Energy, Perpetual Next / February 19, 2022

Press release: New CEO Perpetual Next committed to carbon removal

Perpetual Next CEO Niels Wage takes office and is directly committed to the global scale-up of the production of renewable carbon, green hydrogen and other green gases and feels supported in this by the explosive rise in carbon pricing over the past year.

Niels Wage takes over as CEO of climate tech company Perpetual Next, succeeding predecessor and co-founder Martijn van Rheenen. With the arrival of Niels Wage, a number of decisions were immediately set in motion:
- Divest and say goodbye to the fossil activities
- Scaling up production of green gases in Europe and expanding to the US and Asia
- Continue ongoing financing projects and prepare the company for an IPO

No fossil
With the extraction of CO2 from the atmosphere as its mission, Perpetual Next immediately proceeded to divest its fossil activities. This has now been completed. It concerns the successful divestment of five gas-fired heating plants in a 50/50 joint venture with Ennatuurlijk, with PGGM and Veolia as shareholders.

Green hydrogen and other green gases
The full focus of Perpetual Next is now on scaling up the production of renewable carbon and green gases, including green hydrogen. Perpetual Next has several production facilities in Europe. These include facilities in England in Derby and in the Liverpool region, and locations in the Netherlands, where food waste and agricultural residue streams are maximally upgraded to various green gases and renewable raw materials.

In addition, on 19 January, 16 ha of land was reserved in the Delfzijl port area for Perpetual Next. Perpetual Next aims to lease this land for more than 100 years and to realise 300MW of production facilities in the first ten years for the production of various green gases on the basis of B wood and other organic residual flows as raw materials. The production facilities can supply the local (bio)chemical industry, among others. Perpetual Next will deploy its own so-called torrefaction technology, including the technology it has developed over the past ten years together with strategic partner Carrier. The project in Delfzijl is separate from a second project that Perpetual Next is preparing together with Gasunie and wishes to realise in the same region.

Expansion to the US
Expansion to the US is also underway. Not only because of the renewable raw materials available and the local market, but also because strategic partner Carrier has its headquarters in the US and manufactures and supplies production technology there as well as in Europe and Asia. The initial production target of Perpetual Next in the US has been set at 400,000 tonnes of high quality bio carbon per year for a strategic partner that uses the products for the steel industry. This would double the current planned production capacity of bio carbon in Europe, which is mainly produced for ArcelorMittal to use in its steel making process.

To meet the increasing demands on Perpetual Next from Asia, the planned expansion of the teams will first have to take place. Perpetual Next currently has 100 employees and wishes to expand to 200 employees this year. More and more team members are finding their way to Perpetual Next to be part of the 'Net Zero' mission and to realise the global growth ambitions for climate enhancement technology to extract CO2 from the atmosphere.

Initial public offering
The stated ambitions are also accompanied by an extensive financing programme. Having invested hundreds of millions by Momentum Capital and its co-investors in recent years, they are committed to continue to provide additional investment in Perpetual Next. In addition, Niels Wage will receive the necessary reinforcement from investment bank Jefferies, among others, and Perpetual Next is planning preparations for an IPO at the end of 2024.

Niels Wage
Niels Wage joined Perpetual Next in November 2021 with extensive experience in commodities, project development and commercial and supply chain management. Niels worked as CEO of a listed company and has extensive leadership experience in international companies such as BHP and Vopak.

Niels Wage: "In recent years Perpetual Next has laid a solid foundation for further growth. The combination of technology development, research and direct experience in the production facilities provides a platform, together with our partners, to take significant further steps in upgrading waste streams to renewable raw materials for the chemical and steel industries. With our technology, we can make a significant contribution to the removal of carbon from the atmosphere and use high-grade carbon as a raw material. This will allow us to further reduce harmful emissions. I am honoured to lead the highly talented and motivated teams to the next phase of growth''.

Co-founder of Perpetual Next and active shareholder Martijn van Rheenen: "With the arrival of Niels we bring in a people oriented director who is capable of realising the ambitions of Perpetual Next. Niels has a combination of global commodity experience and is also someone who can help Perpetual Next in its desired listing through his experience with listed companies."

About Perpetual Next
The mission of Perpetual Next is to prevent further climate change by reducing CO2 emissions and extracting CO2 from the atmosphere for its customers. Perpetual Next achieves this by reusing waste streams and upgrading organic waste streams to high-quality raw materials and products using leading technologies, thus contributing to the circular economy. Perpetual Next is organised into three divisions: Trading, Conversions and Technologies. With its activities, Perpetual Next generates CO2 rights, which are a fundamental part of its business model. Perpetual Next has linked its mission to the UN Sustainability Development Goals, the ESG criteria and the EU Green Deal.