the renewable energy sector, including Rebel Energy, which raised funds in 2021 and 2022, and Thrive Renewables, which raised nearly $6.8 million in December 2023. Additionally, Crowdcube supported Antaco, a company focused on renewable energy solutions, in 2019. These transactions highlight Crowdcube's role in promoting investments in companies that contribute to renewable energy, including renewable natural gas.


8. EEP Africa

  • Website: eepafrica.org
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2010
  • Headcount: 11-50
  • LinkedIn: eepafrica

EEP Africa is a not-for-profit organization based in Helsinki, Finland, established in 2010. It focuses on clean energy financing, providing early-stage grants and support for innovative clean energy projects in Southern and Eastern Africa. The organization aims to enhance energy access and investment, collaborating with various funding partners to facilitate sustainable development in the region. Among their notable transactions, EEP Africa has supported companies like The Waste Transformers, which focuses on converting waste into energy, and Sistema.bio, which specializes in biogas solutions. These projects align with the principles of renewable natural gas, as they involve the conversion of organic waste into usable energy, potentially contributing to the renewable natural gas sector.


9. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in various investment sectors, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant acquisitions in the energy sector, such as Swedegas, which aims to enhance the Swedish gas market, and Midland Cogeneration Venture, marking its first direct investment in the United States. These transactions indicate EQT's engagement in the energy landscape, which may encompass renewable natural gas initiatives, although specific investments in renewable natural gas projects are not explicitly detailed.


10. Almi

  • Website: almi.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 201-500
  • Number of deals in 2024: 7
  • LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness. Among its notable transactions, Almi has invested in Biofrigas AB, a company focused on producing renewable natural gas, and C-Green, which is involved in innovative waste management solutions that can contribute to renewable energy production. These investments highlight Almi's engagement in the renewable energy sector, particularly in areas related to renewable natural gas.


11. Engie

  • Website: engie.com
  • Type: Corporate
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1834
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: engie

ENGIE is a corporate energy company based in Paris, Île-De-France, France, specializing in renewable energy and energy solutions. Founded in 1834, ENGIE operates globally with a strong emphasis on sustainability and decarbonization. In recent years, ENGIE has made significant strides in the renewable natural gas sector, particularly through strategic acquisitions. Notably, they acquired Ixora Energy Ltd, a UK-based leader in biomethane production, for £64.8 million, enhancing their presence in the European biomethane market. Additionally, ENGIE's acquisition of Vol-V Biomasse involved a commitment of €800 million over five years and €2 billion by 2030 to develop biomethane projects, aiming to produce 5 TWh/year of biomethane by 2030. These transactions highlight ENGIE's commitment to expanding its renewable natural gas capabilities and its role as a key investor in this sector.


12. Bgf

  • Website: bgf.co.uk
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2011
  • Headcount: 51-200
  • Number of deals in 2024: 53
  • LinkedIn: bgfinvestments

BGF Investment Management Limited is a venture capital firm based in London, UK, founded in 2011. The firm specializes in providing growth funding and value creation support to small and mid-sized businesses across various sectors in the UK and Ireland. BGF addresses the funding gap in the market through minority investments and extensive support services. Notably, BGF has invested in Cheesecake Energy, which raised $4.25 million in a seed round, and Tepeo, a company focused on zero-emission boilers that secured £10.5 million in Series A funding. These investments highlight BGF's interest in companies that contribute to sustainable energy solutions, although their portfolio is not exclusively focused on renewable natural gas. Other investments include Glacier Energy Services and Hydrock, which further demonstrate their engagement in the energy sector.


13. 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. The initiative is dedicated to financing renewable energy projects in developing countries, providing both equity and debt financing along with technical assistance to enhance access to clean energy. EDFI ElectriFI targets renewable energy companies and projects, particularly in rural and underserved areas, to foster sustainable energy solutions. Notably, they have invested in Sistema.bio, a company that develops affordable biogas equipment for small and remote farms, which aligns with renewable natural gas initiatives. Their investment in Husk Power Systems, which focuses on solar hybrid microgrids, further demonstrates their commitment to renewable energy, although it does not directly relate to natural gas. Overall, their transactions indicate a broader focus on renewable energy rather than exclusively on renewable natural gas.


14. Deutsche Bank

  • Website: db.com
  • Type: Corporate
  • Headquarters: Frankfurt, Hesse, Germany
  • Founded year: 1870
  • Headcount: 10001+
  • Number of deals in 2024: 32
  • LinkedIn: deutsche-bank

Deutsche Bank AG is a leading investment bank and financial services provider based in Frankfurt, Hesse, Germany. Founded in 1870, the bank offers a wide range of solutions including investment banking, corporate banking, cash management, trade finance, and securities services. It serves corporate and institutional clients, helping them manage their financial assets and liquidity effectively through its digital platform, Autobahn. In recent years, Deutsche Bank has been involved in several significant transactions that align with the renewable energy sector. For instance, it participated in a $3.33 billion financing for Varo Energy, which is planning to allocate two-thirds of its $3.5 billion investment over five years into sustainable energies. Additionally, Deutsche Bank has facilitated debt financing for other renewable energy companies such as Iberdrola and Origis Energy, further showcasing its commitment to supporting the transition to sustainable energy solutions.


15. TotalEnergies Ventures


TotalEnergies Ventures is the corporate venture capital arm of TotalEnergies, a global integrated energy company based in Paris, France. Founded in 2008, TotalEnergies Ventures focuses on investing in innovative companies across various energy sectors, including oil, natural gas, and renewable energy. The firm aims to support sustainable practices and reduce carbon emissions through its investments. Notably, TotalEnergies has participated in several transactions relevant to the renewable energy landscape, such as investments in Gevo, a company that develops renewable fuels, and Hyzon Motors, which focuses on hydrogen fuel cell technology. These investments reflect TotalEnergies' strategy to diversify its portfolio and enhance its commitment to sustainable energy solutions.



Renewable Natural Gas Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
ShellLondon, England, United Kingdom (UK)10001+190720
InnoEnergyEindhoven, North Brabant, Netherlands201-500201052
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
TotalEnergiesFrance10001+192411
CrowdcubeLondon, England, United Kingdom (UK)51-20020103
EEP AfricaHelsinki, Uusimaa, Finland11-5020100
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
EngieParis, Île-De-France, France10001+18343
BgfLondon, England, United Kingdom (UK)51-200201153
EDFI ElectriFI - The Electrification Financing InitiativeBelgium11-5020162
Deutsche BankFrankfurt, Hesse, Germany10001+187032
TotalEnergies VenturesParis, Île-De-France, France10001+20080


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