THE BIOCARBONS FUND
Investment Thesis
We invest in infrastructure-ready companies and projects converting biomass, wastes, and plastics into high-value production outputs:
• Biofuels – pyrolysis-oil, renewable liquid and gaseous energy sources;
• Biochar – agriculture, land regeneration, water retention, asphalt and concrete;
• Biocarbon – steel, cement;
• Sustainable Carbon Black – plastics, rubber, coatings;
• Activated Charcoal – water treatment, air purification;
• Biocoal – renewable industrial fuels;
• Other high-value industrial materials (e.g. Biographene).
With a wide range of applications, these materials serve key global industries and support the transition to a low-carbon economy by replacing fossil-based resources, meeting established and growing industrial demand, and ensuring durable carbon sequestration from the atmosphere.
By bridging waste-to-value economics and environmental markets, our portfolio transforms undervalued inputs into premium materials, generating multiple revenue streams from infrastructure processes, and leveraging additional earnings from certified, high-integrity Environmental Attribute Certificates.
- Primary: revenue streams from the fundamental pyrolysis outputs: gas (biofuels) and solids (biochar and derivatives).
- Secondary (upside): monetization of EACs, including CORCs, SAF credits, Plastic Credits, Water Credits, and Guarantees of Origin.
Our Strategy
The Fund focuses on cash-flow-positive, infrastructure-ready projects where:
• Companies/projects are mature, operational and cash flow generating;
• Feedstock is secured (biomasse, industrial wastes, plastics…);
• Technology is proven;
• Scale up is required;
• Environmental Attribute Certificates (EACs) serve only as upside, no financial dependency.
Ticket Size: our sweet spot is between €10–20 million per asset, subject to flexibility depending on asset characteristics and co-investment opportunities.
Key Advantages
Growth Equity and Infrastructure Discipline
By financing revenue generating projects with scale-up potential, the Fund bridges growth equity and infrastructure strategies — prioritizing mature, de-risked assets with real industrial outputs, and visible cash-flows.
Dual Revenue Model
Core revenue: sale of carbon negative/neutral production outputs products by portfolio companies and associated infrastructure services.
Upside revenue: monetisation of credits and Environmental Attribute Certificates (EACs)
Additional Returns
Generation of Environmental Attribute Certificates and other impact-linked instruments: Carbon Removal Credits, Sustainable Aviation Fuel (SAF) credits, Guarantees of Origin for renewable energy, Plastic Credits, and Water Credits.
Experienced Investment Team
The Biocarbons Fund combines brings more than 100 years of cumulated sector expertise in carbon markets infrastructures, private equity, industrial operations, and impact investing to effectively deploy capital and drive value creation.
Best-in-Class Advisory Network
Sourcing, deployment, and value creation are supported by a global ecosystem of engineers, scientists, and experts at the forefront of climate infrastructures, industrial operations, biocarbons, biofuels, and waste valorization technologies.
High-potential Pipeline of Deals
A shovel-ready portfolio of high-impact, infrastructure-scale projects and companies spanning multiple geographies and applications (industry, agriculture, energy, technology…), ready for deployment.
Why It Works
- Growth Equity Infrastructure, not venture: by financing operational and revenue-generating companies with established technologies, the Fund prioritizes mature, de-risked and scalable assets with real industrial outputs and visible cash flows.
- EACs as upside: Portfolio assets must achieve full economic viability from their infrastructure services and outputs sales, with credits viewed strictly as upside, not a core revenue driver.
- Combined Expertise: the Fund is unique partnership between leading biocarbons and biofuels experts, engineers, private equity professionals, and impact-investing specialists combining more than 100 years of experience.
- Diversified revenue streams: sale of high-value materials by portfolio companies (and associated infrastructure services) + EACs monetization.
- Impact at scale: industrial decarbonization, emission avoidance, carbon sequestration, and soil regeneration.
- Flexible capital structuring: designed to support both deployment and participation in project growth phases.
- Investor-grade governance: full traceability and impact auditing through our unique digital portfolio monitoring platform (Habitat OS).
Geographic Diversification
Primary focus on OECD markets (especially Europe and North America), but consider Latin America, Africa, Oceania, and Southeast Asia when leveraging abundant feedstocks, favourable regulatory environments, and compliance ready EACs markets.
Risk Management Framework
- Sector Diversification: Energy & Fuel, Agriculture, Construction, Technology and Industrial applications.
- Geographic Diversification: Primary focus on OECD countries (with a targeted footprint across the European Union and the United States), but opportunistic interest in emerging markets if relevant.
- Technology Readiness and Brownfield Approach: Only proven, operational, and scalable technologies and plants.
- Credit Strategy: Monetize impact via the issuance and sale of verified credits (carbon removal, SAF, plastics, water, energy) – creating upside while always ensuring each project is financially self-sustaining through its core revenue streams.
Fund Structure
Luxembourg-based Reserved Alternative Investment Fund (RAIF)
Impact Fund, SFDR Article 9 Compliant
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