HomeKnow-HowGoing Green: European GreenTech Overview | December 2022 | Powered by Net...

Going Green: European GreenTech Overview | December 2022 | Powered by Net Zero Insights

GreenTech is one of the biggest growth areas in the innovation and startup space, on a global level. It’s a market area that has the potential to shape and influence our future for the better, and investors and entrepreneurs are actively promoting development in this space. This report, powered by Net Zero Insights, aims to give an overview of everything that happened in GreenTech across Europe in the past month.

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 contributes to making life on earth more sustainable and less harmful.

In December, as 2022 wrapped up to a close, GreenTech continued to capture our attention with the topic hitting the headlines.

In total, European startups in the GreenTech space raised just over €1.2 billion in December, and we counted about 51 different transactions. The verticals that saw the most action include battery development, electrical distribution and renewable energies.

European startups and innovative thinkers are at the forefront of trying to make Europe more climate-friendly and planet-positive, uniquely positioned to be agile, to think outside of the box, and to dare to challenge the status quo. It’s imperative that, as a community, we continue to support innovation in this space and encourage new ideas to flourish.

Let’s take a deeper look

December is often seen as the month of excess and consumption. From over-indulging on festive treats to splashing out on purchases, it’s a month where people don’t tend to hold back – and often this can mean sustainability and more conscious decisions are put on the back burner. 

This year, though, things seemed a little different. 

The holiday season had a tangible difference, and consumers were reportedly more conscious and aware of their consumption habits. From choosing to opt for eco-friendly and sustainability-centric gifts, to choosing plant-based indulgences, Christmas 2022 seems more sustainable for many households than it previously has been. With rising costs of living and pressures around energy provision, becoming sustainable this year was seen as a must-do, rather than a trend or fad – for the first time perhaps. 

Shopping sustainability with Faircado

FaircadoWe chatted with Evoléna de Wilde d’Estmael, the co-founder and CEO of Faircado – a startup encouraging a new era of commerce that is defined by circularity, sustainability, and opting for pre-loved products. The Berlin-based company has developed an AI-powered browser extension that shows consumers sustainable and second-hand alternatives to the goods they’re looking for online – and it’s a startup positively making changes to our habits and routines through tech. 

GreenTech Updates

New Funds and Accelerators

  • The EU’s European Investment Fund (EIF) has invested €50 million World Fund, one of Europe’s new climate tech VC firms. The capital will be used to support environment and climate-related ventures and shows the public sector’s commitment to supporting European startups shaping a more planet-positive future. Learn more about it here
  • UK-based early-stage VC firm Jenson Funding Partners is ramping up support for startups helping to fuel the green transition with the launch of a new €69.7 million fund. The B Corp-certified firm aims to kickstart the fund in 2023, backing planet-positive startups in the UK. Find out more about that here

Hitting the headlines

At EU-Startups, our aim is to put a spotlight on exciting startups and innovative and inspiring entrepreneurs and thought leaders from across Europe’s startup ecosystem. We think it’s important to shine a light on those making an impact, and firmly believe that highlighting innovation, sharing ideas and promoting bold ideas that aim to make a change in the world is one way to contribute to a more positive society. 

Inspiring interviews
Other news catching our attention

Spotlight: Insights from Andreas Wiele, Investor and Co-founder, OakTree Power

OakTree-PowerFounded in 2020, OakTree Power is one of the emerging GreenTech startups helping create a more sustainable future for European society. Based in London, the company deploys an energy optimisation solution across commercial and industrial real estate that enables properties such as office buildings and warehouses to reduce their overall electricity consumption, ultimately slashing energy costs and otherwise inaccessible CO2 emissions. 

We chatted with Andreas, the co-founder, to learn more about growing a GreenTech company in the current climate and how the sector is developing. 

Climate tech has been attracting huge amounts of investment. What does that mean for the sector?

The investment won’t actually mean much in the short term. Putin’s invasion of Ukraine meant that most people are just worried about getting energy, any energy, green or not. It has been a distraction from the long-term transition in one respect.

