The biogas company Biofrigas raised SEK 10.6 million before issue costs in a rights issue that was subscribed to 71.3 percent.- We have now secured capital to continue our commercialization and carry out the activities that are important for the company's continued development, says CEO Erik Fromell to Finwire after the final outcome became clear.He describes the outcome as a vote of confidence.- It shows strong confidence from both existing and new investors in Biofrigas, our technology and the market we operate in.A significant portion of the issue was subscribed without the support of unit rights. According to Erik Fromell, this indicates that the company reached new investors.- I think it is the combination of a growing market, a clear customer need and the fact that we have now verified our technology in commercial operation that has made the company attractive to more investors.When it comes to any changes in the ownership structure, he views positively the fact that the shareholder base appears to have broadened.After the issue, the focus is on accelerating commercial activities, strengthening market presence and continuing to develop the business according to the communicated strategy.The capital will mainly be used to scale up sales efforts and turn business opportunities into concrete deals.- At the same time, we must ensure that we have the capacity to handle upcoming project deliveries and continue developing our products based on market needs. The outcome gives us the conditions to continue implementing the strategy and expansion plan that we have communicated.Biofrigas continues to see good activity in the market. According to Erik Fromell, the change the company previously described is now becoming increasingly clear.- The electrification of bus fleets is reducing demand for compressed biogas in many regions, while demand for liquefied biogas is rising sharply in heavy transport, industry and shipping.Meets a concrete market needThis creates a need among small and medium-sized biogas producers to find new and more profitable outlets for their gas. According to Erik Fromell, interest in the company's products is strong and investment appetite in the segment remains good.- There we see that our solutions meet a very concrete market need.The most important signal to the market after the issue, according to Erik Fromell, is that the company now has both the capital and investors' confidence to continue commercialization.- We have verified the technology in commercial operation, we see a clear market need and now our focus is on turning this into business and long-term value creation.He also believes the market still underestimates the benefits of liquefied biogas compared with compressed biogas.- When biogas is liquefied, its energy density increases several times over, which makes it significantly more cost-effective to transport.For producers, this means the opportunity to reach a larger geographic market and more customers while maintaining profitability. For users in, for example, the transport sector, the higher energy density means longer range between refueling and higher efficiency.- This means that a biogas producer that switches from compressed to liquefied biogas not only gains access to a growing market, but can also reach more customers and create better profitability throughout the value chain.- This is one of the most important driving forces behind the market development we are seeing today and something that is fully in line with Biofrigas' positioning, Erik Fromell concludes.