All Access

Climate Deals

Standard

Climate Deals Thought Bubble

Thought Bubble

Climate Deals Alerts

Alert

mustard

BFD Expert Voices - Climate Deals

BFD Expert Voices

Nexus W2V, a waste-to-fuels developer, raised $140 million to build a renewable natural gas plant in Indiana.

Why it matters: The raise defies a funding slump for RNG developers.

Driving the news: Orion Infrastructure Capital anchored Nexus W2V's nine-figure raise with a $75 million investment.

Nexus Holdings, Khasma Capital, Sterling Bank and Ameris Bank rounded out the raise.

Zoom in: Nexus W2V plans to use the funds to build a described "flagship facility" in La Porte, Indiana, near the shore of Lake Michigan.

The site, the Kingsbury Bioenergy Complex, will convert 200 tons of organic waste per day into RNG.

The gas will be injected into pipelines in northern Indiana. Nexus W2V expects the site to be fully online by 2026.

The big picture: RNG fits relatively easily into existing infrastructure such as pipelines, which has helped production plants draw investment from later-stage investors and strategic backers such as oil and gas firms.

Capacity for turning landfill gas into RNG has nearly doubled since 2019. Another 130 RNG plants are being built in the U.S., per a sector trade group.

Yes, but: While new production plants are drawing investment, funding for the companies building such projects has stalled. 

By the numbers: Venture and private equity investment in North American RNG companies this year plummeted to less than $200 million, down from a peak of almost $6 billion in 2022, per PitchBook data.

The slowdown has spurred a wave of consolidation, with seven RNG developers controlling about 60% of U.S. RNG production.

What we're watching: The U.S. Treasury Department last week finalized its guidance for RNG incentives in the Inflation Reduction Act.

Nexus raises $140M for RNG plant

The round defies a funding slump for RNG developers.

Illustration of a hand painting a gas tank green.

Nexus W2V, a waste-to-fuels developer, raised $140 million to build a renewable natural gas plant in Indiana.Why it matters: The raise defies a funding slump for RNG developers.

topics

politics-policy

epstein-files

donald-trump

2026-midterm-elections

immigration

behind-the-curtain

race-and-equity

technology

privacy-tech-regulation

automation-and-ai

tiktok-news

big-tech

social-media

cybersecurity

economy

social-security

inflation

tariffs

federal-reserve

jobs

transportation

business

stock-market-news

retail-news

crypto

media

elon-musk

dealmaking

health

rfk-jr

drug-prices

axios-explains-abortion

public-health

world

israel

axios-explains-ukraine

iran

russia

china

energy-climate

nuclear-energy

climate-energy-policy

climate-change

extreme-weather

alternative-energy

electric-vehicles

science

emerging-tech

biomedicine

newsletters

charlotte

boulder

detroit

kansas-city

columbus

austin

dallas

atlanta

washington-dc

nw-arkansas

chicago

indianapolis

nashville

richmond

colorado-springs

houston

san-francisco

seattle

boston

des-moines

salt-lake-city

philadelphia

denver

phoenix

new-orleans

miami

twin-cities

raleigh

san-antonio

portland

san-diego

tampa-bay

cleveland

huntsville

pittsburgh

axios-local

axios-pro

axios-live

the-axios-show

Nexus raises $140M for RNG plant

What to read next