HomeKnow-HowGoing Green: European GreenTech Overview | February 2023 | Powered by Net...

Going Green: European GreenTech Overview | February 2023 | 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.

According to Net Zero, European climate tech startups raised $1.1 billion in February across 69 deals. In the US, the total was $2.8 billion. Additionally, whilst funding in Europe and North America increased by 13% compared to January, Europe’s total funding decreased by 40% while the US saw a 65% increase. It seems there is a funding slowdown in European GreenTech at the moment.

Within the wider GreenTech space, the biggest growth sectors were energy, transport and circular economy.

  • Energy picking up $479 million
  • Transport securing $392 million
  • Circular Economy investments reaching $256 million

 

 

Meanwhile, in terms of geographical spread, the UK and London stand out. London alone raised $416 million – almost 40% of the total funding in the whole of Europe.

 

 

 

 

Let’s take a deeper look

New Funds and Accelerators

Planet A Ventures, which is taking a science-based approach to impact investment, has just closed its first fund at €160 million. The Berlin-based firm will back European innovators with planet-positive solutions, shaping a more sustainable future for society.

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 and solutions
  • We chatted with Maarten Bosch, CEO of Mosa Meat, to discuss Mosa Meat’s technology and its growing operations, how the cultivated meat industry is evolving, and the future of the food system.
  • We took a look at the European startups building solutions for more sustainable homes

Other news catching our attention

  • French startup Futura Gaïa is aiming to harness the power of indoor vertical agriculture for a more sustainable future. The agritech team secured €11 million to reach industrial scale. 
  • The Belgian foodtech startup Paleo closed a Series A funding of €12 million to scale up the production of key ingredients for plant-based meat and fish alternatives through precision fermentation technology. It also enables the move into commercial production.
  • Ittinsect, a Rome-based biotech startup developing a sustainable alternative to aquaculture feed closed its first investment round of €625K. It’ll now develop biotech research further, making highly nutritious proteins extracted from insects and agricultural by-products commercially accessible for use in aquaculture.
  • On a mission to make the food industry more eco-friendly and sustainable, Paris-based Carbon Maps secured €4 million to launch. The GreenTech startup’s platform helps players across the food industry reduce waste and emissions.
  • Data analytics platform Topolytics is tackling the world’s waste problem. The Edinburgh-based startup secured €1.7 million to support international growth. 
  • Leveraging AI sustainability tech, QiO Technologies is on a mission to support energy-intensive businesses to cut carbon emissions and become more energy efficient. The UK-based startup secured over €9.3 million ($10 million) to expand.
  • Aachen-based Cylib secured an additional €8 million to supercharge its vision of more sustainable electric mobility. The GreenTech innovators have shaken up the mobility space through its process of recycling lithium traction batteries. 
  • Tallinn-based ÄIO secured €1 million to create alternative oils and fats, that are edible, developed from agricultural and wood industry sidestreams, and make for a more sustainable food system. 
  • Greek startup Wikifarmer is transforming agriculture. The direct farmer-to-business marketplace, which gives farmers access to fair business opportunities and educational tools, secured €5 million. We took an inside look with founder Ilias Sousis. 
  • Polish startup Plenti is helping push forward a circular approach to using electronic devices. The team secured €5 million to build a marketplace that offers access to electronic devices on a subscription and rental basis. 
  • Fiberwood, a startup making eco-friendly insulation and packaging solutions, secured €3 million to accelerate product development. The Finnish startup wants to shape a fossil-free future for construction and is now set to scale.
  • Planet A Ventures, which is taking a science-based approach to impact investment, has just closed its first fund at €160 million. The Berlin-based firm will back European innovators with planet-positive solutions, shaping a more sustainable future for society. 
  • Estonian EV charging startup VOOL raised €1.7 million to fuel the production of its innovative solution, and the former President of Estonia, Kersti Kaljulaid is a new backer. The team are aiming to meet the growing market demand for EV infrastructure across Europe.
  • As demand for tangible action on environmental and social issues ramps up, Greenspark raised about €1.1 million for its Impact-as-a-Service platform. The London-based startup is enabling businesses to take action whilst boosting key metrics at the same time.
  • Aiming to unlock the power of Nature-based Solutions to create a happier and healthier planet, Maya Climate secured investment to supercharge the launch of its financing platform.

Spotlight: Insights from Philipp Gattner, CEO of Rebuy

Used goods are firmly on the agenda.

In 2022, the Berlin-based used goods platform Rebuy reported sales of more than €200 million. It’s an amazing milestone and a strong reflection that the circular economy is in big demand right now, across Europe. We’ve seen startups like Wallapop in Spain and Refurbished in Ireland grow exponentially recently and it’s incredibly exciting to see. 


Rebuy has been at the forefront of the circular transition, innovating in this space since 2004. We had the chance to chat with CEO Philipp Gattner to learn more about the market, what’s fueling it, and where it’s rolling to in 2023. 

 

Can you tell us about Rebuy?

