Biowaste Company Smashes Fundraising Target
A Surrey clean-tech company which converts biowaste into a carbon neutral fuel has exceeded its crowdfunding target by more than £60,000.
Antaco UK, based in Woking, has developed an “innovative solution” that replicates nature by converting biowaste into biocoal.
According to the business, the conversion only takes a few hours at an oven temperature and the biocoal produced is comparable to fossil coal as it has a similar heat value, burns cleaner and is carbon neutral.
Antaco launched a crowdfunding bid on Angels Den to raise a minimum of £150,000. The round is now complete and the company has raised a total sum of £213,840. The crowdfunding round is part of a larger campaign to raise a total of £1.2m.
The company said it will use the investment to beef up sales and support its UK expansion.
It said it plans to create revenue streams from Biocoal plant design, location analysis and testing biomass input material. It also plans establish licensing agreements with biocoal producers.