KHIMOD raises €23 MM to accelerate its growth
KHIMOD, a French climate-tech company that specializes in producing low-carbon synthetic molecules and valorizing carbon dioxide (CO₂), has announced a €23-MM funding round.
This milestone marks the entry of two leading investors: the SPI fund (Sociétés de Projets Industriels), which is managed by Bpifrance on behalf of the French state as part of the France 2030 initiative; and the Industrial Decarbonization Fund, which is managed by Audacia. Longstanding shareholder ALCEN reaffirms its commitment by continuing to support the company’s growth.
A milestone for the decarbonization industry. This funding round comes at a time of strong momentum for power-to-x technologies, e-fuels, and bio-based fuels—all of which are key pillars of the energy transition. It also reflects the ongoing transformation of industrial chemistry, with a growing adoption of continuous flow processes. The financing will enable KHIMOD to deploy several industrial-scale demonstrators, increase production and expand its operations both in France and abroad.
KHIMOD’s solutions are built around its proprietary heat exchanger-reactors, which are designed and manufactured at the company's industrial site in Wissous (Greater Paris area). These monolithic reactors are made from cut metal plates that are assembled through diffusion bonding—a unique process mastered by KHIMOD. They offer exceptional efficiency in heat transfer and outstanding resistance to extreme pressures and temperatures. This advanced technology also enables highly modular, safe and reliable process designs.
KHIMOD’s technologies enable the conversion of recycled CO₂ and low-carbon hydrogen, also known as syngas, into e-methane, e-methanol and sustainable aviation fuel (e-SAF). These technology building blocks are central to major decarbonization projects targeting hard-to-abate sectors including aviation, maritime transport, heavy industry and fine chemicals. They can be scaled from local demonstrators to full-scale industrial units and address key technical and economic barriers that have traditionally limited the deployment of such solutions.
Keystone projects. KHIMOD is currently involved in several high-impact projects across Europe, demonstrating its ability to transform innovation into practical applications:
- Thor (France)—This project was developed in collaboration with a leading industrial player, and the aim is to produce e-methanol from low-carbon hydrogen and CO or CO₂, using a disruptive, patented process developed by KHIMOD. Thor represents a major step toward competitive, large-scale e-fuel production with plans for rapid deployment on an existing industrial site.
- Pegasus (Italy)—In partnership with Hydroalp and supported by Società Gasdotti Italia (SGI), this project will convert CO₂ from agricultural waste and green hydrogen into e-methane, which will be injected directly into the local gas grid. Pegasus highlights KHIMOD’s relevance in decentralized renewable gas production.
- AVEBIO (France)— AVEBIO will be KHIMOD’s first sustainable aviation fuel (SAF) production unit. This industrial pilot project valorizes biogenic CO₂ and is scheduled to become operational in the second half of 2025. It will be the first project in France to produce eSAF.
“This fundraising marks a turning point for KHIMOD. It provides the resources necessary to expand our industrial development in France and abroad and accelerate the implementation of our innovative solutions for producing low-carbon molecules from green hydrogen or syngas. With the support of our committed partners, we are ready to begin a new chapter in our journey—one that will lead to the large-scale industrialization of our technologies,” said Nicolas Serrie, President of KHIMOD.
A balanced and forward-looking investment round. KHIMOD’s governance will evolve with the establishment of a board of directors that will include representatives from the company’s historical shareholder, its new investors, and the management team—alongside independent members committed to supporting the company’s long-term vision.
“KHIMOD's fundraising marks a key milestone in developing innovative, low-carbon technologies that are perfectly aligned with the SPI fund's mission. This capital increase will enable KHIMOD to strengthen its industrial capabilities and deploy large scale decarbonization solutions, meaningfully contributing to the fight against climate change. The SPI fund is proud to support the company on this journey and help industrialize low-carbon technologies in France and beyond,” said Magali Joëssel, Director of the SPI Fund, Bpifrance.
“KHIMOD’s heat exchanger-reactor assembly technique, which are derived from the ITER program, enables the fabrication of complex geometries with exceptional cost competitiveness. We were convinced by this breakthrough technology, which significantly reduces the cost and speeds up the deployment of producing synthetic fuels. This is our first investment in sustainable aviation fuels (SAFs), a promising solution for reshoring fuel production and decarbonizing the aviation and maritime sectors,” said Vincent Brillault, Managing Partner Next Generation Fuels, Audacia.
“KHIMOD’s technologies will pave the way for chemistry under extremely high pressures and temperatures. This capital increase will further accelerate that momentum,” said Pierre Prieux, President of the ALCEN Group.
An industrial ambition serving the energy transition. This fundraising strengthens KHIMOD's standing as a key player in the fields of synthetic molecules (e-fuels, e-methane, e-methanol) and CO₂ valorization technologies. The company is advancing its R&D to adapt its reactors for fine chemicals and scale this technology for industrial deployment. KHIMOD's patented innovations were recently recognized with the Process Intensification Award for Industrial Innovation, which was launched by the EFCE (European Federation of Chemical Engineering) and Europic. KHIMOD received the award on June 5, 2025, at the EPIC conference in Athens. KHIMOD continues to build strong partnerships with industrial players, engineering firms, and academic institutions across all its areas of activity.
Comments