Some of the biggest rounds in Europe this year went to climate change technology startups. Last month, Sifted announced that French gigafactory startup Verkor is set to announce a €2 billion funding round, while SoftBank-backed German solar startup Enpal will borrow €430 million in June. It was reported that the round had been secured.
All the money being funneled into the field means that some of Europe’s top climate technologists have rapidly accelerated the growth of their teams. We analyzed data to find the 15 fastest-growing climate tech startups over the past 12 months, based on Dealroom headcount data. The company needed to raise at least $50 million for consideration to ensure that the growth of a small team would not skew the results.
The list spans Europe, but is dominated by the UK and Germany, with five and four startups represented respectively.
1KOMMA5°
German startup 1KOMMA5° recently achieved unicorn status after a €430 million Series B round. The Hamburg-based company installs energy systems such as solar panels and heat pumps in customers’ homes, reducing their dependence on the energy grid.
Established: 2021
main office: hamburg, germany
12 months of team growth: 298% for 179 employees
Last listed: €430 million Series B, June 2023
Total capital raised: 735.7 million euros
custom cell
Customcells develops and manufactures lithium-ion battery cells and plug-in battery systems, specializing in energy storage systems for extreme conditions. According to Dealroom, the number of employees increased from 58 in July 2022 to 187 in May 2023.
Established: year 2012
main office: Itzehoe, Germany
12 months of team growth: 240% for 187 employees
Last listed: €63 million Series A, December 2022
Total capital raised: 63 million euros
Agrina
Agreena provides a digital trading platform for agricultural products. Its platform allows farmers to earn carbon credits by turning their land into a carbon sink. This is a natural way to remove and store CO2 from the atmosphere. In March 2023, the company raised 46 million euros in Series B led by German-based VC firm HV Capital.
Established: 2018
main office: copenhagen denmark
12 months of team growth: 227% for 196 employees
Last listed: $50 million Series B, March 2023
Total capital raised: $81.1 million
New Cleo
London-based nuclear technology startup Newcleo has increased its headcount by 201% in the past 12 months. The company is developing small modular reactors (SMRs) that have lower initial costs and produce less nuclear waste than current full-size reactors.
Established: 2021
main office: london, united kingdom
12 months of team growth: 201% to 202 employees
Last listed: €300M Early VC, June 2022
Total capital raised: 410.3 million euros
electra
French startup Electra offers ultra-fast charging stations for electric vehicles (EVs). We partner with landlords of shopping centres, hotels and supermarkets to provide an extensive network of charging points. The number of employees has increased by 190% in the past 12 months, making us one of the fastest growing French startups.
Established: 2021
main office: Paris, France
12 months of team growth: 190% for 168 employees
Last listed: €160 million Series A, June 2022
Total capital raised: 176.8 million euros
Empal
German solar power startup Enpal has raised €215 million in Series D, valuing it at $2.5 billion in January 2023. Enpal rents eco-friendly hardware such as solar panels and heat pumps to help consumers avoid high installation costs. The company is backed by the likes of SoftBank and BlackRock, and most recently secured a €430 million debt investment in June 2023.
Established: 2017
main office: berlin, germany
12 months of team growth: 158% for 1739 employees
Last listed: €430 million, debt, June 2023
Total capital raised: 469.8 million euros
raw charging
Raw Charging provides businesses with charging points for EVs. It raised £250m in July 2022, one of the largest UK rounds of 2022.
Established: 2018
main office: Leeds, UK
12 months of team growth: 147% for 42 employees
Last listed: £250m growth capital, July 2022
Total funds: £250m
power dot
Powerdot invests in, installs, and operates EV chargers in parking lots. According to Dealroom, it offers around 5,000 charging points in France, Belgium, Luxembourg, Spain and Poland. In June 2022, it raised 150 million euros from Antin Infrastructure Partners.
Established: 2018
main office: lisbon
12 months of team growth: 144% for 127 employees
Last listed: €150 million growth capital, June 2022
Total funds: 150 million euros
morrow battery
Morrow Batteries develops lithium-ion battery cells for transportation and energy storage. The Oslo-based startup is building a huge hydroelectric plant in southern Norway and aims to start production by 2024.
Established: 2020
main office: Oslo
12 months of team growth: 142% for 133 employees
Last listed: NOK 567 million ($53.1 million) convertible note, May 2023
Total funds: 2,254.7 million Norwegian kroner ($211 million)
Vercors
Verkor develops lithium-ion batteries for EVs and energy storage. The company plans to build a huge factory in Dunkirk, northern France. Sifted recently reported that he is on the verge of closing an €800 million Series C and his €1.2 billion in debt.
Established: 2020
main office: Grenoble, France
12 months of team growth: 139% for 261 employees
Last listed: €250 million, growth capital, November 2022
Total funds: 352.6 million euros
candela speed boat
Candela manufactures electric boats and ships. The Stockholm-based startup aims to build electric boats that outperform those running on fossil fuels. According to the company, its Candela C-7 was Europe’s best-selling electric boat in 2020.
Established: 2014
main office: stockholm sweden
12 months of team growth: 127% for 188 employees
Last listed: Series A €19.5m, December 2021 & Early VC €18.7m, March 2023
Total funds: 47.4 million euros
octopus energy
Since its establishment in 2015, Octopus Energy is one of the UK’s largest energy suppliers. In addition to selling gas and electricity for homes, the company also installs heat pumps and solar panels, leases electric vehicles, and licenses its Kraken technology platform to other energy companies.
Established: 2015
main office: London
12 months of team growth: 115% for 2,556 employees
Last listed: £150m growth capital, June 2023
Total funds: $1.9 billion
field
The field is working on developing battery-based energy storage sites to feed renewable energy into the power grid. Founded by Amit Gudka, the former co-founder of now-bankrupt energy supply company Valve, Field received £47m from Tabet Hinrichs’ €250m VC fund Plural in June 2022. Since raising £30m of capital along with debt, the number of employees has increased by 114%.
Established: 2020
main office: london, united kingdom
12 months of team growth: 114% for 60 employees
Last listed: £30m early VC and £47m debt, June 2022
Total funds: £41.5m
ventella
Venterra is an offshore wind energy services company that provides engineering, construction and operational support throughout the lifecycle of offshore wind farms.
Established: 2021
main office: sheffield, uk
12 months of team growth: 113% for 32 employees
Last listed: £40m, late VC, February 2022
Total funds: £40m
Higen
Hy2gen builds and operates plants to produce green hydrogen and hydrogen-based electric fuels. The company said its February 2022 funding of €200 million was the largest private green hydrogen-focused funding to date.
Established: 2018
main office: Wiesbaden, Germany
12 months of team growth: 107% for 31 employees
Last listed: EUR 200 million growth capital, February 2022
Total funds: 200 million euros
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