M2X Energy Inc., an end-to-end developer of modular, transportable gas-to-liquids systems that economically produce low-carbon methanol from stranded methane, announced today a $40 million Series B financing round led by Conifer Infrastructure Partners.
Also participating in the round are the existing Series A investors including Breakthrough Energy Ventures (“BEV”), Eni Next, Add Ventures by SCG, and Autodesk Foundation, according to a news release.
The funds will be used to accelerate the in-house manufacturing and deployment of M2X’s first commercial fleet of low-carbon methanol production systems. Prior to the Series B funding round, M2X successfully conducted multiple field deployments, which de-risked its patented chemical process technology, and demonstrated the benefits of replacing economies of scale with mass manufacturing and automation to rapidly mitigate methane emissions from otherwise stranded, highly distributed sources.
M2X has already established 10,000 square feet of turnkey manufacturing space capable of constructing multiple systems in parallel, and initiated equipment orders to accelerate go-to-market and fleet expansion. On the commercial front, M2X is actively sourcing biogas feedstocks to produce biomethanol, which aligns with regulatory certification schemes and customer demand. M2X expects to deploy its first commercial systems and deliver low-carbon methanol, including biomethanol, under long-term offtake agreements in early 2025.
“We are excited to formalize our partnership with M2X by leading their Series B funding round, which provides M2X with the necessary capitalization to begin rapid manufacturing and deployment of low-carbon methanol production systems. I look forward to supporting them in their forward-thinking approach to converting emissions into a scalable, low-carbon methanol solution,” said Nicholas Stork, Managing Partner at Conifer Infrastructure Partners. “Conifer and M2X are hyper-aligned on the Company’s design of a standardized, repeatable system with the versatility to repurpose any size or source of stranded methane gas into an economic, low-carbon energy source.”
Josh Browne, Chief Executive Officer at M2X Energy, said, “This overwhelmingly successful funding round marks a pivotal moment for M2X whereby we advance into a new era as a mature operating company with commercially validated systems and technology. We thank the Conifer team for their leadership in the Series B funding round and look forward to having them as long-term partners. We are also delighted to expand the relationship with our Series A investor group and appreciate the longstanding support and trust they have provided us. This Series B financing, in addition to a recently announced $10 million award from the DOE’s Office of Fossil Energy and Carbon Management, meaningfully contributes to M2X’s impact on methane emissions abatement to avoid the worst effects of climate change.”
Browne continued: “We look forward to expanding our partnerships with organizations seeking robust solutions to address their decarbonization and broader stakeholder objectives. We believe that the M2X team’s process-oriented culture and strong technical acumen will drive operational excellence, faster project timelines, and lower project costs. In turn, this will enable us to successfully scale our fleet of systems and secure a market-leading portfolio of stranded methane sites and long-term commercial offtake agreements, ensuring the long-term viability and success of our biomethanol operations.”
David Danielson, Managing Director at BEV, said: “M2X Energy’s unique modular and mobile solution for capturing stranded methane gas and converting it into low-carbon methanol is now fully productized and proven after multiple successful commercial demonstrations in the field. As co-founders of M2X Energy along with its leadership team – Josh Browne, Tony Dean, and Paul Yelvington – we are thrilled to partner with Nick Stork and Conifer Infrastructure Partners to rapidly deploy and commercially scale M2X’s systems and serve the growing customer demand for low-carbon methanol, particularly biomethanol, in the shipping and chemicals industries. By reducing methane emissions and displacing the use of high carbon intensity fuels and chemical feedstocks, M2X will strongly contribute to BEV’s mission of achieving net-zero emissions by 2050.”
