In response to the urgent need to confront climate change, there has been a notable surge in investment and innovation in climate tech solutions worldwide. This trend has been particularly pronounced in Europe, where the past four years have witnessed remarkable growth in the sector.
Last year, European climate tech startups made headlines by raising over $20B in funding, according to a recent Dealroom report. Meanwhile, globally, Europe’s share of climate venture capital (VC) reached a record high of 43 per cent.
Leading the ranks in climate tech VC investment in 2023 were the United Kingdom, Sweden, and Germany. Smaller European countries like Iceland, Lithuania, and Bulgaria also made significant improvements by recording the fastest growth rates.
Here’s a closer look at some of the companies driving the green revolution.
Founder(s): Frank Tilly, Patrick Miles
Founded: 2020
Hiring: Yes, check out the opportunities here.
Founded in 2020, H2 Green Steel (H2GS) is on a mission to revolutionise the steel industry by accelerating its decarbonisation through the use of green hydrogen. This is rooted in the company’s understanding of the environmental impact of traditional steel production methods and the urgent need for transformative solutions.
Henrik Henriksson, former CEO of Scania, leads H2 Green Steel armed with his experience in executing sustainability initiatives within the automotive industry.
H2GS is backed by Vargas Holding, an investment company with a track record of supporting innovative ventures.
The company has secured substantial funding, including a €260M Series B equity financing in 2022 and a €3.5B debt financing from various European institutions.
Founder(s): Paolo Cerruti, Peter Carlsson
Founded: 2016
Hiring: Yes, check out the opportunities here.
Northvolt, founded in 2015 by former Tesla executives Peter Carlsson and Paolo Cerutti, is a Swedish battery developer and manufacturer specialising in lithium-ion technology for electric vehicles (EVs).
With a focus on minimising carbon footprint and maximising recycling efforts, Northvolt is on its way to being a market leader in sustainable battery technology.
Northvolt has secured partnerships with major automotive manufacturers such as BMW, Volkswagen, and Scania.
With $8B (€7.37B) in equity and debt funding, Northvolt is one of Europe’s best-funded startups, enabling it to scale operations and meet the growing demand for clean energy solutions.
Founder(s): James Basden, Nicholas Beatty, Steven Meersman
Founded: 2017
Hiring: Yes, check out the opportunities here.
Headquartered in London, Zenobe Energy specialises in manufacturing battery storage assets for electric bus operators, utilities, and industrial and commercial businesses.
In less than four years since its founding, Zenobe has turned out to be a major player in the global energy storage sector.
With operations in the UK, Australia, New Zealand, and Benelux, the company is rapidly expanding its footprint in battery storage solutions.
Zenobe caters to a diverse range of customer needs by offering end-to-end solutions for fleet electrification, network infrastructure, and second-life batteries. The company’s initiatives have resulted in over 1 million tonnes of CO2 prevented since its establishment.
Founder(s): Greg Jackson, James Eddison, Stuart Jackson
Founded: 2015
Hiring: Yes, check out the opportunities here.
Octopus Energy Group, founded in 2015, is a British renewable energy group specialising in sustainable energy solutions.
With a focus on making energy fair, clean, and simple for all, Octopus Energy is a driving factor in the country’s transition to renewable energy.
Octopus Energy provides 100 per cent green electricity to over 5 million UK homes and businesses. Through its Power Purchase Agreements (PPAs), Octopus Energy directly supports over 700 renewable energy generators in the country.
A recent funding round of $800M (€737M) has positioned Octopus Energy for global clean energy growth, enabling the company to further its mission of building a sustainable energy system for the future.
Founder(s): Jannik Schall, Micha Grueber, Michael Hinderer, Philip Liesenfeld, Philipp Schröder
Founded: 2021
Hiring: Yes, check out the opportunities here.
1Komma5 Grad, a German startup founded in 2021, is on a mission to provide carbon-neutral energy solutions for homes. The startup offers solar installations, heat pumps, and energy storage systems.
With a dream of liberating European homes from fossil fuels, 1Komma5 Grad has quickly gained recognition for its innovative approach to clean energy. The company offers a convenient one-stop shop for clean energy solutions, making it easy for customers to transition to carbon-neutral living.
