Harpenden-based Barton Blakeley, a carbon utilisation company, has raised £2.4M (approximately €2.87M) in fresh funding. 

The round was led by Elbow Beach Capital, a London-based decarbonisation and sustainability investor, contributing £1.7M. This investment supports Elbow Beach’s focus on future technologies and expands its portfolio, which includes energy startups WASE and Anaphite.

Jonathan Pollock, CEO of Elbow Beach Capital, says, “We are delighted to be supporting  Barton Blakeley. Their team has developed some exceptional technology and the commercial application has wide-reaching implications across a diverse span of industries and a massive addressable market.”

“Elbow Beach Capital is pleased to lead this funding round, which will enable Barton Blakeley’s  technology to be brought on-site at industrial factories for the first time.”

Transforming green electricity availability and performance for all

Carbon utilisation is a key technology for reducing emissions. However, most current solutions are expensive and require a lot of energy. Barton Blakeley has created a chemical process that removes industrial CO2 emissions permanently and turns them into clean energy and synthetic silica efficiently.

Synthetic silica, vital for making optical fibres and semiconductors in products like internet cables and smartphones, is traditionally produced through carbon-intensive and costly methods, emitting about 30kg of CO2e per kilogram.

Barton Blakeley’s technology repurposes waste emissions to produce silica, reducing its environmental impact and cost while ensuring a greener and more secure domestic supply.

The company’s process not only produces synthetic silica but also generates clean energy, offering industries a way to reduce CO2 emissions directly. The company has developed modular sites that can be installed on industrial premises to capture and utilise emissions on-site efficiently.

Capital utilisation

Barton Blakeley aims to deploy its first industrial system to harness emissions, building on its current test plant. Within four years, each system is expected to remove 1 kilotonne of CO2 annually—the equivalent of 200 commercial flights between London and Washington, D.C.

An additional 15.5 kilotonnes of CO2 per year could be saved by using its process for manufacturing synthetic silica, significantly reducing industrial emissions.

In the medium-term growth, Barton Blakeley plans to expand into additional markets, leveraging the versatility of synthetic silica to serve a wider range of industries.

Christopher Barton, CEO of Barton Blakeley, says, “After a period of technical development, it is exciting to be taking firm steps towards commercialisation through placing our first system at an industrial site.”

“In addition to capturing carbon, our ground-breaking technology will provide cheaper, greener, and local synthetic silica in addition to green energy, and we look forward to working with industry partners to see this opportunity grow.”

Barton adds, “Elbow Beach Capital’s experience in supporting early-stage startups through the commercialisation process makes them an ideal partner for us and we have already benefitted from JP and the team’s support.”

Volker Beckers appointed Chair of Barton Blakeley

Elbow Beach Capital has announced Volker Beckers, CBE, as the new Chair of Barton Blakeley. Beckers, former Group CEO of RWE Npower and recent CBE honoree for services to nuclear energy has extensive experience in the energy sector. 

He has held key roles in industry advisory panels, including as President of the British Institute of Energy Economics, and brings expertise in energy policy, sustainability, and supporting business growth and commercialisation.

Beckers says, “I am pleased to be joining Barton Blakeley at this pivotal time for the company. With the technology proven, I look forward to supporting the company as it enters its first commercial partnerships and navigates the scale-up process with a great partner in Elbow Beach Capital.”

Offenburg-based HyperHeat, a German startup focused on creating zero-carbon industrial heat using renewable energy, has raised €3.5M in funding. The company will use the funds to develop and test its first industrial products, which are set to launch by 2025.

The investment was led by Amadeus APEX Technology Fund, with support from Finindus, Possible Ventures, E44 Ventures, Breakthrough Energy Fellows, and several business angels. 

Wolfgang Neubert, General Partner at APEX Ventures, says, “The HyperHeat founding team combines a rare blend of technical brilliance and strategic vision that sets them apart in the industrial decarbonisation space. We’re confident their solution will play a crucial role in reducing carbon emissions and driving sustainable industrial growth.”

Hans Maenhout, Investment Director at Finindus, adds, “More than 60 per cent of the industry’s energy is required in the form of heat. Much of this is high-temperature heat generated by burning fossil fuels.”

“The cutting-edge technology of HyperHeat allows decarbonising the demand for heat at well over 1000 °C, even up to 2000 °C. This electric heater technology offers a unique value proposition in terms of cost and durability, ideally suited for heavy industries.”

