INERATEC Funding, Investors & Competitors

INERATEC has raised $150M across 2 funding rounds, most recently a $128M Series B in January 2024.

Last INERATEC funding round

$128M

Series B · Jan 2024

Cumulative funding INERATEC raised

$150M

across 2 funding rounds

Key investors in INERATEC

INERATEC Overview

About INERATEC

INERATEC is a Karlsruhe-based developer of power-to-liquid plants producing synthetic fuels from CO2, hydrogen, and renewable electricity. The company's microstructured reactors enable e-fuels like e-diesel and e-kerosene for aviation and shipping. INERATEC partners with Audi and operates pilot facilities in Germany, advancing carbon-neutral alternatives to fossil fuels.


Founded

2014

HQ

GermanyKarlsruhe

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

INERATEC Funding History

INERATEC has raised a total of $150M across 2 funding rounds.

INERATEC's first fundraising round was a $23M Series A in January 2022. The most recent completed round was a $128M Series B in January 2024.

INERATEC funding rounds

INERATEC funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2024Series BPiva Capital (lead)$128MINERATEC is a Karlsruhe, Germany-based e-Fuel company developing scalable patented technology to produce 'drop-in' sustainable e-Fuels from recycled CO2 and renewable energy, targeting hard-to-decarbonize sectors like aviation, shipping, and chemicals. The company announced its Series B funding round on January 16, 2024, raising over $129 million (equivalent to €118 million or €90 million per some reports), led by Piva Capital with participation from HG Ventures, TDK Ventures, Copec WIND Ventures, RockCreek, Emerald, Samsung Ventures, and existing investors including ENGIE New Ventures, Safran Corporate Ventures, Honda, Planet A Ventures, High-Tech Gründerfonds, MPC, and FO Holding. The funding will accelerate mass production of industrial-scale Power-to-X plants worldwide, scale up e-Fuels production, and expand global footprint with projects in Frankfurt, the Netherlands, and Chile, aiming for a 1,500-fold production increase and recycling over 12 million metric tons of CO2 annually by transforming 1GW of renewable energy into 125 million gallons of sustainable e-Fuel by 2030. INERATEC's proprietary reactors enable efficient conversion of waste CO2, green electrons, and hydrogen into fuels and green chemicals. The company has received awards including the German Founders Award, Next Economy Award, EARTO Award, and selection as Top Innovator by the World Economic Forum's UpLink platform. Proceeds position INERATEC to catalyze the shift from fossil fuels in the energy sector, addressing a sustainable fuels market projected to reach $13.6 trillion by 2050 at a 19% CAGR.
Jan 2022Series AEngie (lead); MPC Muenchmeyer Petersen (lead); Safran Corporate Ventures (lead); Extantia Capital; FO Holding; HTGF; Planet A Ventures$23MINERATEC is a German cleantech company headquartered in Karlsruhe, specializing in modular chemical plants for Power-to-X and Gas-to-Liquid applications to produce carbon-neutral synthetic e-fuels such as e-kerosene, e-diesel, e-methane, synthetic waxes, methanol, and sustainable aviation fuel (SAF). The company converts green hydrogen from renewable electricity and captured CO2 or biomass into drop-in fuels compatible with existing infrastructure, targeting decarbonization in aviation, maritime, rail, and heavy transport. By January 2022, INERATEC had deployed 13 demonstration plants and opened its first SAF plant in Lower Saxony. In January 2022, INERATEC closed a Series A financing round exceeding $20 million (EUR 20M), led by Engie New Ventures, MPC Capital, and Safran Corporate Ventures, with participation from existing investors High-Tech Gründerfonds (HTGF), Extantia Capital, Planet A Ventures, and FO Holding. The funds support scaling e-fuel production, including a pilot plant in Frankfurt producing 3,500 metric tons of fuel annually, with a focus on industrialization toward megaton-scale capacities and SAF development blendable up to 50% with conventional fuels. Strategic investors like Engie aim to advance green hydrogen (4 GW by 2030) and CO2 reduction, while Safran targets carbon-neutral aviation by 2050. INERATEC's technology enables cost-efficient modular scale-up for fluctuating renewables like wind and solar. Subsequent rounds include a later investment from Honda and existing shareholders, and a January 2024 Series B of over $129 million led by Piva Capital with broad participation from prior and new investors like HG Ventures and Samsung Ventures, to accelerate commercialization and target 125 million gallons of e-fuel from 1 GW renewables by 2030.