At the same time, we still lack the technology to exploit the money that’s pouring into the sector. The money’s there. Now we need people who can use it in clever ways. There are some exciting projects going on. We need more.

In the long term, of course, there’s only one direction the sector is headed in. Up. There’s no doubt about that. Intelligent minds will begin pouring in, attracted by the combination of purpose and financial incentive. Putin’s war has also reminded Europe that the problems caused by our reliance on fossil fuels stretch beyond climate change. In the same way that the pandemic prompted the popularisation of video conferencing, the war in Ukraine will accelerate the transition to renewable energy.

An efficient system of distributing and using energy is the only future for modern civilisation. People will still want to be able to travel and do everything that they can do now. We’re just going to need to make that possible with less energy, and OakTree Power is proving time and time again that it can be done indeed.

How important is technology to the energy transition?

Without technology, it can’t be done. Climate technology and innovation are at the heart of everything. It’s as simple as that. 

If we aim to complete this transition one day and save the planet, we should be moving away from fossil fuels now, and energy flexibility schemes such as ours have shown that the world can go on without heavily-polluting energy sources such as fossil power stations. I would like to emphasise that the tech is no longer a promising solution, but a proven solution with just as much capacity as dirty energy sources, if not more.  

I believe in human behavioural change, but we need action now. We can’t wait for people to gradually change their travel and consumption habits. Technology has helped us live healthier lives in the past, and it will do it again.

What are the challenges of working in such a hot sector?

This might come as a surprise, but our biggest challenge does not come from our competition. Our biggest challenge is in convincing clients that a new climate technology like ours actually works, and can benefit their business bottom line. Our offer can sometimes seem unbelievable. People struggle to understand how they can reduce their energy consumption without noticing the changes, and create a new revenue stream from this. It’s easy to understand why they might be sceptical.

OakTree Power also works with big corporations and, for them, energy can be a sensitive topic. It’s an essential aspect of running their companies. They’re reluctant to hand the reins over to a young startup. Their size reduces their appetite for risk.

Fortunately though, OakTree Power’s leadership team has a combined experience of over 100 years in the energy and clean-tech sectors. This has given us an advantage over our competitors. It has opened doors at the top level.

Still, we continue to face the challenge of convincing ground workers at the lower levels to buy into our propositions, so we’re working on that.

Despite all the attention, critics argue that corporate climate action is still too slow. What’s your opinion about this?

There’s far too much talk and not nearly enough action at the moment. Following your previous question, one of the other big challenges we face is in working through chief sustainability officers. The CSOs are keen to work with us. But we find time and time again that their employers have invested them with little actual power. That typifies the energy transition today. All talk, not enough walk.

It is astonishing how much time some corporate leaders spend attending climate and energy conferences, COP for example, and drafting delightful ESG reports. Luckily, at OakTree Power we’ve found more success in approaching individual companies to find out what works for them and met many individuals who truly care about the climate and help us tremendously in pushing our offering.

I am optimistic though. This state of affairs can be expected. We’re going through an enormous upheaval. It’s truly unprecedented, and I really mean it. We’re at the tipping point now where people are starting to take it seriously.