HyperHeat aims to power industries toward zero carbon emissions

Heavy industries such as steel, cement, and chemicals account for over 25 per cent of global CO2 emissions, largely due to the high temperatures required in their production processes. These sectors face significant challenges in reducing emissions. 

To address these challenges, HyperHeat is developing a technology for emission-free, high-temperature heating to help decarbonise these industries. 

Founded in 2023 by Dr. Lars Amsbeck and Frederick Lessmann, the company’s low-cost, electrically-powered heater can reach up to 2000°C using oxide ceramics, providing a drop-in replacement for natural gas burners. When powered by renewable electricity, this solution offers a cost-efficient way to retrofit high-temperature processes in steel, cement, and chemicals.

“Our goal is to bring a transformative and economical solution to industrial heat generation that accounts for nearly 16 per cent of global CO2 emissions,” says Dr.-Ing. Lars Amsbeck, co-founder and co-CEO of HyperHeat.

Frederick Lessmann, co-founder and co-CEO of HyperHeat adds, “We’re not just reducing emissions—we’re providing a practical, scalable, and most importantly economical solution for industrial companies facing increasing carbon regulations and market pressure.”

“Our electric heater can retrofit existing furnaces and reach flame-like temperatures with unprecedented efficiency and durability.”

Capital utilisation

HyperHeat claims to be a key player in the power-to-heat movement aimed at decarbonising fossil fuel-dependent industries. 

The company plans to use the funds to expand its R&D efforts and deploy its high-temperature heating technology in collaboration with pilot customers. 

HyperHeat’s solution aligns with global clean energy goals, and the company aims to become a leader in renewable industrial heat and contribute to a more sustainable future.

Darmstadt, Germany-based etalytics, a company specialised in AI-driven energy intelligence, on Tuesday announced that it has secured €8M funding in a Series A funding round led by Alstin Capital.

Other investors, including ebm-papst as co-lead and TF H IV Technologiefonds Hessen GmbH & Co. KG (a fund managed by Beteiligungs-Managementgesellschaft Hessen mbH (BM H)), also participated in the round.

Fund utilisation

The funding will enable the German company to accelerate its expansion and the adoption of sustainable energy solutions across critical sectors such as data centres, healthcare, automotive, and more, particularly in systems like cooling, heating, and ventilation.

Additionally, the company will use the funds to enhance its flagship product etaONE.

Partnership with ebm-papst

In addition to the investment, etalytics has partnered with ebm-papst, a company specialised in energy-efficient technology.

Klaus Geißdörfer, CEO of the ebm-papst group, says, “With our strategic investment in etalytics, we are taking another important step towards a more climate-friendly future. With the help of our efficient EC fans, we have already been able to reduce the CO2e footprint in numerous

customer applications. By combining our fan technology with etalytics’ AI systems, we will reduce our customers’ energy consumption and greenhouse gas emissions even further.”

This collaboration will boost etalytics’ market reach and drive innovation in research and development, accelerating the deployment of advanced energy solutions across various industries.

etalytics: Help businesses optimising energy

Founded in 2020 and led by Dr. Niklas Panten, etalytics specialises in AI-driven solutions that help businesses globally optimise energy consumption, reduce costs, and minimise their environmental impact.

The company’s flagship product — etaONE, offers real-time insights and predictive analytics, enabling industries—including data centres, chemical, pharmaceutical, and automotive—to implement effective control strategies and make informed energy decisions.

Explaining the USP of etalytics’s solution to Silicon Canals, Dr. Niklas Panten, CEO and co-founder, says, “etalytics enhances its AI-driven energy management solutions with a unique hybrid approach that combines AI and physical model predictive control through digital twin technology. This integration allows for extremely robust analysis and optimisation of critical infrastructure, distinguishing etaONE in the market.”

According to Panten, the hybrid model enables precise simulations and real-time adjustments, ensuring operational safety and energy optimisation are maintained without interrupting essential services.

In addition to predicting and optimising energy use, etaONE adapts easily to changing conditions, making energy management more reliable and effective.

By mirroring real-world infrastructure, the company’s digital twins provide actionable insights that enhance operational efficiency and asset longevity.

Moreover, etaONE fully supports ISO 50.001 standards for energy management.

“We try to align our solutions with international standards like ISO 50.001, ISO 27.001, or SOC2. Tailoring our technology to industry-specific requirements, we employ experts and form partnerships with local compliance specialists to ensure our software meets all legal mandates,” says Panten.

