ComBio Pitch Deck: All 9 Slides + Teardown

ComBio’s 9-slide growth deck is a masterclass in clarity for infrastructure-heavy startups. By focusing on the 'no upfront CapEx' value proposition, the company addresses the primary barrier to industrial decarbonization: the high cost of switching from fossil fuel boilers to biomass systems. The deck highlights a decade of execution, citing 2.26 million tons of CO2 emissions prevented since 2012. While the deck is light on specific financial projections and competitive analysis, it leans heavily on its operational track record and 'Sistema B' certification to build trust. The $90M raise, rep…

Key takeaways

• ComBio identifies that 50-90% of CO2 emissions in sectors like textiles and mining come from thermal energy generation (Slide 2).
• The core business model relies on removing upfront CapEx for the client, with ComBio handling all O&M and biomass origination (Slide 3).
• The company operates an integrated supply chain, including the capture of ash for use as organic fertilizer by composting companies (Slide 4).
• Biomass is positioned as carbon neutral because the carbon molecules have a biogenic origin from living organisms (Slide 5).
• ComBio reports a cumulative avoidance of 2.26 million tons of CO2 since its inception (Slide 6).
• The company has been 'Sistema B' certified since 2014, claiming to be the first in Brazil's industrial sector to achieve this (Slide 6).
• The management team includes specific roles for Sustainability, Operations, and Strategy, emphasizing a balanced leadership structure (Slide 8).
• The deck omits a specific 'Ask' slide, though Business Insider reports the round totaled $90M in 2024.

Frequently asked questions

What is ComBio's primary value proposition to industrial clients?

ComBio's primary value proposition is the elimination of upfront capital expenditure (CapEx) for industrial clients. According to Slide 3, they provide the investment for the project, handle operations and maintenance (O&M), and manage biomass origination. This allows clients to reduce their operating expenses (OpEx) while transitioning to a high-quality, sustainable steam supply without the financial risk of building their own infrastructure.

How does ComBio handle the environmental impact of its biomass process?

ComBio emphasizes a circular economy approach. Slide 4 explains that all ash generated during the biomass combustion process is captured by filtering systems. This material is then sent to composting companies to be used in the production of organic fertilizers. Additionally, Slide 5 argues that biomass is carbon neutral because the carbon molecules are biogenic, meaning they do not alter the global carbon balance like fossil fuels do.

Which industries does ComBio target for its thermal energy solutions?

Slide 2 explicitly lists six key industries affected by high thermal energy emissions: Textiles, Agribusiness, Mining, Pulp & Paper, Food & Beverage, and Chemicals. The company notes that in these specific sectors, between 50% and 90% of total CO2 emissions are derived from thermal energy generation, making them prime candidates for biomass conversion.

What is ComBio's track record regarding sustainability certifications?

ComBio has a long-standing commitment to ESG standards. Slide 6 notes that the company was first certified as a B Corp (Sistema B) in 2014. It has received 'Best for the World' recognition in the Environment category six times (2015, 2016, 2018, 2019, 2021, and 2022) and was a runner-up in the 2022 Environmental Finance Voluntary Carbon Market Rankings.

Who leads ComBio, and what is their background?

The leadership team, shown on Slide 8, consists of Paulo Skaf (CEO), Marcos Brant (CSO), Fabio Brant (COO), Roberto Veras (Sustainability Director), and Roberto Lombardi (Board Member). The deck describes them as an experienced management team with a 'solid track record in the biomass and energy space,' though it does not list specific former companies or academic credentials.

