HomeKnow-HowGreentech Report: Milestones, Funding and Important Updates in September 2022

Greentech Report: Milestones, Funding and Important Updates in September 2022

Greentech is one of Europe’s biggest growth areas this year. It’s an innovation vertical that has the potential to shape and influence our future, and investors and innovators are actively promoting development in this sphere.

Greentech refers to the use of tech that has a positive environmental impact at its core. It refers to those companies that are founded for a wider purpose – it could be reducing carbon emissions, tackling pollution, minimizing waste, protecting the world’s ecosystems or anything that contribute to making life on earth more sustainable and less harmful. 

From reducing food waste and using blockchain and carbon credits, to developing new sustainable renewable energy sources, there is a myriad of tech development in the greentech space. It’s an innovation space that is full of exciting developments that are ripe and ready to make the planet a healthier, happier place, whilst also bolstering profits and financial gains. 

One major area is in supporting Europe’s energy transition, helping reach the continent’s target of being Net Zero by 2050. It’s a commitment that was created by the governments in Europe, and startups have become a driving force in achieving it. 

We wanted to put a spotlight on the greentech space, give an overview of all the exciting developments going on and put these innovators and disruptive startups on a well-deserved pedestal. So, here is your monthly greentech report, covering all the deals and news headlines from September 2022. 

According to Dealroom, greentech startups based in Europe raised a total of €1.1 billion, in 59 transactions in the month of September – it’s an incredible sum of money and it reflects just how important impact innovation is becoming. Innovation in renewables and clean energy took up the biggest chunk of that investment, followed by those bringing about new approaches to Electric Vehicles, with sustainability and carbon reduction initiatives taking 3rd place in terms of funding amounts.

Let’s take a deeper look.

We saw two very exciting investment funds crop up that will focus on greentech. 

  • New European impact fund Junction announced they will invest €100 million in green energy startups. The fund is planning to invest in fast-growing European scaleups and SMEs that are playing a crucial role in the energy transition. The primary focus of the fund will be scaling and industrializing companies with investment ticket sizes ranging between €5m and €15 million. With its deep understanding of the intricacies of the energy system, the founders behind Junction are focused on identifying and supporting companies set to play a major role in the next stage of Europe’s energy market. Find out more here.
  • Amsterdam-headquartered investment firm Rockstart has announced the launch of a new fund – Rockstart Emerging Tech. The fund will be used to support impact-driven innovation using tech to fuel positive change for society. It’s targeting a close of €30 million and plans to invest in up to 50 startups over the next ten years. This new fund is focused primarily on emerging tech – as the name suggests. This means the segments of Industry 4.0 & Advanced Analytics, Smart Societies, Digital Health, Data Privacy/Security and general applications proposing solutions for positive change are most of interest. You can read more about it here.

The startups catching our eye

There was a lot of money raised, plenty of deals and movement, new launches and acquisitions going on this past month. Here are 5 startups that had a September to remember and caught our attention: 

  1. Stockholm-based H2 Green Steel secured an incredible €190 million in order to produce green steel, which involves the use of less carbon dioxide emissions compared to traditional steelmaking. H2 Green Steel helps to build a large-scale steel factory based on a fossil-free manufacturing process targeting large European OEMs. H2 Green Steel is offering unique conditions for cost-competitive fossil-free steel production. The project includes a giga-scale green hydrogen plant as an integrated part of the steel production facility. H2 Green Steel was established in 2020 in Stockholm, Sweden.
  2. London-based Connected Kerb raised 120 million to provide electric vehicle charging solutions. Connected Kerb offers future-proof, cost-effective, and sustainable EV charging solutions for the public sector, developers, fleets, workplaces, and car parks, helping accelerate the transition to EVs for everyone. The company’s unique solution supports cities and communities by combining power and data at the kerb to deliver user-friendly and reliable charging.
  3. Oslo-based Cloudberry bagged 77 million to engage in the development and operation of hydropower plants and wind farms. Cloudberry Clean Energy is building a Nordic renewable platform for future generations. They develop, own, and operate hydropower plants and wind farms in Norway and Sweden.
  4. Berlin-based Klim loaded € 6.5 million to scale up regenerative agriculture to make agriculture part of the climate solution. Klim enables farmers to transition to regenerative agriculture at scale by providing them financial support, knowledge, documentationtools, and a community via our digital companion for farmers. Klim-verified carbon removal credits, generated by Klim farmers, help companies to transition to net zero by offsetting their carbon emissions locally and with maximum impact and transparency.
  5. Aalborg-based Blue World Technologies scored €37 million for its fuel cell manufacturing. Blue World Technologies is on a mission to bring energy-efficient and cost-effective methanol fuel cell technology to the world.

