HISTORY

Cycleenergy was conceived in 2005 when it was evident that the growth in energy demand across Austria and the lack of rural sustainable energy bioenergy projects created a market opportunity for Cycleenergy. 

In 2006, the company was founded and began construction of its first wood-chip biomass CHP facility in Northern Austria. The project would be the first in a series of biomass power stations in Austria.

In 2007, the company increased its capital structure in order to accelerate expansion.  In June, the company closed a financial contribution of EUR 6.7 million in private equity from 3i Group plc, London. 

In 2008 Cycleenergy acquired controlling interest into two Austrian biomass power plants located in Aschach and Gresten with a total capacity of 16MW (4MWel, 12MWth). 

In December 2008, Cycleenergy succeeded in raising additional funds from private investors through a silent partnership structure in the amount of EUR 1 million and the company commenced additional fundraising activities to increase its capital by EUR 10 million.

In 2009, the company decided to enter the wood pellet production business through the construction of a pellet plant with a 32.000 tonnes annual production capacity located adjacent to our existing power plant in Gresten. 

In September 2009 Cycleenergy successfully closed another private equity finance round from NEF – New Energy Fund – and from the current shareholders in the total amount of EUR 10 million. This funding round will enable Cycleenergy to acquire its fourth power plant, doubling the company’s capacity to 40MW (10MWel, 30MWth).

The total investment into power plant assets will reach EUR 60 million.

Also in September 2009 Cycleenergy succeeded in raising additional funds from private investors through a silent partnership structure.