ComBio pitch deck: the facts

Company

ComBio

Year

2024

Stage

Growth

Slides

9

Sector

Social impact / Clean Energy

Deck type

Growth Pitch Deck

Outcome

$90M Raised

Headquarters

São Paulo, Brazil

ComBio pitch deck PDF

The full ComBio deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the ComBio Energia S.A. pitch deck was used for

This is ComBio Energia’s 9‑slide **growth-stage** pitch deck used to raise **$90 million in growth capital in 2023–2024** for its biomass‑powered steam solutions for industrial clients.[1][2][3] The company develops, owns, and operates biomass boiler assets at client sites in Brazil, selling steam as a service under long‑term contracts and promoting a “no upfront CapEx” model highlighted in the deck’s solution slide. The round was co-led by impact investor Lightrock and Brazilian hedge fund SPX Capital and was intended to scale boiler deployments, expand across industrial sectors (mining, food & beverage, agribusiness, pulp & paper, textiles, chemicals), and accelerate decarbonization of process heat.[1][2][3][4]

Business model: Provides biomass-based thermal energy (mainly steam) to industrial clients through long-term supply contracts, typically with no upfront capex for the client; ComBio owns, installs, operates, and maintains biomass boilers and sells steam/thermal energy as a service.[1][4][10][13]

Round

Growth round / growth capital.[1][2]

Raised

$90 million in growth capital.[1][2][3]

Lead investor

Lightrock and SPX Capital (co‑led round).[1][2][3]

Investors

Lightrock, SPX Capital

Founded

2008[1]

Headquarters

São Paulo, Brazil (Rua Fradique Coutinho, 30 – São Paulo – SP – Brasil).[12]

Industry

Renewable thermal energy / biomass steam solutions for industrial sector.[1][2][3][4]

Year: 2023 (round announced September 2023; described as a 2023 growth funding for 2024 scale-up).[1][2][3]

Use of funds as presented: Scale ComBio’s biomass-based thermal energy solutions for industrial clients across Brazil, finance additional biomass boiler installations, and accelerate decarbonization of process heat in sectors such as mining, manufacturing, and food & beverage.[1][2][3][4]

What happened after the ComBio Energia S.A. deck

After using this growth-stage pitch deck to raise a $90 million round co‑led by Lightrock and SPX Capital in 2023, ComBio has expanded its portfolio of biomass steam projects across Brazil, become a leading provider of biomass-produced industrial steam by 2024, and attracted additional green-loan and development-finance investments to fund new boilers and long-term industrial decarbonization proje

• Secured a **$90 million growth funding round** co‑led by Lightrock and SPX Capital in 2023 to scale biomass-powered stea
• By 2023, had installed biomass boilers at 11 plants with 18 units generating steam for sectors including food, aluminium
• As of October 2024, reported to be the market leader in biomass-produced steam in Brazil, operating 13 boilers with aggr
• Entered into major industrial partnerships, such as multi-plant biomass boiler projects with Ingredion and a 15-year ren
• Secured additional green financing after the pitch-deck round, including an IFC green loan facility of up to BRL 400m (a

What the ComBio Energia S.A. deck got right

• Clear articulation of a large, emissions-intensive problem. The deck centers its solution on a critical emissions hotspot, quantifying that 50–90% of CO2 emissions in target industries come from thermal energy generation, tightly linking ComBio’s biomass steam offering to clients’ decarbonization priorities.[1]
• Compelling no‑CapEx value proposition for industrial clients. ComBio’s "no upfront CapEx" model directly removes the capex barrier for clients by having ComBio finance, build, and own the biomass boiler assets while clients pay for delivered steam, a structure later highlighted in external descriptions of the business model.[1][4][10]
• Demonstrated operational capability and integrated project delivery. Slides emphasize ComBio’s in‑house expertise in end‑to‑end project implementation, tailored integrated steam solutions, and experienced O&M plus biomass origination, aligning with external reports that it has implemented multi-plant projects with large industrials like Ingredion.[1][4][13]
• Strong climate impact and energy transition framing. The deck explains biomass’s biogenic carbon cycle and neutral CO2 balance, supported by broader energy transition narratives and external case studies portraying ComBio as a biomass-based alternative to fossil fuels in industrial steam.[1][3][8]
• Validation from leading impact and development finance investors. Subsequent recognition by reputable investors and institutions—such as Lightrock, SPX Capital, IFC, DEG, and coverage in impact-investing deal books—validates the credibility of the model presented in the deck and suggests the story resonated with sophisticated capital providers.[1][2][3][5][7][8][12][14][15]
• Broad sector applicability with recognizable industrial partners. The deck lists multiple emissions-intensive sectors (mining, food & beverage, agribusiness, pulp & paper, textiles, chemicals), and external sources document real projects with corporates like Braskem and Ingredion, showing diversified applicability and reference customers.[1][4][9][13]

