With Net Zero commitments in place, more countries, investors and businesses are working closely together to speed up affordable clean tech adoption worldwide. Driven by a rejuvenated focus on ESG in private markets, emerging regulations (such as the EU’s Sustainable Finance Disclosure Regulation) and supporting standards (such as B Corp certification), investment in climate tech has seen a whopping 210% year-on-year growth, with energy and climate dedicated solutions taking a significant piece of the pie. In total, $18.3 billion was invested in climate tech in Europe and $87.5 billion world-wide over H2 2020 and H1 2021, according to latest figures from PwC.
Joining the bandwagon of climate tech battling to make the world greener and more sustainable is Swiss startup Wegaw. The climate tech company has raised $1.1 million to develop its product further and expand commercially into new markets. The funding round saw the participation of Bstartup (Banco Sabadell), Katapult.vc, Great Stuff Ventures, Business Angels Switzerland and Seedrs.
Founded in 2016 in Morges by Daniel Meppiel and Ion Padilla, the startup mixes satellite imagery, AI and machine learning algorithms to create the underlying climate tech solution that supports the energy sector’s transition to sustainable and clean energy.
Daria Lüdtke, CTO, Wegaw said: “The current energy crisis in Europe highlights what happens if we do not have the right tools to understand future renewable energy production. Our data and economic insights are key to efficiently planning and operating renewable energy assets, as well as balancing the grid with existing assets.”
Ion Padilla, CEO and Co-Founder, Wegaw said: “Our vision is to enable a completely clean energy transition by delivering a clear understanding of future renewable energy production from space. We are especially proud to have attracted such an incredible line-up of international climate tech investors who support our ambitions and are thrilled to actively collaborate with forward-thinking energy companies across the globe.”
The company has been operating in five countries, delivering impactful datasets to 15 clients and more than 30 power plants without the need for further investment in infrastructure. It is also working with government bodies and national agencies to reduce CO2 emissions and aid international efforts to attain Net Zero status.