Commercial Low-Carbon Methanol Available in
Early 2025
M2X Energy Inc. (“M2X” or “the Company”), an end-to-end
developer of modular, transportable gas-to-liquids systems that
economically produce low-carbon methanol from stranded methane,
announced today a $40 million Series B financing round led by
Conifer Infrastructure Partners (“Conifer”).
Also participating in the round are the existing Series A
investors including Breakthrough Energy Ventures (“BEV”), Eni Next,
Add Ventures by SCG, and Autodesk Foundation.
The funds will be used to accelerate the in-house manufacturing
and deployment of M2X’s first commercial fleet of low-carbon
methanol production systems. Prior to the Series B funding round,
M2X successfully 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 rapidly 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, M2X 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.
“We are excited to formalize our partnership with M2X by leading
their Series B funding round, which provides M2X with the necessary
capitalization to begin rapid manufacturing and deployment of
low-carbon methanol production systems. I look forward to
supporting them in their forward-thinking approach to converting
emissions into a scalable, low-carbon methanol solution,” said
Nicholas Stork, Managing Partner at Conifer Infrastructure
Partners. “Conifer and M2X are hyper-aligned on the Company’s
design of a standardized, repeatable system with the versatility to
repurpose any size or source of stranded methane gas into an
economic, low-carbon energy source.”
Josh Browne, Chief Executive Officer at M2X Energy, said,
“This overwhelmingly successful funding round marks a pivotal
moment for M2X whereby we advance into a new era as a mature
operating company with commercially validated systems and
technology. We thank the Conifer team for their leadership in the
Series B funding round and look forward to having them as long-term
partners. We are also delighted to expand the relationship with our
Series A investor group and appreciate the longstanding support and
trust they have provided us. This Series B financing, in addition
to a recently announced $10 million award from the DOE’s Office of
Fossil Energy and Carbon Management, meaningfully contributes to
M2X’s impact on methane emissions abatement to avoid the worst
effects of climate change.”
Browne continued: “We look forward to expanding our partnerships
with organizations seeking robust solutions to address their
decarbonization and broader stakeholder objectives. We believe that
the M2X team’s process-oriented culture and strong technical acumen
will drive operational excellence, faster project timelines, and
lower project costs. In turn, this will enable us to successfully
scale our fleet of systems and secure a market-leading portfolio of
stranded methane sites and long-term commercial offtake agreements,
ensuring the long-term viability and success of our biomethanol
operations.”
David Danielson, Managing Director at BEV, said: “M2X
Energy’s unique modular and mobile solution for capturing stranded
methane gas and converting it into low-carbon methanol is now fully
productized and proven after multiple successful commercial
demonstrations in the field. As co-founders of M2X Energy along
with its leadership team - Josh Browne, Tony Dean, and Paul
Yelvington - we are thrilled to partner with Nick Stork and Conifer
Infrastructure Partners to rapidly deploy and commercially scale
M2X’s systems and serve the growing customer demand for low-carbon
methanol, particularly biomethanol, in the shipping and chemicals
industries. By reducing methane emissions and displacing the use of
high carbon intensity fuels and chemical feedstocks, M2X will
strongly contribute to BEV’s mission of achieving net-zero
emissions by 2050.”
About M2X Energy
M2X Energy, Inc. is a leading 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. M2X 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. M2X’s scalable, modular systems
can be deployed individually or in groups to mitigate methane
emission sources both big and small, unlike traditional chemical
process decarbonization technologies.
M2X’s fuel-flexible process accepts a variety of methane-rich
feedstocks, allowing the Company to pursue partnerships with biogas
sources such as landfills, anaerobic digestors, wastewater
treatment plants, or methane from conventional sources. M2X seeks
to sell its low-carbon methanol under long-term contracts that
provide maritime, chemical, manufacturing, and industrial partners
with a reliable, sustainable decarbonizing solution. M2X is based
in Rockledge, Florida and led by its original founding team of
engineering PhDs and experienced industry experts with an average
of 25 years of industry experience. For more information, please
visit www.m2x.energy.
About Conifer Infrastructure Partners
Conifer is a North American infrastructure fund focused on
building companies around large problems in energy and materials.
Conifer seeks to build companies that grow from the same basic
principles, which focus on repeatability, scale, and an ownership
model. The same principles apply to everything a company does, and
over time, work to develop meaningful competitive advantages and
high returns on capital.
About Breakthrough Energy Ventures
BEV is a purpose-built investment firm that invests in,
launches, and scales global companies that are building an
emissions-free global economy. BEV seeks true breakthroughs and is
committed to supporting these entrepreneurs and companies by
bringing to bear a unique combination of technical, operational,
market, and policy expertise. Backed by many of the world's top
business leaders, companies, and investors, BEV has raised more
than $2.5 billion in committed capital and invested in more than
100 groundbreaking companies.
https://breakthroughenergy.org/our-work/breakthrough-energy-ventures/
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version on businesswire.com: https://www.businesswire.com/news/home/20240620634996/en/
Louise Hannecart M2X Energy media@m2x.energy
Blake Schreiber Partner & Head of Investor Relations Conifer
Infrastructure Partners media@conifer-infra.com