What could have been stronger

• Limited operational and traction metrics in the deck. The deck’s problem and solution slides focus on emissions intensity and thermal energy dependence but do not present hard performance metrics such as installed boiler count, contracted steam volume, or historical growth, even though external sources later report 11–13 plants and hundreds of tons per hour of steam capacity by 2023–2024.[1][3][8][15] This absence makes it harder for investors to quantify scale and traction directly from the deck.
• Economics and contract structure not quantified. While the deck highlights a "no upfront CapEx" model and ComBio taking care of O&M and biomass origination, it does not disclose unit economics, IRR ranges, or contract tenors for its steam-as-a-service projects, despite the capital-intensive nature of biomass boilers.[1][4][10] Investors must infer commercial robustness without concrete margin or payback data in the slides.
• Underdeveloped treatment of biomass sustainability and sourcing risk. The slides emphasize biomass as carbon-neutral, referencing a neutral CO2 balance, but they do not address sustainability risks like biomass sourcing practices, land-use impacts, or certification frameworks, despite these being central topics in external project documents and green-loan disclosures.[1][4][5][12][14] This could raise diligence questions on feedstock sustainability and regulatory risk.
• Growth roadmap and pipeline not visualized in the slides. The deck positions ComBio as a protagonist of the energy transition and mentions multiple industries served, but it does not show a pipeline or map of geographic/sector expansion, even though later investor materials describe assets operating in every Brazilian region and multiple large anchor clients.[2][3][4][8][13] The lack of a visible roadmap may make growth expectations less concrete.

How an investor would read this deck

What draws attention

• Evidence that ComBio’s model has scaled beyond pilots, such as number of operating plants, boiler capacity in tons of steam per hour, and YoY growth in steam produced, which external deal cases later highlight (e.g., 11–13 plants and 750+ t/h capacity by 2023–2024).[3][8][15]
• Contract structures for key clients (e.g., 15‑year contract with Braskem; multi-plant agreements with Ingredion) and how these long-term off‑take agreements underpin revenue visibility and bankability.[4][9][12][13]
• Risk management around biomass supply chains, including sourcing contracts, diversification of feedstock, and any sustainability criteria or certifications referenced in IFC and green-loan documentation.[4][5][12][14]
• Leverage and project finance strategy for capex-heavy boiler installations, including how the $90 million equity/growth capital interacts with subsequent green loans (e.g., IFC’s up to US$72 million/BRL 400m facility).[1][3][5][12][14]
• Regulatory and market risk in Brazil’s industrial decarbonization, including dependence on carbon pricing, environmental licensing timelines, and competition from natural gas or other low-carbon heat technologies.[1][3][4]

Risks that stand out

• Feedstock and sustainability risk: reliance on agricultural and forestry residues could face supply volatility, price fluctuations, or scrutiny around land-use and environmental impact, which green-loan frameworks and ESG stakeholders closely monitor.[4][5][12][14]
• Client concentration and contract risk: large, multi-asset projects with corporates like Ingredion and Braskem create exposure to a small number of industrial off‑takers, making contract performance and credit quality critical.[4][9][12][13]
• Capital intensity and financing risk: scaling requires significant upfront capex for boilers and related infrastructure, necessitating continued access to green loans and equity; changes in interest rates or credit appetite could slow growth.[1][3][5][7][12][14]
• Policy and technology risk: the thesis depends on biomass remaining recognized as low‑carbon thermal energy compared with fossil fuels, while competing low-carbon heat technologies or policy shifts could affect demand.[1][3][4][8]
• Operational and execution risk: building and operating multiple high-capacity boilers across Brazil entails construction, O&M, and safety risks; underperformance could impact contracted service levels and project returns.[3][4][8][12]

