Canadian biochar firm raises €35.5m in funding round

Mar 14, 2023

Airex Energy has raised $38 million (€35.5m) in a funding round that will accelerate the Quebec company’s plans to expand its production of low-carbon industrial and agricultural products made from biomass, reported the Globe and Mail.

The seven-year-old company employs its own technology to turn sawmill byproducts and logging residue into biocoal pellets at its plant in Bécancour, Quebec. Biocoal can replace coal in power plants, slashing greenhouse-gas emissions by 90%, according to Airex.

The financing is led by Cycle Capital and includes existing investors Investissement Québec, Desjardins-Innovatech and Export Development Canada. A new investor, Fonds de solidarité FTQ, joined the group in the funding round.

It also has a recently renewed partnership with France’s Suez Group to develop markets for biochar, which is used as an additive in soil, and can also sequester carbon if processed into building materials such as concrete.
Airex will use proceeds from the funding round to increase capacity at its commercial-scale Bécancour biocoal plant, Michel Gagnon, the company’s chief executive, said in an interview.

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Video: Dr. Emerson Nafziger: Nitrogen Fertilizer Rates for Corn

The Crop Science Podcast Show, Dr. Emerson Nafziger from the University of Illinois breaks down decades of nitrogen research. From the evolution of N rate guidelines to how soil health and hybrid genetics influence nitrogen use efficiency, this conversation unpacks the science behind smarter fertilization. Improving how we set nitrogen fertilizer rates for rainfed corn is a key focus. Discover why the MRTN model matters more than ever, and how shifting mindsets and better data can boost yields and environmental outcomes. Tune in now on all major platforms!

"The nitrogen that comes from soil mineralization is the first nitrogen the plant sees, and its role is underestimated."

Meet the guest:

Dr. Emerson Nafziger is Professor Emeritus of Crop Sciences at the University of Illinois at Urbana-Champaign, with degrees in agronomy from Ohio State, Purdue, and Illinois. His research has focused on nitrogen rate strategies and crop productivity. He co-developed the Maximum Return to Nitrogen (MRTN) model, which is widely used across the Midwest. His research spans N response trials, hybrid interactions, crop rotation effects, and yield stability.