September Milestones

  • Healthcare firm Bupa launched its eco-Disruptive competition to find sustainable startups that are bringing new and transformative concepts to the mainstream. The firm is committed to advancing the conscious link between healthcare and the environment, after all, healthcare’s climate footprint is worth 4.4% of the global total. The challenge will focus on decarbonisation, circular solutions,  sustainable products and services, sustainable healthcare choices, healthy buildings, and urban restoration and regeneration.
  • Communications company, Flight Story, which was founded by serial entrepreneur Steven Bartlett, invested into a strategic partnership with Nuevo – a purpose-driven creative agency. The aim is to work together to achieve net zero marketing, using nuevo’s processes to reverse the damage the media and advertising industry has had on the planet. Through lack of awareness and lack of solutions the marketing and advertising industry has created a carbon footprint which is now larger than that of civil aviation. With spending on video surging by 78% in the last two years, this problem is about to get a whole lot worse. Nuevo was founded with a vision to deliver world-class strategy and global productions with the least amount of impact on the planet, acknowledging that the climate crisis is a marketing problem too.
  • Accelpoint and EIT Climate launched a climate tech accelerator programme in Poland, a country that has seen growing greentech innovation. The programme will take a cross-sectoral approach and focus on the quality and viability of pro-climate technologies. 
  • Village Capital, who has been running a greentech programme for female founders all year has now positively impacted over 70 women-led greentech startups. Its Greentech Europe 2022 program continued at pace this month – supporting gender-diverse ventures creating sustainable economic, environmental, and social solutions across Europe. September saw the programme wrap up a training programme for over 40 female entrepreneurs and at the end of the month the final cohort was selected – 15 companies will now start the investment readiness programme in mid-October. 
  • Stora Enso, a leading provider of renewable products in wood construction, packaging, biomaterials and paper, and one of the largest private forest owners in the world, announced their partnership with EcoTelligent to advance sustainable wood-based telecom towers. This partnership will see the two companies establish mass timber as the material of choice of telecommunication support structures, offering sustainable alternatives to the construction industry’s standards.
  • Galileo, the pan-European renewable energy development platform, and Hope Group, the Apulia-based player active in the design of renewable energy and hydrogen plants, have created a joint venture to develop a 525 MW floating offshore wind project in Apulia, Italy. The Project and joint venture are called Lupiae Maris, from Lupiae, the ancient Roman name of the nearby town of Lecce.
  • UK-firm Ecosia shared that they will be investing €250k in the UK renewable energy project and have made calls on the private sector to invest in the green energy transition, to help consumers during the escalating cost-of-living crisis. 
  • Faircado launched new tech to radically transform how people consume. The startup has developed a second-hand shopping assistant in the form of a browser extension that automatically finds the best second-hand alternatives to what a consumer is searching to buy online. It’ll help push forward the circular economy – one of the key ways to create a greener, more sustainable world. 

