M2X Energy, the Breakthrough Energy-backed developer of waste methane to fuel, is holding discussions with lenders over potential project finance opportunities, two executives told Infralogic .

The Florida-based company’s first landfill gas project in Illinois – a production facility with an output up to 5,000 metric tons of methanol per year – is scheduled to come online this summer, CEO Josh Browne said.

The facility has a capex of about USD 20m, which the company funded off its balance sheet, Chief Development Officer Michael McLaughlin said.

In its development portfolio, located in Texas, Illinois and Florida, the company has one contracted project and four more projects in the contracting stage, with offtake destined for maritime shipping.

M2X is considering raising topco equity to finance all the projects or financing them project-by-project, McLaughlin said. Those conversations are ongoing, as the company plans to have hardware at three-to-four more sites by the end of the year.

M2X raised USD 40m in a Series B round last year.