Chalmers Ventures portfolio company Biofrigas has set out plans for a $1.7m IPO but has already issued around $1.2m to existing connections.
Sweden-based liquid biogas plant operator Biofrigas went public today following a SEK17m ($1.7m) initial public offering that offered an exit for Chalmers Ventures, the incubation and tech transfer arm of Chalmers University of Technology.
Biofrigas listed on the Spotlight Stock Exchange under the ticker symbol BIOF.
Founded in 2012, Biofrigas has devised a production process to convert residues from inputs such as agricultural produce into biogases that provide fuel for various industrial and vehicle-based machines.
The aim is to complement major biogas plants by building smaller facilities that recycle waste from local farms, extending benefits for the circular economy.
Biofrigas plans to invest the IPO proceeds into scaling its business and sales operation with a view to monetising its first plant in Sweden. The company will initially remain focused on its home market before potentially entering other countries in Europe.
Biofrigas obtained an undisclosed sum from Almi Invest in 2014 according to media reports, and is also listed on the webpage for Chalmers Ventures’ portfolio.