September Funding 

  • Stockholm-based H2 Green Steel secured €190 million in order to produce green steel, which involves the use of less carbon dioxide emissions compared to traditional steelmaking.
  • Iceland’s GreenBytes received €1 million The startup, which won this year’s pitch competition of the EU-Startups Summit, plans to leverage machine learning to help optimize the food supply chain. Ultimately allowing restaurants to increase their profit margins while minimizing their carbon footprint.
  • Norrköping-based Cellfion picked €1.3 million to provide sustainable materials for next level clean energy storage and conversion devices.​
  • Aalborg-based Blue World Technologies scored €37 million for its fuel cell manufacturing.
  • Zurich-based Planted Foods bagged €72 million to produce plant-based meals.
  • Ecublens-based KOMP-ACT picked €400k to develop innovative electric motion technology for the industrial automation industry for a carbon-neutral future.
  • Zurich-based YASAI AG secured €1.4 million to develop and operate vertical farming technologies for B2B and B2C customers.
  • Sheffield-based Mobile Power Ltd raised €1.1 million to provide clean, affordable energy to the off-grid market in Africa.
  • London-based Expect secured €867k for its decarbonisation management platform for large enterprises and heavy industries.
  • London-based OneFarm bagged  €8.6 million to counter the upcoming global food crisis by bringing together the best urban food technologies.
  • Stavanger-based Aquaticode raised €6 million to create technology to increase the world’s seafood supply and promote biological and operational effectiveness.
  • Munster-based Liefergrun bagged €12 million for its technology platform that strives for the most convenient and sustainable delivery experience in e-commerce.
  • Marseille-based DualSun secured €10 million to provide both electricity (photovoltaic) and hot (thermal) water for homes and buildings.
  • Paris-based Voltaire raised €3.6 million for its electric bikes.
  • Boulogne-Billancourt-based Red electric raised €850k for its electric scooters. 
  • Copenhagen-based Cogo picked € 800 k to gather all shared rides in one app where users can find shared electric scooters, cars, bikes and mopeds.
  • Espoo-based Onego Bio landed €4.5 million to produce animal-free egg white with precision fermentation.
  • Nantes-based Neoline bagged €1 million for its cargo ship powered by 100% renewable, clean and free energy.
  • Berlin-based Klim loaded €6.5 million to scale up regenerative agriculture to make agriculture part of the climate solution.
  • Berlin-based Alcemy bagged €10 million to build a predictive quality control AI which will enable production of low-carbon green concrete at scale.
  • Dresden-based Seventhings raised €3.5 million for its platform that helps companies to know their assets in a better way and return them to the circular economy after their lifetime. 
  • Munich-based Tozero landed €3.5 million to recycle lithium-ion batteries and advance European decarbonisation
  • Qiryat Shmona-based BioBetter loaded €10 million to develop plant-based platforms for the production of complex growth factors used in cultivated meat.
  • Helmond-based Lightyear picked €81 million to develop scalable grid-independent solar electric vehicles.
  • Amsterdam-based Orbio bagged €595 k for its data fusion platform to help companies reduce their methane emissions
  • Delft-based Kitepower secured €4 million for its Airborne Wind Energy.
  • Oslo-based TotalCtrl raised €752 k for its software that prevents food waste.
  • Fribourg-based Bloom Biorenewables Ltd bagged €250 k to make biomass a true alternative to petroleum.
  • Wädenswil-based Cultivated Biosciences scored €1.5 million to develop a fat ingredient from oleaginous yeast, which offers the creaminess needed for plant-based dairy in a sustainable way.
  • Oxford-based EcoSync raised €744 k to provide an intelligent cloud-based platform which helps commercial buildings to stop heating empty rooms and reduce energy consumption by 30-50%.
  • Toulouse-based TLS GEOTHERMICS landed €13.3 million for its Geothermal developer, Baseload renewable energy.
  • Bourges-based Eovolt raised €11 million to specialize in folding, lightweight, and ultra-compact electric bikes.
  • Woippy-based Replace scored €4 million for its recycling process for composite plastics.
  • Gersthofen-based Quantron landed €50 million for its system provider of clean battery and hydrogen-powered e-mobility for commercial vehicles such as trucks, buses, and vans.
  • Berlin-based NeoCarbon picked €1.25 million to build and market the technology for Direct Air Capture (DAC), capturing CO2 directly from the air.
  • Stillorgan-based Proveye picked €225 k to provide digital imagery for more predictable and profitable decision-making for agriculture and the environment.
  • Amsterdam.based Quatt.io raised €2 million to design AI-powered smart hybrid heat pumps to accelerate the decrease of gas consumption.
  • Amsterdam-based Orbio Eart raised €600k to curb methane emissions.
  • Stockholm-based SunRoof raised €15 million to develop fully solar 2-in-1 roofs and façades as well as solutions to support smart energy management.
  • Brixworth-based White Motorcycle Concepts raised €342 k to focus on pioneering aerodynamics, advanced sustainability, and visionary engineering.
  • Firenze-based Enco raised €120 k for its renewable energy communities.
  • Tallinn-based Arbonics raised  €1.8 million for its tech-based carbon and ecosystem platform for forest and landowners in Europe.
  • Zug-based GRN GRID loaded50 million for its environmentally friendly, scalable and stable layer-1 blockchain with novel decentralized finance features.
  • Valence-based Dracula Technologies raised 5.5 million to invent a sustainable source of energy that turns ambient light into electricity for low power devices.
  • Rennes-based Sweetch Energy picked 6 million to leverage most recent academic discoveries in nanotechnologies and materials in the blue osmotic energy field.
  • Paris-based Phenix picked15 million to fight food waste through the circular economy.
  • Berlin-based ecoLocked landed 1.8 million for its Sustainable building materials.
  • Munich-based Evum Motors raised20 million to manufacture electric utility vehicles.
  • London-based Electric Car Scheme bagged 2.8 million to help consumers to switch to electric cars.
  • Truro-based Cleaner Seas Group scored 887 k to make tech and innovation solutions to tackle microplastic pollution.
  • Vienna-based Prewave bagged11 million to use machine learning to predict supply chain and sustainability risks based on social media analysis in 50+ languages.
  • Espoo-based Rentle picked 3.8 million for its commerce platform for circular economy.
  • London-based Connected Kerb raised 120 million to provide electric vehicle charging solutions.
  • London-based Tesseract picked 78 million to offer commission-free energy; 10x cheaper; 10x better, and 100 percent renewable energy.
  • Budapest-based Compocity raised 25 k to provide a gamified sustainability service for companies who would like to transform their food leftovers into value.
  • Madrid-based Solfy loaded 415 k for its Marketplace for self-consumption of solar energy. 
  • Paris-based Bump loaded 180 million for its charge point operator that offers electric vehicle charging stations for cars.
  • Paris-based TechnoCarbon bagged 800 k to propose high-performance, low-carbon-footprint CarbonFibreStone™, a new composite material that will revolutionize architecture and industry.
  • Oslo-based Cloudberry bagged 77 million to engage in the development and operation of hydropower plants and wind farms.
  • Vienna-based livin farms loaded 5.8 million to develop insect rearing technology.
  • Prague-based Woltair raised 16 million to secure Integrator of Buildings Decarbonisation supported by Saas.
  • Freiburg-based Carbonfuture raises €5.5 million to accelerate its carbon credits removal platform globally.
  • Hamburg-based one • fıve raises €10.5 million to future-proof global packaging 

