Climate technology startup Vertoro announced today that it has secured €17 million (USD$19.7 million) in its first Series B funding round, with proceeds from the financing to be used to scale the company’s technology that converts plant-based waste into renewable oil for the production of low-carbon fuels and chemicals.
Founded in 2017, Netherlands-based Vertoro develops technology to convert lignin—one of the main components of plant biomass—into a liquid renewable feedstock designed to replace fossil oil in fuels, chemicals, and materials.
According to Vertoro, its technology offers a simpler approach than conventional biofuel production processes. Operating at relatively low temperatures and pressures and without the use of catalysts, the system is designed to reduce capital and operating costs while enabling deployment across multiple end markets, supporting near-term revenue while enabling long-term scale.
The company said that its initial focus is on higher-value chemical applications, where the product can be used as a sustainable feedstock for materials and industrial products such as thermoplastics. The product can also be used as a drop-in fuel for the maritime shipping sector, providing a pathway to reduce emissions in one of the most difficult industries to decarbonize.
Vertoro said that it is also advancing technologies to upgrade its renewable oil into sustainable aviation fuel (SAF), supporting efforts to lower emissions from air travel. The company added that its product is compatible with existing refinery infrastructure, enabling adoption without the need for entirely new supply chains.
Dirk den Ouden, incoming CEO of Vertoro said:
“Vertoro is building a bridge between sustainable biomass and the global fuel system. By creating a renewable oil that can serve multiple industries, from chemicals to shipping to aviation, we can scale faster and deliver meaningful emissions reductions sooner.”
The new financing consists of €10 million of newly contributed capital and €7 million in converted loan notes. The funding round was co-led by Maersk Growth and Invest-NL, with additional participation from Climate Tech Partners, Energietransitiefonds Rotterdam (ETFR), LIOF, SHIFT Invest, and BVP (Brightlands Venture Partners).
Climate Tech Partners’ participation in the funding round was backed by the Airbus-Qantas Sustainable Aviation Fuel partnership. Established in 2022, the initiative aims to support SAF production and accelerate the decarbonization of the aviation sector.
Julien Manhes, Airbus Head of Sustainable Aviation Fuel and Carbon Dioxide Removal said:
“SAF has the potential to reduce aviation emissions by up to 80% on a thru-life basis. Renewable energy companies like Vertoro are helping make this a reality while addressing the need to fast-track fuel security by bringing production closer to the source of feedstocks.”
