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 conrete);
• 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 and operational;
• Feedstock is secured (biomasse, industrial wastes, plastics…);
• Technology is proven;
• Scale up is required;
• Environmental Attribute Certificates (EACs) serve as upside—not 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

Traditional Private Equity Infrastructure Discipline
The fund operates with the rigor of a classic infrastructure fund — prioritizing mature, de-risked assets, real industrial outputs, and cash-flow generating operations.

Dual Revenue Model
Core revenue: value generated by portfolio companies’ operations (e.g. sale of biocarbons to industrial and agricultural markets) , the Fund’s return on equity (as portfolio companies scale, intra-group synergies support value accretion at the individual company level), as well as infrastructure services (e.g. biocarbons used in water treatment processes).

Additional returns
Revenue from the generation of Certified Carbon Removal Credits (e.g. CORCs) and other impact-linked instrustments by each project, monetized where standards and compliance allow.

Experienced Investment Team
The Biocarbons Fund combines deep sector expertise in carbon markets infrastructures, private equity, impact investing and industrial operations to effectively deploy capital and drive value creation.

Best-in-Class Advisory Network
Supported by a global ecosystem of renowned scientists, engineers, and sustainability leaders at the forefront of pyrolysis, biocarbons, and waste valorization technologies.

Actionable Pipeline of Deals
A shovel-ready portfolio of high-impact, infrastructure-scale projects and companies spanning multiple geographies and biocarbon applications—ready for deployment.

Why It Works

Private 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, 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

THE BIOCARBONS FUND

PARIS HEADQUARTERS
39, avenue Pierre 1er de Serbie
75008 Paris – France