Stonefund 2 announces participation in Qlyte
Jul 29, 2013
Heverlee/Amsterdam, April 30, 2008 – StoneFund 2, the Colruyt family investment fund, which focuses on early stage cleantech investments, takes a minority interest in the Dutch company Qlyte. Qlyte is a spin-off of DSM. Qlyte will use the StoneFund 2 investment for the European commercialisation of its patented Subcoal® technology, Waste-to-Energy process that will be used as a future alternative for coal. Qlyte is a spin-off of the Dutch chemical/biotechnology company DSM and is active in the Waste-to-Energy industry. For more than 10 years, DSM has been researching a technology that processes mixed cellulose and plastic residual flows into a high caloric and qualitative fuel called Subcoal®. Subcoal® is a patented technology that forms a sustainable alternative for primary solid fuels (such as coal). The first commercial installation was developed in 2000 by DSM for a SmurfitKappa paper and cardboard factory in the Netherlands. After the first successful implementations, Qlyte was privatised in 2008 with a view to the further commercial expansion of the Subcoal® technology in Europe, where DSM provides technical knowledge and expertise. Mark Cerstelotte, StoneFund 2 partner, about the investment in Qlyte: "The Qlyte Waste-to-Energy technology is a promising alternative in the reuse of waste flows. Over a period of 10 years, Subcoal® can develop into a valuable substitute for coal, even into a replacement capacity of 1 million tons in 2018. From StoneFund 2, we want to share in the Qlyte success story and apply our expertise for the further expansion and commercialisation of the technology on the European market. "
StoneFund 2 is the Colruyt family early stage investment fund that focuses on cleantech investments. The fund was started in December 2006 with a capital of 15 million euro and envisages a growth to 40 million euro by the end of 2008. StoneFund 2 focuses on early stage cleantech investments in innovative technologies that contribute to the sustainability of society. The fund is the expression of the Colruyt family philosophy who, via StoneFund 2, wants to give concrete form to a continuing concern for the environment in an ongoing search for innovative cleaner alternatives for existing processes. Qlyte is a spin-off company from DSM active in the field of environmental technology and sustainability. Qlyte has been founded to further develop and commercialize the Subcoal® technology in Europe in collaboration with DSM and other key partners. For more information about Qlyte, please visit www.qlyte.com.