Going beyond energy management

Etalytics’ AI technology, while primarily focused on energy management, has significant potential to impact a broad array of sectors and operational areas, says Panten.

At etalytics, the team focuses on optimising energy systems to improve energy supply quality and the efficiency of energy management teams.

Beyond the core areas, the company is also engaged in predictive maintenance and environmental monitoring, assisting businesses in complying with environmental regulations.

“Our engagement extends into advanced research projects aimed at resource efficiency. One such project explores predictive process quality analytics to reduce energy demand and CO2 emissions, minimising scrap during production phases. This not only aids in sustainable manufacturing but also boosts overall resource management,” he says.

“Furthermore, the flexibility of our platform allows for its application in other data- and physical model-driven analysis and control optimisation scenarios, such as refining production processes,” he adds.

Business model and revenue growth

Etalytics employs a streamlined business model centred around its SaaS offerings.

“Clients can access the etaONE platform on-premises or hosted in the cloud, tailored to their specific needs. We also provide various add-ons like our etaMIND AI services for enhanced control optimisation. This flexible model equips clients with advanced tools for effective energy management and optimisation,” reveals Panten.  

On the revenue growth, the German company is aiming to increase its ARR tenfold over the next two years.  

“Based on our plans to significantly expand services following successful proof of value with major enterprises, etalytics is projecting to increase its annual recurring revenue (ARR) tenfold over the next two years. This ambitious growth target reflects the strong market validation and demand for our solutions, indicating a very optimistic outlook for rapid expansion and increased market penetration,” concludes Panten.

Currently, etalytics works with various companies in data centres, chemical, pharmaceutical, and automotive industries. Some of the notable clients include Equinix, Digital Realty, NTTData, and Volkswagen.

As per the company’s claims, the customers have seen significant, to some extent up to 50 per cent, reduction in power consumption for cooling, heating, and ventilation systems, which translates into considerable cost savings and reduced carbon footprints.

The investor

Alstin Capital is an independent early-stage venture capital fund based in Munich. Its investment activities focus on fast-growing (B2B) technology companies in the DACH region and Europe, primarily in the Seed and Series A phases.

Dr. Andreas Schenk, Principal at Alstin Capital, says, “etalytics provided the much-needed solution for sustainable, effective, and future-oriented energy management in the industry. We were particularly impressed by the fact that the AI-based software analyses all components in an operation and independently adapts to external conditions (temperature, energy prices). It was also crucial for us that the complex reporting requirements of the Energy Efficiency Act for data centres are considered. We are very proud to accompany and support the experienced etalytics team on this journey.”

Delft-based GEHECO, a company that aims to enable carbon-neutral heating in buildings, has closed its first funding round, securing investments from Graduate Entrepreneur, Rockstart, and Rabobank, through the Rabobank Innovatie Lening (RIL).

These contributions complement earlier investments from the Shell Impact Fund and Innovation Quarter’s UNIIQ Fund.

The funding amount, however, remains undisclosed. The investment will help strengthen GEHECO’s position in the clean energy sector.

What does GEHECO offer?

GEHECO, a startup focused on supporting the energy transition, aims to make water-water heat pumps accessible to a broader range of homeowners. 

One of the main sources of CO2 emissions is home heating, and many homeowners are looking for ways to electrify their heating systems. Currently, the most efficient solution, the water-water heat pump, is largely available only to wealthier individuals due to the complex and costly process of drilling wells for installation.

GEHECO’s mission is to solve this challenge by developing a drill tool that can install wells from within existing homes, thus making water-water heat pumps more accessible and cost-effective (approximately three times more affordable). It is designed to be deployed in narrow urban areas and is particularly for retrofitting existing homes.

The company is committed to sustainability and aims to contribute to reducing CO2 emissions by enabling efficient, CO2-neutral heating for households.

Capital utilisation

GEHECO will use the funds to create a more sustainable future by transforming home heating systems.

Arjen van der Horst, GEHECO’s Founder and Technical Lead, says, “The funding from this round will enable us to further develop our prototype, conduct initial technical demonstrations at The Green Village in Delft, and, in the near future, carry out client demos in partnership with Itho Daalderop.”

Onno Bierhoff, Founder and Business Lead, adds, “We are thrilled to have such a strong group of investors on board. Their trust in GEHECO goes beyond financial backing—they bring invaluable expertise and a vast network that will support our growth.”

