The collaboration between Vertoro, a startup developing a CO2-neutral alternative to petroleum, and Ignite Group dates back to 2019 and can be considered particularly successful. It began with a successful OP-Zuid application. The tally now stands at ten successful applications in a row, spread across six different schemes.
How can we transition away from fossil fuels and raw materials as quickly as possible? This is currently one of the main questions in the sustainability discussion. Various approaches are being pursued to answer that question. As with startup Vertoro, where they convert lignin, a residue from agricultural forestry, into sustainable oil, co-founder and co-CEO Michael Boot explains. “Lignin is a natural product that has little inherent value. We began research on this in 2015 through a public-private partnership involving Brightlands Chemelot Campus, DSM, Chemelot InSciTe, Maastricht University, and Eindhoven University of Technology. This collaboration led to the spin-off Vertoro in 2017, aimed at eventually bringing the product to market.”
Different approach
Michael refers to that product as ‘green’ oil, sustainable and not extracted using nodding donkeys from traditional oil fields. He indicates that extracting oil from biomass is not a new idea. “But our approach is different from others. In our processing, biomass retains its high-value properties, and we ensure the product is pumpable. The ultimate goal is for lignin to replace fossil oil in the production of various materials, chemicals, and fuels.”
Pilot project
Vertoro is currently mainly active in the Dutch border region, but according to Michael, the intention is for the company to grow and expand its operational area. He notes that four investors have backed the company, which now employs eight staff members. “A solid foundation, but grants are indispensable,” he remarks. “Thats why, we contacted Ignite Group, whom we knew from the research phase,” he explained. That was in 2019, when an OP-Zuid grant was applied for in March of that year. “In 2019, an OP-Zuid grant was successfully applied for in March of that year, under the theme ‘Exploiting lignin further,’ aimed at setting up a pilot plant.”
Complex subject matter.
Another successful OP-Zuid application followed, and a REACT-EU grant was applied for. This was in support of the construction of a demo factory in the port of Rotterdam. At that time, the TSE Industrie application was also granted, aimed at establishing a production process enabling the manufacture of high-quality biofuels. The series of decisions continued with another application under the “Opportunities for the West” program, Innovation Credit in 2022, and three JTF grant applications were approved in one year. Additionally, WBSO grant has now been applied for with the assistance of Ignite Group. “An absolute winning streak,” Michael smiles, expressing great satisfaction with the support and guidance from Ignite Group during the applications. “We have never had an application denied, despite tapping into a wide range of schemes. Absolutely unheard of, especially considering how complex the subject matter is. We’ve also been able to do a lot on a No Cure No Pay basis, which is of course great for startups.
Endurance
Michael further explains that he is also impressed by Ignite Group’s proactive approach. “Everything is well-tracked, and you keep us informed when there’s a grant of interest to us. Moreover, it’s clear there’s extensive expertise and access to a large network experienced with practically every subsidy scheme. This is a long-term project of significant importance, and both investors and Ignite Group contribute significantly to this.”
Vertoro’s “winning streak”:
OPZuid – 2019 x2
TSE Industry – 2021
‘Opportunities for West’ – 2021 & 2022
Innovation Credit – 2022
JTF – 2023 x3
WBSO – 2023 & (2024)
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