Questions this deck invites

• What is ComBio’s current portfolio of operational and contracted projects (number of boilers, aggregate steam capacity, contracted volumes, and remaining contract tenors) and how did this portfolio look at the time of the $90 million round?
• How are long-term biomass supply contracts structured (counterparties, pricing indexation, duration, diversification by supplier and feedstock), and what guardrails and certifications are in place to ensure sustainable sourcing?[4][5][12][1
• What are the typical economics per project: capex per ton of steam/hour, expected IRR and payback period for ComBio, and savings share between ComBio and the client under the no upfront CapEx model?[1][4][10]
• How concentrated is revenue by client and sector (e.g., exposure to large anchor customers like Ingredion and Braskem), and what are the renewal and termination conditions in those contracts?[4][9][13]
• How does ComBio manage technology and operational risk (boiler performance, uptime guarantees, automated monitoring) and what is the historical track record on outages, penalties, and O&M cost overruns?[1][4][12]

What founders can take from the ComBio Energia S.A. deck

• A concise, nine-slide deck can be effective for a growth round when paired with a clear, asset-heavy business model (biomass steam-as-a-service) and a strong decarbonization narrative that investors can later corroborate with detailed diligence.[1][2][3]
• Positioning the problem around a specific emissions hotspot—thermal energy for industrial steam, responsible for 50–90% of CO2 emissions in several sectors—helps frame ComBio’s solution as mission-critical rather than optional.[1]
• Highlighting a "no upfront CapEx" model directly addresses client adoption barriers and can be a powerful hook in infrastructure-like climate solutions where end customers are capex-constrained.[1][4][10]
• Linking the solution to concrete industrial sectors (mining, food & beverage, agribusiness, pulp & paper, textiles, chemicals) makes the addressable market tangible, even if detailed TAM numbers are not disclosed in the deck.[1]
• Emphasizing operational capabilities—project implementation teams, O&M expertise, biomass origination, and automated monitoring—increases investor confidence for complex physical infrastructure plays.[1][4][12]
• Subsequent financings by institutions like IFC and DEG indicate that designing projects to meet green-loan and ESG criteria can broaden the financing universe for capex-heavy climate infrastructure businesses.[5][7][12][14]

ComBio Energia S.A. pitch deck: common questions

What does ComBio do?

ComBio is a Brazilian renewable thermal energy company that designs, finances, builds, owns, and operates biomass-based steam generation units at industrial client sites, replacing fossil-fuel boilers and selling steam/thermal energy as a service under long‑term contracts.[1][2][3][4][10][13]

How much did ComBio raise with this pitch deck and what type of round was it?

The deck was used for a **$90 million growth funding round** co‑led by Lightrock and SPX Capital, announced in September 2023 and characterized as growth capital to expand ComBio’s biomass steam portfolio across Brazil.[1][2][3] The deck itself is a 9‑slide growth‑stage pitch deck presented to these and potentially other institutional investors.[1][2]

Who invested in ComBio’s $90 million round featured in this pitch deck?

According to Business Insider and investor materials, the $90 million round was **co‑led by Lightrock and SPX Capital**.[1][2][3] Subsequent financing to support expansion has included a green loan from IFC and later a DEG/SPX Capital investment, but these are separate transactions from the pitch‑deck round.[5][7][12][14]

Which industries and clients does ComBio serve?

The deck focuses on industrial sectors where 50–90% of CO2 emissions come from thermal energy generation, including **mining, food & beverage, agribusiness, pulp & paper, textiles, and chemicals**.[1] External sources show projects with companies such as Ingredion and Braskem and mention operations across all Brazilian regions.[3][4][9][13]

How does ComBio’s business model work for industrial clients?