September Acquisitions

  • Paris-based Bump, a charge point operator that offers electric vehicle charging stations for cars, was acquired by the global infrastructure investor and infrastructure fund manager DIF for €180 million.
  • London-based Carbon Intelligence, provider of strategic roadmap, programs, and services to help organizations move towards a zero-carbon economy was acquired by the professional services company, providing services and solutions in strategy, consulting, digital, technology and operations Accenture.
  • Madrid-based RatedPower, a software that designs & optimizes utility-scale solar plants, maximizes the potential of PV plants & reduces LCOE was acquired by Enverus, Energy SaaS platform.
  • Vila do Conde-based Rewatt, provider of renewable energy was acquired by Smartenergy, a renewable energy investment firm.
  • London-based Oasis HUB, an environmental service agency was acquired by dClimate, an environmental service agency.
  • Munich-based Greencom Networks, ​​a Software-as-a-Service Company, offering white-label solutions for the utility industry and energy service companies was acquired by Enphase Energy, a micro-inverter system that delivers solar energy to homes and businesses.
  • Copenhagen-based RGS Nordic, an environmental company that recycles construction waste was acquired by Sortera, a provider of waste management and disposal services.
  • London-based Acorn Bioenergy, committed to unlock the full potential of biomethane production in the UK was acquired by Q Energy, a fund manager focused on renewable energy
Patricia Allen
Patricia Allen
is the Head of Content at EU-Startups. With a background in politics, Patricia has a real passion for how shared ideas across communities and cultures can bring new initiatives and innovations for the future. She spends her time bringing you the latest news and updates of startups across Europe, and curating our social media.

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