M2X Energy, a Rockledge, FL-based end-to-end developer of modular, transportable gas-to-liquids systems, raised $40M in Series B funding.
The round was led by Conifer Infrastructure Partners, with participation from Breakthrough Energy Ventures, Eni Next, Add Ventures by SCG, and Autodesk Foundation.
The company intends to use the funds to accelerate the in-house manufacturing and deployment of its first commercial fleet of low-carbon methanol production systems.
Led by CEO Josh Browne, M2X Energy is a low-carbon methanol producer in the U.S. with expertise in developing, constructing, and operating modular, transportable gas-to-liquids systems to convert stranded methane into low-carbon methanol. It has developed a novel, patented approach to low-carbon methanol production from methane-rich stranded gas using a non-catalytic, partial-oxidation engine reformer. This reformer technology, along with an integrated methanol synthesis loop, allows M2X to repurpose methane emissions and produce low-carbon methanol. Its scalable, modular systems can be deployed individually or in groups to mitigate methane emission sources both big and small.
Prior to the Series B funding round, the company conducted multiple field deployments, which de-risked its patented chemical process technology, and demonstrated the benefits of replacing economies of scale with mass manufacturing and automation to mitigate methane emissions from otherwise stranded, highly distributed sources. M2X has already established 10,000 square feet of turnkey manufacturing space capable of constructing multiple systems in parallel, and initiated equipment orders to accelerate go-to-market and fleet expansion. On the commercial front, the company is actively sourcing biogas feedstocks to produce biomethanol, which aligns with regulatory certification schemes and customer demand. M2X expects to deploy its first commercial systems and deliver low-carbon methanol, including biomethanol, under long-term offtake agreements in early 2025.
FinSMEs
20/06/2024