FIEE SGR, one of Europe’s leading venture capital operators specialized in the energy transition, strengthens its presence in the Spanish market with the acquisition of a majority stake in Naturmet, a company focused on biomethane project development. This transaction marks the group’s entry into the biofuels sector and represents FIEE SGR’s second investment in Spain.
The transaction was structured through an initial capital increase of approximately €30 million, subscribed by the Energy Transition Fund III (ETF III)—FIEE SGR’s third fund, launched in 2025—as lead investor, with the participation of ABE Capital, a Spanish venture capital firm already part of Naturmet’s shareholder base. Depending on the development of Naturmet’s project portfolio, an additional €10 million will be invested to support the growth of both ongoing and new projects. Following the operation, Rafael Lavín, founder of Naturmet and Grupo Oleofat, will continue as chairman of the board and temporarily assume CEO duties, ensuring strategic and operational continuity. He will also maintain a significant equity stake in Naturmet, aligning interests with the new financial partners.
With this investment, FIEE SGR aims to support Naturmet’s growth plan, which currently comprises 18 projects under development and targets an annual biomethane production of 1 TWh, in a context of increasing investor interest in renewable gases as a key vector of the energy transition.
Naturmet, a spin-off of Grupo Oleofat—an Iberian producer of advanced second-generation biofuels from plant-based raw materials—is one of the leading players in the development of biomethane production plants from agricultural and agro-industrial residues.
The company has positioned itself as one of the most advanced and reliable biomethane platforms in Spain, thanks to a project portfolio developed under stringent technical, environmental, and territorial criteria. This positioning is the result of the continuous work of an experienced management team with deep knowledge of Spain’s regulatory and agronomic landscape, enabling the structuring of robust, scalable projects aligned with the highest European standards.
Naturmet’s strategy is backed by a tangible industrial base, with operational biomethane projects in Ólvega (Soria) and others under construction, including Valtierra (Navarra) and Almendralejo (Badajoz). Additionally, the company plans to start construction of three further facilities in 2026, expected to become operational in 2027, consolidating a first significant operational platform in Spain. This expansion is complemented by an additional portfolio of 12 projects in various stages of development, providing medium- and long-term growth visibility. All of this is structured within a circular economy project integrating agriculture, industry, and technology to produce 100% renewable biogas with net-zero greenhouse gas emissions.
Through its entry into Naturmet, FIEE SGR consolidates its presence in Spain following its first transaction in 2023 and the opening of its Madrid office in 2024, led by Javier Infante Bustelo, Head of Investments in Spain, who led and closed the deal.
The transaction also represents FIEE SGR’s entry into the biofuels sector, a strategic segment for Europe’s energy transition, with Spain standing out as one of the most promising markets. According to Sedigas, the Spanish Gas Association, the Iberian Peninsula is currently the fourth-largest European market for biomethane production, with an estimated capacity of up to 163 TWh annually and the creation of more than 62,000 direct and indirect jobs. The European Biogas Association (EBA) ranks Spain as the leading European destination for private investment in this segment, with €4.8 billion projected by 2030, compared to €3.1 billion in Denmark and €2.4 billion in the UK.
"Investing in Naturmet represents a major milestone for FIEE SGR. Not only is it the first transaction of our third fund, launched just a year ago, but it also marks our entry into a strategically important sector like biofuels, fully aligned with our mission to drive the energy transition and efficiency in Europe. This investment approach continues to demonstrate its strength, further reinforced by our decision to start international expansion from Spain, a market with high potential. With this second transaction, we decisively consolidate our presence in the region," said Andrea Marano, Raffaele Mellone, and Andrea Longatti, co-CEOs and founding partners of FIEE SGR.
"Biomethane represents one of the most significant opportunities within the energy transition, and Spain provides an especially attractive environment for its development. Investing in Naturmet alongside ABE Capital fully aligns with ETF III’s strategy to back high-potential, scalable platforms," explained Javier Infante Bustelo, Head of FIEE SGR’s Spanish office.
"Naturmet is a rigorously designed environmental project, conceived with a clear industrial focus and fully integrated into Grupo Oleofat’s strategy within the advanced biofuels sector. After consolidating a leadership position in advanced liquid biofuels, the development of Naturmet represents a natural evolution of our strategy towards renewable gases, maintaining the same focus on technical rigor, positive environmental impact, and long-term value creation. The participation of FIEE SGR, alongside ABE Capital, reinforces a shared vision and allows us to accelerate the deployment of a key platform to advance a more sustainable energy model," said Rafael Lavín, founder of Grupo Oleofat and chairman of Naturmet.
"At ABE Capital, we have supported Grupo Oleofat in developing Naturmet because we believe in its industrial model, its highly qualified team, and the key role of biomethane in the energy transition at both national and European levels. The entry of an investor like FIEE SGR strengthens an investment thesis we fully share and allows us to accelerate the growth of a platform with enormous potential for impact and long-term value creation," added Manuel Blanco, founding partner of ABE Capital.
Advisors: FIEE SGR was advised by Rothschild (financial) and Dentons (legal). Commercial, legal, financial, tax, and ESG due diligence was conducted by Afry, Dentons, and EY. Naturmet was advised by Finergreen (financial), Cuatrecasas (legal), and DNV (technical).
About FIEE SGR
Founded in 2014, FIEE SGR (formerly Fondo Italiano per l’Efficienza Energetica) is a venture capital firm specializing in long-term institutional investments in European companies active in energy efficiency, energy transition, renewable energies, and decarbonization.
FIEE SGR currently manages approximately €600 million across four funds—three closed-ended vehicles (FIEE I, FIEE II, and Energy Transition Fund III) and one open-ended fund (SpesX Energy Transition)—and holds stakes in five companies.
Its investors include insurance groups, fund-of-funds, foundations, banks, family offices, and financial institutions, including the European Investment Bank and CDP.
The shareholder structure includes founding co-CEOs Andrea Marano, Raffaele Mellone, and Andrea Longatti, as well as Fulvio Conti (Chairman), Maurizio Cereda, and Lamse S.p.A.
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