We recognised that people are starting to take small steps to change their lifestyles. More and more people are trying to make adjustments to live more sustainably. At the same time, living in a truly circular way feels inaccessible for many consumers. They don’t know where to find well used products or what to do with the products they no longer need. Others are at least sceptical about it. Participation in the circular economy feels out of reach for many people – for various reasons. We must close the gap between positive consumer intentions and practical realities. Therefore, we need to make buying and selling used products easier and empower consumers to live a more circular life every day. In other words, it is our purpose to “make circular living accessible to all, one transaction at a time”

What inspired the company’s launch?

The “circular economy” was not yet a big thing in 2004 when rebuy was founded. Creating a platform for secondhand computer games which included the physical grading of the products was a quite visionary business model back then. 

Rebuy’s founders wanted to have a positive impact on the environment and thought of a suitable business model. Al Gore’s movie “An Inconvenient Truth”, which was released in 2006, only fuelled this motivation.

How have attitudes towards circular commerce changed over the years?

The crises of our time are forcing us to rethink the way we live. We need economic concepts in the spirit of sustainability. The circular economy is a great example of this: it is accessible and proves that business success and sustainability can go hand in hand. Consequently, the growing importance of the circular economy is no coincidence. As a society, we have realised that we cannot simply continue to live the way we did but need to make significant changes.

In 2022, rebuy conducted a representative survey to learn more about this shift. The survey highlighted that more and more consumers are demanding sustainable products. Media as well as our social surroundings play a major role in this. 58% of respondents said that they obtain information about sustainability from the media. Almost one in two named news and research findings as the most important sources of the impetus for a change in behaviour towards sustainability. In second and third place came family (28%) and friends (20%).

Another survey conducted in Germany showed that repairing electrical devices is not yet widespread. Only 53%%of respondents said that they had already extended the life of an electrical device by repairing it at least once. Conversely, this means that 47% immediately dispose of the devices in the event of a defect or continue to use them with the defect. 

The 18 to 29 age group has the most positive attitude towards the option of repairs: 71% said they had already taken an electrical appliance in for repair at least once. However, this behaviour decreases drastically with increasing age. Among those over sixty, only 41% still take advantage of repair services. However, the willingness to have an electrical appliance repaired varies greatly depending on the type of appliance. While three-quarters of respondents think it makes sense to have major electrical appliances such as washing machines, refrigerators, or ovens repaired, the figure for PCs and laptops is just under two-thirds (65%). In the case of smartphones, the figure is as low as 52%.

How does the circular economy work?

A circular economy means extending the life cycle of existing products and thus using them for as long as possible. This is done, among other things, by sharing, repairing, refurbishing, and recycling them. Even when products have reached the end of their life, the resources and materials they are made of are reprocessed and reused to the greatest possible extent. Therefore, the sale of used products (as well as the associated reprocessing, if necessary) is an essential part of a sustainable circular economy. In this area, rebuy is leading the way as a well-known example.

Reprocessing and reusing goods create significantly fewer CO2 emissions than producing new items. According to a study by the Fraunhofer Institute, the saving for one single mobile phone is around 58 kilograms of CO2, and for a tablet, the figure is around 139 kilograms. The circular economy is therefore an essential step towards significantly reducing CO2 and its equivalents.

The full breakdown

January Milestones

  • refurbed, Ireland’s leading online marketplace for refurbished electronics has launched into the B2B market. Irish companies can now use refurbed to shop for their electronic devices. This new category allows businesses to tap into the circular economy while also staying up to date with the latest technology. 
  • FoodTech start-up Mush Foods, Ltd. has unveiled its 50CUT mycelium protein ingredient solution which cuts the animal protein content in meat products by 50%. 50CUT is tailored specifically for hybrid meat products to satisfy flexitarians and carnivores with the unique sensation they crave while easing the impact of global meat consumption.
  • CEMEX, one of the world’s leading building materials multinationals, signed an agreement with the green fuels producer ETFuels to transform 450,000 tons of CO2 from CEMEX’s Alicante cement plant in Spain into green fuels.

Funding rounds

The biggest rounds

  • Palencia-based Zunder raised €40 million for its electric vehicle charging services.
  • London-based Carbonplace loaded €42 million for its carbon credit transaction network for secure and transparent transfer of certified carbon credits.
  • Munich-based Orcan Energy landed €28.5 million to develop plants that convert industrial waste heat into electricity.
  • Wysall-based GeoPura raised €40.8 million to enable the production, transport, and use of zero-emissions fuels with innovative and commercially viable technology.
  • Stowmarket-based EO Charging secured €75.6 million to design smart electric vehicle chargers and intelligent software for homes, workplaces, and destinations.