“We tell a positive story, as we strongly believe that great technical ideas can help our planet become more sustainable, while at the same time the comfort level of the end-users increases.”

Brief about the investors

Rockstart is an early-stage investor that supports purpose-driven founders in the domains of Energy, AgriFood, and Emerging Technologies. The firm provides startups with access to capital, markets, and expertise by connecting them with co-investors, mentors, partners, and its extensive network. 

Rockstart has invested in over 350 startups, with its alumni valued at more than $1.7B to date.

Graduate Entrepreneur Fund, a €58M early-stage fund backed by entrepreneurs from the Delft/Rotterdam ecosystem, provides capital and support to startups. With a network of over 175 entrepreneurs, the fund’s team takes a tech-agnostic approach to help startups scale effectively. Recently, Graduate made its 50th investment in just three years.

Amsterdam-based Move Energy Fund, a venture capital focusing on early-stage ventures and technologies supporting the energy transition, announced on Thursday that it has secured €35M commitment from the European Investment Fund (EIF) for its Fund I.

With this fund, the Dutch VC will invest in hard- and software ventures that accelerate the energy transition.

The fund specifically targets early-stage ventures focused on decarbonising power, transport, and buildings.

The announcement comes a couple of months after raising €10M from Invest-NL, a National Financing and Development Institution of the Netherlands.

The EIF’s backing and contributions from more than 30 investors, including main investor Pon Holdings, have increased the Fund’s total commitments to over €100M.

So far, the Fund has invested in five companies and intends to hold its final close by the end of Q1 2025, with a hard cap of €150M.

Move Energy: Supporting the energy transition companies

Move Energy is a venture capital specialist dedicated to supporting early-stage companies pioneering hardware and software solutions to decarbonise the power, transport, and buildings sectors.

With a focus on impact-driven investments, Move Energy aims to support the next generation of transformative ventures contributing to a more sustainable world.

Lex Roukens, Managing Partner at Move Energy, says, “We are thrilled to welcome the EIF as a key investor. This commitment validates our mission and strategy and paves the way for further growth. We look forward to collaborating with the EIF.”

European Investment Fund: Helping SMEs access finance

The European Investment Fund is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small, and medium-sized enterprises (SMEs) by helping them to access finance.

The EIF designs and develops venture and growth capital, guarantees, and microfinance instruments that specifically target this market segment. 

“This investment reflects our commitment to driving the energy transition,” says Marjut Falkstedt, Chief Executive of the EIF.

“As COP29 has highlighted once again, limiting global warming and the shift towards sustainable energy production, consumption, and mobility, are critical in the fight against climate change. Private initiatives like this one are a signal that the market also sees economic opportunities in this context, and we are here to support them,” adds Falkstedt.

Amsterdam-based Sympower, a company enabling the transition to a fully renewable energy system, announced that it has secured €21.3M in an oversubscribed Series B1 funding round from new and existing investors.

The round was led by A&G Energy Transition Tech Fund (A&G ETTF), with direct investment from the European Investment Fund (EIF), and participation from existing investors, including Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital.

Balancing the supply and demand of electricity

Founded in 2015, Sympower is a provider of flexibility services in Europe and is helping balance electricity grids to support a sustainable energy system. Through its software platform, the company manages the supply and demand of electricity across European energy networks. 

Sympower helps commercial and industrial businesses, grid operators, and energy stakeholders participate in energy flexibility services, enabling them to generate new revenue streams, reduce energy costs, and integrate more renewable energy resources onto the grid.

The company operates in a variety of energy-intensive industries such as paper and pulp, greenhouses, data centres, and wood mills, optimising the flexibility of electrical assets and processes.

In 2022, Sympower became a certified B Corp, meeting high standards of performance, accountability, and transparency across governance, workers, community, environment, and customers.

Funds to expand Battery Energy Storage Systems (BESS)

The European Commission has highlighted flexibility services as a key factor in achieving Europe’s energy transition, emphasising their role in building resilient grids. These innovative grid solutions are expected to save €12B annually in grid investments by 2050. 

Sympower, with its demand-side flexibility and battery energy storage system (BESS) solutions, believes that it will play a key role in stabilising national grids and enabling the integration of more renewable energy.

Currently, Sympower claims to be the leading demand-side flexibility aggregator in the Nordics and Greece, managing over 2GW of flexible distributed resources across Europe. The company will use the latest capital to incorporate BESS into its service offerings.

