Cycle Capital, a venture capital investment firm, led a $38m funding round in Airex Energy, a climate solutions provider, with participation from Investissement Québec, Desjardins-Innovatech, Export Development Canada and Fonds de solidarité FTQ. The company’s technology involves heating the organic material with no oxygen present to remove moisture and volatile organic compounds. The process, called torrefaction, is carried out at 250 to 300C to produce the solid biofuel. At higher temperatures, it produces the more porous biochar.