The full breakdown 

December Milestones

  • Paris-based Mobi Plus is a super mobile app for car owners to find, book and pay for car parking, EV charging, car wash, E-bike and car tickets that was founded in December 2022. 
  • Einride launched in Benelux in partnership with AB InBev. This comes hot on the heels of Einride’s launch in Germany earlier this year, firmly cementing its presence in Europe
  • Milkywire and Berlin-based digital-first carbon bank CEEZER partnered up to enable companies to diversify their existing emission reduction portfolios and gain more transparent oversight
  • Insempra, a biology-powered company enabling businesses to make better products with nature, is now collaborating with the BioInnovation Institute (BII) to accelerate and support biotech innovation.
  • MOZAÏK Energies, a company active in the renewable energy sector in France and GALILEO, the pan-European renewable energy development and investment platform, have set up a strategic partnership. As part of it, GALILEO has become a 20% owner of MOZAÏK Energies.
  • ICL Food Specialties has joined forces with Protera Biosciences, an AI-driven foodTech start-up and designer of novel proteins, which are used to develop sustainable, highly functional protein-based ingredients for food manufacturers.
  • NatureMetrics, the global nature intelligence technology company, announced the launch of a powerful nature performance monitoring service, putting meaningful and robust nature insights into the hands of business decision-makers across the globe.
  • Circular economy startup Fairown, which enables a circular economy and reduces waste by helping manufacturers, merchants, and consumers become sustainable, expanded to Poland.
  • Traceability and supply chain transparency platform TrusTrace teamed up with Swedish fashion label Kappahl. Together, they aim to make Kappahl’s ethical and sustainability-driven goals a reality.
  • Exberry, a provider of capital market trading technology that helps exchange pioneers launch, pivot, break ground, and scale, announced its latest product, Exberry for Carbon, a turnkey solution to ignite carbon markets and fight global climate change.
  • Sojo announced the strategic acquisition of zero-emissions courier and logistics startup Spedal. Brought together by their shared focus on social entrepreneurship and environmental impact, Sojo initially partnered with Spedal in the summer of 2022 with Spedal providing delivery services for Sojo’s customers using their fleet of e-cargo messenger bikes.
  • Single.Earth, the greentech company offering the world’s first nature-backed currency, has partnered with Salv, the regtech company founded by Wise and Skype employees to combat financial crime. Salv provides client screening and risk-scoring solutions to mitigate the risk of onboarding users and landowners whose background doesn’t align with the risk parameters. With its nature-backed MERIT token, Single.Earth tackles the destruction of ecosystems that support life. 
  • Clarity AI, a global sustainability tech platform, announced that Klarna is using Clarity AI’s data and capabilities to promote environmentally conscious brands to 150 million shoppers. Clarity AI is a sustainability tech platform that uses machine learning and big data to deliver environmental and social insights to investors, organizations, and consumers

Funding rounds

The biggest rounds

  • Stockholm-based Einride secured €285 million for its freight technology that provides digital, electric, and autonomous shipping.
  1. Amsterdam-based Econic landed €85 million to specialize in renewable energy and sustainability solutions through installing and maintaining heat and energy systems for houses.
  2. Berlin-based unicorn Enpal closes €855 million in debt funding to accelerate adoption of solar energy.
  3. Itzehoe-based Customcells checked €60 million for its energy storage service that can be optimized to chemical, battery and battery module level.
  4. Toulouse-based Naio Technologies landed €32 million for its mission to put robots in the service of agriculture.

By country


  • Dublin-based Fusion Fuel picked €27 million to produce green hydrogen.


  • Paris-based Pickme checked €3 million to turn neighbors into local and social pickup points, for a seamless, efficient and sustainable post-purchase experience.
  • Paris-based Rize ag raised €3 million to accelerate the transition of agriculture from a net carbon emitter to a carbon sink by leveraging tech and carbon credit mechanisms.
  • Cassis-based K-Motors secured €1 million to develop buffer energy storage modules that plug-and-play into lithium batteries. 
  • Paris-based Pando2 raised €1 million for its software dedicated to the supervision and management of indoor and outdoor air quality. 
  • Paris-based Morfo scored €4 million to design a complete drone reforestation solution combining seed encapsulation, microbiology and computer vision.
  • Toulouse-based Naio Technologies landed €32 million for its mission to put robots in the service of agriculture.
  • Paris-based Everimpact raised €1.7 million for its carbon tracking system for Cities, Ships, Ports, and industrial sites.
  • Malataverne-based Hevatech  raised €4 million to be a provider of a solution for storing waste heat and converting it into electricity.