Sympower also plans to use the funds to pursue mergers and acquisitions to strengthen its market presence and broaden its operations across Europe. 

Additionally, the Amsterdam-based startup will enhance its offerings to industrial companies and renewable energy producers by extending its trading capabilities to new energy markets.

Simon Bushell, founder and CEO of Sympower, says, “Sympower has grown tremendously in recent years, which aligns with the unprecedented demand across Europe for diversified and mature energy flexibility solutions.”

“I’m grateful for the continuous support of our investors and delighted to see new ones putting their trust in us. Completing an oversubscribed funding round shows our investors’ confidence in our vision, team, and execution capabilities. This new funding will be key in expanding our operations and enabling us to deliver a sophisticated and mature offering for battery energy storage systems.

Bushell further adds, “I expect the following years to be the most exciting so far for us. Our team has grown to over 200 people based across 10 countries, and we’ve solidified our leading presence in the Nordics and Greece. I see a bright future ahead of us, one that will enable us to realise our mission of enabling Europe’s energy transition.”

Extended supervisory board

Following its funding round, Sympower expanded its Supervisory Board with Jesús Lozano Lopez from A&G and Tim Healy, former Chairman and CEO of EnerNOC.

Jesús Lozano Lopez, Investment Director at A&G, says, “We have been following Sympower’s evolution for a few years and were impressed by its unique international footprint and position in the European energy market.”

“Sympower’s significant growth, commercial traction, and European expansion were determining factors which convinced us to invest. We’re confident that we can enable them to unlock the next phase of their scale-up growth and to consolidate their leading position in Europe.”

Helmer Schukken, Partner at Rubio Impact Ventures, which first invested in 2019, adds, “We are thrilled to continue supporting Sympower’s mission to drive the renewable energy transition forward alongside our partner, the European Investment Fund.”

“This joint investment represents our ongoing conviction in the company’s market leadership, enabling grid flexibility and greener power from the commercial & industrial sector.”

Brief about A&G Transition Tech Fund

Founded in 1987, A&G Energy Transition Tech Fund (A&G ETTF) focuses on investing in hardware and software companies that drive the energy transition and decarbonisation of key sectors. 

The fund supports European companies with advanced technologies, providing growth capital to help them scale, internationalise, and strengthen their market position.

A&G is an independent financial services group based in Spain and Luxembourg. The firm manages over €14B in assets, with a focus on alternative investments, including energy transition strategies, private equity buyouts, and real estate.

Stockholm-based DREM, a company simplifying the deployment of heat pumps for residential properties, has raised an additional €1M in funding. 

The investment came from venture capital firms, including Peak, byFounders, Redstone, and Futurum Ventures.

Making the transition to renewable energy affordable

Founded in 2022 by Babak Tighnavard, Hannes Palm and David Sennerlöv, DREM aims to make energy-efficient heating solutions more accessible.

Through innovative technology, the company seeks to reduce both energy costs and environmental impact, positioning itself as a key player in Europe’s sustainable heating market.

Launched in early 2023, DREM has focused on making heat pump acquisition more accessible through digital pricing algorithms and an AI-driven system that adjusts heating based on weather patterns and hourly electricity rates.

CEO and co-founder Tighnavard, says, “The buying process for heat pumps is usually quite a complicated story, no matter which country you look at.”

“Our model is digitalising and simplifying the process, which also allows us to quickly scale up operations to more countries. France is Europe’s largest market for heat pumps and we see significant growth potential here.”

The company first established itself in Sweden before expanding into France in mid-2024, recruiting Antoine Bluy, formerly Lime’s country manager, to lead its French operations.

Despite challenging market conditions, including high interest rates and a milder winter climate, DREM anticipates more than doubling its sales in 2024. This growth contrasts with a downturn in Sweden’s heat pump industry, where sales dropped 43 per cent and 50 per cent in the first two quarters of 2024. 

DREM has also achieved a revenue run rate of €10M and doubled its workforce to 40 employees over the past year.

Capital utilisation

The funds will support DREM’s recent expansion into France, Europe’s largest market for heat pumps, as it aims to simplify the heat pump purchasing process and reduce operational costs. The funds will also be used to explore additional European markets. 

Babak Tighnavard says, “We see continued growing demand and the interest rate cuts that have taken place and are ahead of us across the region will benefit the entire industry.”

“The additional funds from our four largest investors allow us to accelerate expansion in France, while we are also evaluating a launch in another European country in 2025.”