ComBio emphasizes a **no upfront CapEx** model: it finances and installs biomass boilers on land usually lent for use by the customer, creates a project subsidiary, and handles biomass origination and operations & maintenance.[1][4][10] Clients pay for delivered steam/thermal energy, benefiting from lower operating costs and reduced CO2 emissions versus fossil fuels.[1][4][5][10][14]

Sources

Funding and outcome facts on this page were researched on 2026-08-30 from the pages below.

• Inside the Pitch Deck Green Energy Startup ComBio Used to Raise ...
• Lightrock's Post - LinkedIn
• Biomass can turn organic waste into sustainable energy | LGT
• Transition in the Energy Matrix to Biomass - Brazil For the Environment
• IFC invests in Combio, Brazil
• André Aguilar's Post - LinkedIn
• DEG and SPX Capital Invest $45M in Combio Energia for ... - LinkedIn
• Inclusive & Sustainable growth

ComBio pitch deck slides

What each slide of the ComBio pitch deck says

Slide 2

What problem is ComBio solving? operational and biomass know-how Clients in several industries are affected by these issues: /4 A £ Mining . Food & E Beverage o = Agribusiness Pulp & Paper Textiles N = 50-90% of CO; emissions in these industries come from thermal energy generation The industrial sector requires large amounts of thermal energy (steam) to power its operations Companies today mostly depend on costly, CO2-emitting, fossil fuel-based boilers When attempting to switch to biomass boilers, companies face high upfront costs and lack the required a Chemicals

Slide 3

How is ComBio solving it? \ - Investment No upfront CapEx required from the client for the project n Know-how ComBio takes care of O&M? and biomass origination n Savings Delivering a significant reduction in client OpEx Performance High quality and availability of steam generated

Slide 4

Biomass-powered steam solutions Project Implementation Combio has a dedicated team with extensive know how in developing integrated steam solutions that are tailor-made to each of its client's needs. Usually, the customer lends for use the land on which Combio instals its boller, creating a subsidiary in this space. Thermal Energy Generation The burning process of biomass produces hot gas, warming the water and generating steam. The steam goes through a pipe to be delivered into the client's industrial line in accordance with Combio's technical specifications. Combio has an experienced O&M (Operation and Maintenance) team. Operational monitoring The steam production process is fully automat…

Slide 5

Biomass: a clear advantage over fossil fuels Carbon molecules' source GHG Emissions Biomass Carbon molecules presentin biomass have a biogenic origin (contained in a living organism) This process does not alter the global carbon balance (Neutral CO2 balance) Fossil Fuels Carbon molecules present in fossil fuels have been trapped in geological formations for thousands of years CO2 emitted during the burning of fossil fuels increases the global carbon balance Global Energy Supply Matrix! % of total energy supply Matrix in 2019 9.0% Matrixin 2050 W o Newrsigas Coal Bioenergy ovvrRenewabie

Slide 6

Sustainability at the forefront Ye Comio’s Annual Contribution si Avlded smissions wiry Throughout its history, ComBio has received several prestigious awards and certifications 0 I Eaironmental Sistema FEES LIRR I ad iY od Voluntary Carbon ov Ev: / Pe Market Rankings — < Roueines-up p - = BEST J f— “Tue wo Mes Sistema B Brazil or Created in 2006 in the USA and present in more than 70 countries, the seal certifies companies that generate a positive socio- environmental impact Rs Eim NE TS GAG 1 Sn dal id on Como was first certified in 2014, becoming the first company in the ter all SU IgIme mae industrial sector to be certified in Brazil projects have already prevented the emission of about…

Slide 7

Looking to the future Society needs to make significant changes to to ensure it can welcome future generations to come. In order to ,we thrive to be the protagonist in the energy transition away from fossil fuels into more sustainable alternatives such as biomass steam.

Slide text above is read directly from the ComBio deck PDF embedded on this page.

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