Spanish LPG and bioLPG engine pioneer increases capital by EUR 18 million

BeGas, manufacturer of engines powered by renewable Liquid Gas for industrial vehicles, announced it has successfully closed a new round of capital expansion worth EUR 18 million. According to the company, this will allow to boost its growth, accelerate the development and approval of two new LPG engines.

A consortium of investors with new participants such as Stellum Growth and the American truck manufacturer Nexio Power have participated in this operation, in addition to a group of shareholders who were already part of the company's corporate structure, such as Innvierte (CDTI), Ekarpen Private Equity, Repsol Energy Ventures, Itzarri EPSV, Easo Ventures, Seed Capital de Bizkaia and BeGas' own founder Pedro Silva.

The funds obtained in this operation will be used to support different key areas of the business. First of all, BeGas will focus part of the investment on the development and approval of two new renewable Liquid Gas engines of 6 and 9 litres, which will be presented this year and will allow to expand its solutions for heavy urban transport in the 12 to 26 tonne segment.

The company will also use part of this financing to continue strengthening their supply chain, which already has strategic suppliers such as ZF Group, Bimotor/FPT or Bosch Engineering Group among others.

Finally, BeGas is also looking to scale up production at its headquarters, in the Basque Country, in order to respond to the growing demand for environmentally friendly solutions in the European industrial vehicle market.

"At BeGas, our commitment to sustainability and innovation is the axis that guides our work. This new capital increase reinforces our ability to continue offering pioneering solutions to sustainable mobility and accelerate the energy transition of heavy urban transport. Our objective is to bet on the future, strengthening our workforce and our supply chain as fundamental pillars, while prioritising innovation in alternative fuel engines that contribute to decarbonisation," said Pedro Silva, CEO of BeGas.

Source: Comunicae

Photo: BeGas