Paris-based ZE Energy, an independent renewable energy producer specialising in Battery Energy Storage Systems (BESS), has raised €54M in a new funding round. 

The investment, led by Amundi Transition Énergétique, introduces two new stakeholders: Amundi’s Core+ infrastructure funds, and Demeter’s Climate Infrastructure Fund, a player in energy transition financing.

Existing shareholder Sorégies also invested in this round, along with contributions from Marguerite, HTGF, and ZE WAY INVEST.

Matthieu Poisson, CEO of Amundi Transition Énergétique, says, “We are very optimistic about the development of infrastructure solutions combining solar energy production and storage (BESS), allowing us to play a key role in the decarbonisation of the electricity system.”

“We are delighted to partner with the founders and existing shareholders as well as the management team of ZE Energy, a team that has proven itself through what the company has achieved since its creation and its potential, and we look forward to supporting them in this European growth and expansion plan.”

An independent producer of renewable energy

Founded in 2019, ZE Energy is an independent renewable energy producer focused on hybrid solar power plants that integrate photovoltaic systems with energy storage, tailored for continental Europe.

The company manages all stages of its projects, from development and financing to construction and operation, and sells green energy to consumers directly or through tenders.

Mathieu Lassagne, founder of ZE Energy, says, “In a context of increasing volatility in solar energy prices, the model defended by ZE Energy stands out as a high-performance solution, serving a controlled energy transition.”

“Our model, combining solar production and energy storage, is also meeting growing interest. In the first half of 2024, solar energy prices have increasingly become negative, due to overproduction at certain times. Being able to store this energy, and therefore not subject to price volatility, is the optimal solution for both producers and consumers.”

Capital utilisation

ZE Energy will use the funds to support its growth over the next two years, focusing on European expansion.

With a current project portfolio exceeding 1 GW in solar capacity and over 400 MW in battery storage, ZE Energy aims to grow its operational and construction-ready portfolio to 900 MW of solar power and 600 MWh of storage by 2026.

For Philippe Detours, Managing Partner at Demeter, says, “With its hybrid assets, the company is bringing an energy efficiency approach that is perfectly aligned with the vision and investment thesis of the Climate Infrastructure Fund. This fundraising will support the growth of ZE Energy in France and internationally.” 

Frédéric Bouvier, Chairman of the Executive Board of the Sorégies Group, adds, “Flexibility is a major challenge for the energy transition. For this reason, we are continuing our collaboration by capitalising on the complementarity of our approaches and the success of our joint achievements.”

“Our partnership leads to the development of efficient solutions that offer our customers green, local, controllable electricity at a controlled price. Together, we are pursuing our goal of making the energy transition accessible to all.”

Oslo-based Glint Solar, a Norwegian solar developer software, announced that has raised $8M (approximately €7.43M) in a Series A round of funding. The round was led by Smedvig Ventures, with support from Momentum, Futurum Ventures, and Antler. 

Jonathan Lerner, Partner at Smedvig Ventures, says, “The solar industry has done a great job at developing ways to harvest green energy, but now we need better processes to get these plans in motion. This is the gap that Glint Solar is filling.”

“As one of the first unified products for utility projects on the market, solar developers, engineers, analysts and management can find everything they need to locate the best land spaces quickly and accurately. This is a much-needed evolution from manually trawling through data from multiple sources, saving considerable resources in all-important green energy projects.”

Accelerating the adoption of solar energy

The solar power industry has experienced significant growth, with global solar PV capacity rising by 87 per cent from 2022 to 2023. Despite this progress, further efforts are needed to meet the targets set by the Paris Agreement. 

Glint Solar is helping to accelerate solar adoption and combat climate change with its SaaS platform, which allows solar developers to quickly assess and pre-design sites in minutes, streamlining the process.

Founded in 2020 by Harald Olderheim, Even Kvelland and John Modin, Glint Solar addresses the slow pace of solar project development, where 73 per cent of companies’ time is spent on projects that don’t reach the permitting stage. 

The company’s platform aims to streamline the permitting process, making it easier, smarter and faster. Glint Solar’s solution enables developers to triple their project pipeline and assess sites 10 times faster than traditional methods. 

By integrating adaptable layout designs, yield estimates, and country-specific GIS data, the platform enhances collaboration, reduces land negotiation times, and improves communication with stakeholders through 3D-rendered project layouts.