Who has invested in INERATEC?

8 investors have backed INERATEC across its funding rounds, including HTGF, Engie, Extantia Capital, Planet A Ventures, Piva Capital and Safran Corporate Ventures.

Lead investors include Piva Capital, Engie, MPC Muenchmeyer Petersen and Safran Corporate Ventures.


INERATEC Investors

Investors in INERATEC by funding rounds participated
InvestorHQRoundsRoleFirst check
Extantia CapitalGermanyBerlin1ParticipantJan 2022
FO Holding--1ParticipantJan 2022
HTGFGermanyBonn1ParticipantJan 2022
MPC Muenchmeyer PetersenGermanyHamburg1LeadJan 2022
Piva CapitalUnited StatesSan Francisco, CA1LeadJan 2024
EngieFranceFrance1LeadJan 2022

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INERATEC Competitors

INERATEC competitors include listed companies like First Solar, Nextracker, Jinko Solar and Enphase Energy, and private ones like Northvolt and 1Komma5°.

Public and private companies comparable to INERATEC
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
First SolarUnited StatesUnited StatesPublicly listed$5.2B$2.1B$22B4.0x
NextrackerUnited StatesUnited StatesPublicly listed$3.6B$747M$13B2.9x
NorthvoltSwedenStockholmPrivate--$12B-
Jinko SolarChinaChinaPublicly listed$9.8B$35M$5.7B0.9x
Enphase EnergyUnited StatesUnited StatesPublicly listed$1.5B$227M$4.8B3.5x
1Komma5°GermanyGermanyPrivate$598M-$1.4B-

INERATEC Public Comps

INERATEC is still privately-owned, but its public comps include GE Vernova, Iberdrola, China Yangtze Power, Constellation Energy, Vistra, ACWA Power, Vestas, Ørsted, Gulf Development and Huaneng Lancang River.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GE Vernova$38B$3.2B6.2x5.4x73.5x43.5x
Iberdrola$51B$17B4.4x4.3x13.2x11.8x
China Yangtze Power$13B$11B11.4x11.3x13.9x14.4x
Constellation Energy$26B$5B4.6x3.8x23.5x15.3x
Vistra$18B$5B4.0x3.3x13.9x10.2x
ACWA Power$2B$1.1B22.3x19.9x41.9x36.4x
Vestas$22B$2.6B1.4x1.3x11.9x10.1x
Ørsted$9.8B$2.9B3.6x2.8x11.9x8.1x

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Common questions about INERATEC

When was INERATEC founded?INERATEC was founded in 2014.
Where is INERATEC headquartered?INERATEC is headquartered in Karlsruhe, Germany.
Is INERATEC publicly listed?No, INERATEC is a private, VC-backed company.
How much funding has INERATEC raised?INERATEC has raised $150M across 2 funding rounds.
What was INERATEC's last funding round?INERATEC's last funding round was a $128M Series B in January 2024, led by Piva Capital.
Who are INERATEC's investors?INERATEC's investors include Extantia Capital, FO Holding, HTGF, MPC Muenchmeyer Petersen, Piva Capital, Engie, Planet A Ventures and Safran Corporate Ventures.
Which companies are comparable to INERATEC?Companies comparable to INERATEC include First Solar, Nextracker, Northvolt, Jinko Solar, Enphase Energy and 1Komma5°.

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