Ghent University spin-off Qpinch raises €10 million in growth financing

(30-09-2021) Qpinch, a Ghent University spin-off with a promising technology for energy saving and CO2 reduction at chemical and industrial sites, is raising 5 million from the Federal Participation Company (FPIM) and 5 million from the Capricorn investment fund.

Qpinch supplies industrial heat pumps to the chemical, petrochemical and food industry. The revolutionary Qpinch technology mimics the natural chemical reactions that take place in all living cells in the so-called ATP/ADP cycle, the mechanism of a cell that captures and releases energy. By using a chemical process to raise the temperature of waste heat, Qpinch technology provides a boost to waste heat that could not otherwise be used.

The technology comes at a time when large chemical companies, of which the port of Antwerp counts dozens, are diligently looking for solutions to meet the increasingly strict emission standards. Barely three months ago, the company received a convertible loan of 4 million from the Antwerp Port Authority and existing shareholders. This came on top of an investment of 3 million euros from Sabic Ventures. That is the petrochemical division of the Saudi state oil company Aramco. In addition to being a shareholder, Sabic is also a customer of Qpinch. Now another 10 million euros of fresh capital will be added, half from the SFPI and the other from Capricorn. With 10 million in new capital, Qpinch can strengthen its commercial team, expand its technical capacity and serve new markets.

'Qpinch's breakthrough technology contributes on a large scale to climate action, but also to the profitability of the largest energy consumers in the world. A win-win for the economy and the environment.' Erik Verdeyen, Chief Evangelist at Qpinch