Cleantech companies play a crucial role in the European tech ecosystem by driving innovation and sustainability. They contribute to the reduction of carbon emissions and the transition to a circular economy, helping combat climate change.
By developing renewable energy solutions, sustainable materials, and efficient resource management technologies, these companies not only enhance environmental resilience but also create jobs and stimulate economic growth. Their focus on clean technologies fosters collaboration across industries, attracting investment and encouraging the adoption of green practices, ultimately paving the way for a more sustainable future in Europe.
According to the Tech.eu database, European cleantech companies raised a total of €13.2 billion in the first three quarters of 2024, driven by two significant debt deals closed in January, which amounted to over €8.7 billion combined.
Here are ten companies that raised the most in the first three quarters of 2024.
Northvolt (Sweden)
Northvolt is a Swedish company specializing in the production of sustainable lithium-ion batteries for electric vehicles and energy storage systems.
They aim to drive the transition towards renewable energy by providing high-quality, environmentally friendly battery solutions.
Northvolt prioritizes innovation and sustainability in its manufacturing processes to meet the growing demand for clean energy technologies.
In January 2024, the company secured a record $5 billion green loan for expansion of its gigafactory and recycling plant, marking a milestone for Europe's energy transition. Nine months later, the European Commission approved a €902 million German state aid measure to retain Germany as the location of Northvolt's new EV battery manufacturing plant.
Stegra (Sweden)
Stegra (previously H2 Green Steel) is a pioneering company in green steel production.
The company focuses on developing sustainable steel manufacturing processes to reduce carbon emissions in the industry with the aim of revolutionizing the steel sector by offering a renewable alternative to traditional methods.
During 2024, the company has secured €4.7 billion to advance its plans for the world’s first large-scale green steel plant in Boden, Sweden.
Enpal (Germany)
Enpal is a renewable energy company that specializes in providing solar energy solutions for homeowners. They offer hassle-free solar panel installations, along with maintenance and monitoring services, allowing customers to generate clean electricity and reduce their carbon footprint.
Earlier this year, the company secured over €1.1 billion in refinancing for residential solar systems.
Sunfire (Germany)
Sunfire is a cleantech scale-up helping Europe achieve climate neutrality by advancing electrolysis as a key industry.
Leveraging Europe's strengths in machine engineering, cross-industry collaboration, and project-specific innovation, the company delivers cutting-edge solutions globally. With manufacturing sites in Germany and Switzerland, Sunfire maintain strong local supplier networks and partnerships with established industries to ensure the highest quality.
In March, the company raised over €500 million to boost European's green hydrogen economy.
Circtec (UK)
Circtec is a company that produces sustainable drop-in fuels and circular chemicals from end-of-life tyres.
They extract materials like carbon black, creating recycled substitutes for fossil fuel-based chemicals, and lead the world in refining sustainable fuels and liquid chemicals from tyre rubber.
After €150 million investment round raised in May, Circtec plans to construct Europe’s largest end-of-life tyre pyrolysis recycling facility in Delfzijl, the Netherlands.
BioBTX (Netherlands)
BioBTX is a company dedicated to developing technology for the production of sustainable BTX, contributing to a circular and sustainable chemical industry.
Driven by innovation and a passion for combating climate change, BioBTX’s team embraces challenges as opportunities to make a lasting impact. The company is committed to playing their part in this pivotal transition towards a sustainable future.
Few months ago, the company has raised €80 million. The funds will enable BioBTX to construct and launch the first renewable chemicals plant utilizing its ICCP Technology, producing sustainable aromatics (BTX) from plastic waste and plant-based materials.
Avantium Technologies (Netherlands)
Avantium is dedicated to leading the shift from fossil-based to sustainable plastics and materials through the use of renewable feedstocks.
Headquartered in Amsterdam, the team of over 300 professionals works to develop cutting-edge technologies that convert renewable resources into valuable chemicals and circular plastics.
The company secured €70 million to launch its FDCA plant in the Netherlands.
RE&UP Recycling Technologies (Netherlands)
RE&UP is a company revolutionizing the textile industry by producing Next-Gen Cotton and Polyester with the same performance as virgin fibers.
Leveraging advanced R&D and over a century of textile innovation, RE&UP transforms end-of-life textile waste into high-quality raw materials at scale, offering circular solutions to address global environmental challenges and shape a more sustainable future for textiles and fashion.
The company has secured a €70 million senior loan from Proparco, enabling it to expand its capacity by constructing a new textile-to-textile recycling facility in Gaziantep, Turkey.
Neustark (Switzerland)
Neustark is a carbon removal provider which offers an IP-protected solution that captures biogenic CO2 from partner biogas plants and permanently binds it to mineral waste streams through an accelerated mineralisation process.
This process turns CO2 into carbonated, recycled aggregates, which can be used in construction, effectively storing the carbon for hundreds of thousands of years with minimal risk of reversal.
Recently, the company has raised $69 million in a funding round to underpin its rapid scale-up in the carbon dioxide removal (CDR) market.
NEoT Green Mobility (France)
NEoT Green Mobility is a platform focused on financing zero-emission mobility, designed to assist local communities, transport operators, and industrial and logistics companies in their energy transition.
The platform provides E-Mobility-as-a-Service, covering everything from batteries and fleets to charging infrastructure and primarily operates in Europe.
The NEoT Green Mobility secured €60 million investment which will be used to finance zero-emission mobility.
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