  • Berlin-based Ostrom secured €9.3 million for its energy management platform that makes green electricity affordable and straightforward for households in Germany and Europe.
  • Berlin-based ONO bagged €15 million to trailblaze emission-free transportation of goods within cities.
  • Munich-based Greenforce raised €13 million to offer meat alternatives for a sustainable future with the power of plants and proteins.
  • Munich-based Kitekraft loaded €1.5 million to engage in the design and development of flying wind turbines to produce electrical energy & electricity generation at a low cost.
  • Hamburg-based repath scored €1.2 million to identify and manage climate risks with repath’s SaaS-Solution.
  • Munich-based PÁPYDO raised €100 k to produce sustainable and primarily wood-free products.
  • Nuremberg-based Pfeffer & Frost scored €200 k to produce Plastic-free products for a sustainable life.
  • Weißenburg-In-Bayern-based Pacifico Energy lands €20 million to develop agrivoltaic energy projects in Italy
  • Berlin-based unicorn Enpal closes €855 million in debt funding to accelerate adoption of solar energy.
  • Hamburg-based Circus raised €11 million to tackle surmounting challenges in the food delivery space, making it more sustainable, more convenient and more affordable. 


  • Stockholm-based Einride secured €285 million for its freight technology that provides digital, electric, and autonomous shipping.
  • Stockholm-based Enerpoly bagged €1.45 million for its next-generation energy storage technology pioneering the zinc-ion battery chemistry.
  • Stockholm-based EnginZyme picked €21 million to create biomanufacturing techniques for the sustainable production of common goods.

The UK

  • Borehamwood-based Verna secured €1 million to put nature tech in the spotlight.
  • London-based Basecamp Research loaded €19 million to work on building a sustainable future with environmental genomic data with biotechnology.
  • Maidenhead-based Tepeo landed €12.2 million to develop a low-cost, easy-to-install low carbon boiler.
  • London-based Toast Ale bagged €2.3 million to manufacture craft beer used to reduce food waste and raise awareness of environmental issues. 
  • London-based Airex checked €3 million for its smart ventilation control that builds intelligent air ventilation units using atmospheric sensors and cloud algorithms.
  • Edinburgh-based Green Bioactives landed €3 million for its sustainable, plant cell-based biomanufacturing platform for plant biomolecules, utilizing natural plant biochemistry.


  • Danish Everfuel scored €33 million to commercialize green hydrogen for mobility and industry.
  • Københoved-based OKTO GRID picked €3 million to offer a solution to assist the energy industry in digitizing assets in a simple manner while keeping critical assets operational.

The Netherlands

  • Leiden-based LeydenJar Technologies bagged €30 million to develop pure silicon anodes to boost the energy density of Li-ion battery cells.
  • Amsterdam-based Econic landed €85 million to specialize in renewable energy and sustainability solutions through installing and maintaining heat and energy systems for houses.


  • Milan-based Up2You €3.5 million to help companies reduce and compensate their emissions and to communicate their engagement to their stakeholders.


  • Lausanne-based Insolight scored €4.6 million to develop and manufacture solar panels.
  • Saint-sulpice Daphne Technology landed €3 million to develop a sustainable, technically advanced and cost efficient air emissions control system.
  • Zurich-based Oxyle loaded €2.8 million to develop a novel technology to degrade hazardous micropollutants from wastewater, such as pesticides, chemicals etc.
  • Lausanne-based SmartHelio cashed in €4.7 million to be the doctor for solar plants. We make solar plants greener using proprietary Edge sensors and intelligent software.
  • Lausanne-based Younergy raised €8.3 million to provide distributed solar electricity to consumers.


  • The Switzerland-based technology company that delivers solutions enabling traditional low-voltage electricity networks DEPsys was acquired by the global customer and culture platform for energy, water, and broadband Kraken, for an undisclosed amount.
  • Sweden-based wholesaler in the solar energy industry Solel grossisten was acquired by the Swedish Ahlsell for an undisclosed amount.
  • Barcelona-based wind measuring provisions provider EOLOS was acquired by the Spanish Nazca Capital for an undisclosed amount.
  • Madrid-based renewable energy investment platform that focuses and manages renewable energy assets and transitions Asterion Energies was acquired by the Spanish Repsol Energy Ventures for €560 million.

This report is brought to you with support from Net Zero Insights

Net Zero Insights develops an AI-powered software to access information about 44k+ climate tech startups in Europe and North America. For each organization, the Net0 Platform provides details such as climate impact, patents, financials, traction, contacts, and much more. Investors, corporations, researchers and policy-makers use our platform to keep track of climate innovation and understand technology and financial trends

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.

Most Popular