Capital utilisation

Glint Solar has grown since its $3M Seed round in 2022, more than tripling its customer base in the past year. The software is used by solar developers and energy companies in over 35 countries, including Recurrent Energy, Statkraft, and E.ON. 

The new investment will help the company expand into more markets and improve its product. Glint Solar plans to double its team of 30 people in the next year.

By 2025, Glint Solar aims to expand its platform with new tools, including a feature to help developers identify optimal locations for energy storage units, further disrupting the solar development process.

CEO and co-founder, Olderheim, says, “To counteract the effects of climate change, renewable energy needs to be adopted at a faster pace. The UN IPCC report says that 70-85 per cent of the world’s electricity must come from renewable sources by 2050 to avoid the worst impacts of a warming planet.”

“Luckily, utility-scale solar is quickly becoming the most cost-efficient form of energy one can build – in Texas, for example, it has overtaken coal as the most important energy source. The remaining factor is to also make solar energy development time efficient.”

“Software is at the heart of the solution and this investment allows us to continue to push the boundaries of making complex, fragmented data and insights easily accessible, directly impacting the speed of global solar adoption.”

Stockholm-based Flower, an energy tech company, has raised an additional €20M in its Series A funding, totalling €45M for this round and €100M in total investments.

Flower’s AI-driven platform and infrastructural hardware help make energy usage within global grids more flexible, stable, and predictable. This enables a cleaner energy system and offers new revenue opportunities for renewable power asset owners.

Investors supporting Flower

The round was led by Northzone, with additional investments from Giant Ventures, 82an Invest (a partnership between the Wallenberg Foundation’s FAM and 41an Invest, linked to H&M CEO Karl-Johan Persson and Kivra founder Stefan Krook), Sony Innovation Fund, and angel investors including EQT Foundation Partner Thomas von Koch and King founder Sebastian Knutsson. 

Northzone General Partner Pär-Jörgen Pärson has also joined Flower’s board.

Pärson, says, “We’re very excited about the team’s pioneering approach to addressing the challenges of renewable energy with cutting-edge, AI-driven optimisation combined with grid-level battery systems to transform the grid throughout Europe. We have never seen such a fast-moving company.”

Capital utilisation

Flower will use the funds for expansion across Europe and to advance its infrastructural Battery Energy Storage Systems. Currently active in Sweden and Denmark, the company aims to start operations in the DACH region, France, the Netherlands, and Belgium by 2025 and 2026.

John Diklev, founder and CEO of Flower, says, “2024 has already been a pivotal year in the growth of Flower, with our acquisition of Sweden’s largest battery park and the announcement of significant new partnerships.”

“Completing our Series A round, and bringing on board some of Sweden and Europe’s leading investors in the process, is not just a major milestone on the Flower journey, but towards the energy systems of tomorrow that we are helping to build.”

Flower: Everything you need to know

Founded in 2020 by John Diklev, Flower combines advanced software with battery energy storage to optimise renewable energy systems. The company’s platform allows grid operators to stabilise energy flows, manage solar and wind production, and maintain price consistency. 

Its AI-powered forecasting supports efficient, clean energy distribution, reducing the need for costly grid expansion. Focused on European growth, Flower is advancing towards a fossil-free energy system, helping renewable energy power society more reliably and sustainably.

As Europe transitions to renewable energy sources like solar and wind, the variability in production has increased price volatility due to energy being auctioned daily. Flower’s platform helps address this by integrating trading data, weather forecasts, and consumer behaviour modelling to optimise energy supply and demand, providing better control over energy assets. 

This alignment of renewable production with peak demand helps reduce grid congestion. Flower also enhances grid flexibility with its Battery Energy Storage Systems (BESS), which act as a direct solution for grid stability, providing essential support for energy grid operators.

To manage the shift to renewable energy, Europe and the US will need large-scale energy storage, such as battery parks, to balance electricity grids for producers and consumers. 

Since wind and solar have variable output depending on time and location, BESS can store excess energy and release it when needed, helping align supply with demand and maintain grid stability.

In 2023, Flower achieved revenues of 100M SEK (€8.6M), a tenfold increase from the previous year, with a projected 2-3x growth for 2024. The company has expanded to 130 employees.

This year, Flower partnered with Kalmar Energi on a large-scale battery storage project and acquired Sweden’s largest battery parks, including the 42.5MW Bredhälla and 40MW Pajkölen sites. The company has since activated additional battery projects, creating Sweden’s largest battery portfolio.