Other rounds

  • Neuilly-sur-Seine-based Qotto secured €7.5 million in funding to further its work providing solar-powered energy solutions in West Africa.
  • Rodhilan-based Futura Gaia picked €11 million to develop a vertical farming model in a controlled environment. 
  • Aix-en-Provence-based NepTech picked €800 k to design electro-hydrogen propulsion transport vessels.
  • Aachen-based Cylib scored €8 million to focus on holistic battery recycling.
  • Hamburg-based Flexvelop scored €3 million to combine financial technology with circular economy to add innovative values to the core function of equipment funding.
  • Lugano-based Gaia Turbine raised €1 million to create a plug-and-play hydroelectric microturbine suitable for use in aqueducts and small outflows.
  • London-based xwatts loaded €180 k for its intelligent energy management system that helps commercial buildings reduce costs and emissions.
  • Palencia-based Zunder raised €40 million for its electric vehicle charging services.
  • Brussels-based Greenomy raised €6 million to provide software for sustainability reporting to businesses and financial institutions.
  • Tallinn-based VOOL raised €1.7 million to fuel the production of its innovative solution, aiming to meet the growing market demand for EV infrastructure across Europe.
  • Aix-en-provence-based HySiLabs raised €13 million for its innovative approach to liquid fuel technology without emissions.
  • Bois-colombes-based Kabaun secured €75 k for their open-source and open-data technology for measuring carbon emissions.
  • Paris-based Carbo picked €5 million to measure the carbon footprint. 
  • Berlin-based Maya Climate raised €1.2 million for their digital project financing platform for carbon asset developers and investors.
  • Munich-based Orcan Energy landed €28.5 million to develop plants that convert industrial waste heat into electricity.
  • Torino-based Tau Group raised €9 million for its work in e-mobility, sustainable manufacturing, advanced materials, cleantech, electrification, and decarbonization.
  • Stavanger-based Norsk Solar secured €9 million for its Renewable Energy and  clean energy.
  • Warsaw-based Plenti picks up €5 million to build rental and subscription marketplace for electronic devices
  • Pau-based The Zero Fund raised €400 k for its climate fintech company.
  • Bois-colombes-based Kabaun loaded €75 k for its open-source and open-data technology enabling companies to measure and reduce their carbon emissions.
  • Paris-based Sand to Green landed €1 million for its long-term solution to the problems of desertification, land degradation, and food security.
  • Vincennes-Cede-based Solar Brother picked €1.5 million to promote solar energy.
  • Göteborg-based Modvion secured €11.2 million for its modular wind power towers made of composite materials. 
  • London-based Carbonplace loaded €42 million for its carbon credit transaction network for secure and transparent transfer of certified carbon credits.
  • Rodihan-based Futura Gaïa secures €11 million to fuel the future of vertical agriculture.
  • Toulouse-based ANYOS raised €1.5 million to specialize in electric vehicle charging.
  • Berlin-based Green Fusion received €2.7 million for its software solution that simplifies and secures energy system control.
  • Gothenburg-based CarbonCloud just scored €7.5 million to become the food industry’s leading Climate Intelligence Platform.
  • Zürich-based Zurich Soft Robotics secured €1.5 million to offer its multifunctional Adaptive Solar Facade.
  • Amsterdam-based Source.ag bagged €21.7 million to democratize access to fresh fruit and vegetables with AI-powered greenhouses.
  • Groningen-based Corre Energy received €8.9 million to develop, build, and operate grid-scale underground energy storage.
  • Stowmarket-based EO Charging secured €75.6 million to design smart electric vehicle chargers and intelligent software for homes, workplaces, and destinations.
  • Wysall-based GeoPura raised €40.8 million to enable the production, transport, and use of zero-emissions fuels with innovative and commercially viable technology.
  • London-based Recycleye picked €16 million to develop digital tools designed to detect and provide analytics on waste management.
  • Worcester-based Kita secured €4.54 million to offer a portfolio of carbon insurance products that cover the risk spectrum in the carbon markets.
  • London-based Beryl grabbed €2.27 for its leading micromobility company.
  • Paris-based Ever Dye raised €3.4 million to innovate in the fashion industry by developing ecological dyeing processes for the textile industry.
  • Versaille-based BIBAK scored €6 million for its industrial technology solution making reusable packaging services simpler.
  • Berlin-based SPRK.global bagged €6 million for its AI-enabled distribution platform for connecting food oversupply with demand partners by considering NGOs.
  • Amsterdam-based Ozarka secured €500 k to replace disposable containers with reusables for the made-to-order food industry, plus the tech to keep them in circulation.
  • Bath-based Kelpi bagged €4.20 million to make bioplastic packaging that is marine-safe and home-compostable.
  • London-based Greyparrot secured €1.51 million for its leading AI waste analytics platform for the circular economy. 
  • Pforzheim-based HyProMag checked €2.5 million to develop a full recycling supply chain for rare earth magnets based upon neodymium iron boron.
  • London-based Powervault scored €4.31 million to disrupt the energy storage market by supplying the first plug and play energy storage device.
  • Glasgow-based Myriad Wind Energy Systems raised €100 k to develop the next generation of high-performance wind turbines.
  • Neuss-based ScarpBees bagged €2.3 million for its pick-up service for the recycling of scrap metal from commercial businesses and private households.

Acquisitions

  • The Swedish company working on a technology that converts solid biomass into renewable biogas, Meva Energy (founded in 2008) was acquired by the London-based financial management services provider Just Climate for an undisclosed amount.
  • London-based specializer in managing assets on business sites and within local energy communities, Wattstor (founded in 2013) was acquired by the US-based private equity platform Ara Partners for an undisclosed amount.

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

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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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