Within just 23 months of its founding, 1Komma5 Grad successfully achieved unicorn status, raising VC fundings and reaching a valuation of €1B.
Founder(s): Benoit Lemaignan, Christophe Mille, Philippe Chain, Sylvain Paineau
Founded: 2020
Hiring: Yes, check out the opportunities here.
Founded in 2020, Verkor is leading France in increasing the production of low-carbon batteries to meet the rising demand for electric vehicles.
With over 430 experts from 40 different countries, Verkor’s vision is to develop cost-effective batteries with a significantly smaller carbon footprint compared to standard ones.
Verkor’s environmentally responsible manufacturing is backed by shareholders including EIT InnoEnergy, IDEC Group, Schneider Electric, Capgemini, Renault Group, EQT Ventures, Arkema, Tokai COBEX, Demeter FMET, Plastic Omnium, and Sibanye-Stillwater.
The startup recently made headlines by securing over €2B in a Series C funding round. This includes a minimum of €850M in equity financing, a €500M loan from the European Investment Bank (EIB), and approximately €650M in French government subsidies.
The funding will finance the launch of Verkor’s gigafactory in Dunkirk, which is expected to be Europe’s cornerstone of the battery production ecosystem.
Founder(s): Maeva Courtois, Julia Ménayas
Founded: 2020
Hiring: No
Helios, founded in 2020 by Maeva Courtois and Julia Ménayas, is a Paris-based fintech company with a mission to combat climate change.
The platform allows users to invest in environmentally friendly projects to ensure that every euro deposited contributes positively to the environment. Furthermore, unlike traditional banks, Helios guarantees that the funds are not allocated to polluting industries such as oil or coal.
Helios recently secured €9M in a seed funding round led by Racine, with participation from Raise Seed for Good funds and prominent angel investors.
With the funding, Helios aims to expand its team and launch more innovative banking products, such as sustainable savings accounts crowdsourced with its community of users.
Founder(s): Max Beaumont
Founded: 2014
Hiring: Yes, check out the opportunities here.
Founded in 2014 by Max Beaumont, Skytree is a climate tech company based in Amsterdam that specialises in direct air capture (DAC) technology. The company harvests CO2 from the atmosphere and offers a sustainable solution to reduce carbon emissions.
Initially developed for astronauts, the technology allows the captured CO2 to be stored in pressurised buffer tanks. The CO2 can be utilized by various industries, which provides a sustainable alternative to fossil fuel-dependent processes.
Skytree was awarded €2.5M in non-dilutive grant funding from the European Innovation Council (EIC) Accelerator back in November 2023. This funding will support Skytree’s mission to advance climate solutions and accelerate the use of its DAC technology.
Founder(s): Jan-Justus Schmidt, Sebastian-Justus Schmidt, Vaitea Cowan
Founded: 2017
Hiring: Yes, check out the opportunities here.
Founded in 2017, Berlin-based Enapter develops new methods to produce renewable hydrogen.
Enapter’s technology enables the separation of hydrogen from oxygen molecules through a process known as Anion Exchange Membrane electrolysis. This technique employs a semipermeable material to effectively filter hydrogen and offers a sustainable solution for hydrogen production.
Additionally, the company offers a ‘megawatt class’ green hydrogen system, comprising multiple electrolyzer cores, to cater to larger-scale applications.
With 264 end users across 50 countries, Enapter has already established a significant presence in the market. The company also recently secured a €25M bearer bond with Patrimonium Middle Market Debt Fund to help fulfil production orders.
Founder(s): Anders Pedersen, Casper Holzmann Rasmussen
Founded: 2014
Hiring: Yes, check out the opportunities here.
Since its creation in 2020, Monta has been transforming the EV charging landscape through its integrated software solution.
Monta’s platform serves hardware manufacturers, operators, and businesses by providing insights into EV usage, performance, and maintenance. EV drivers can also benefit from access to Monta’s extensive network of over 600,000 charge points across Europe.
The recent €80M Series B funding round was a significant milestone for Monta, bringing the company’s total funding to €130M in just three years. Energize Capital, GreenPoint Partners, and Denmark’s state-backed Export and Investment Fund co-led the round.
