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- December
2019
Envelio raises €6M Series A from Ecapital, HTGF and Demeter
Today Envelio announced the successful closing of its €6M Series A led by Ecapital and joined by the existing investors HTGF and Demeter that both increased their share more than pro rata. Envelio is an Ecosummit startup as we like it. Co-founded in 2017 by 5 PhDs and researchers at RWTH Aachen, the German smart grid startup first pitched at ECO18 Berlin and then opened its Series A on 15 May 2019 on stage at Ecosummit Berlin. This was the start of 2 busy days for Envelio’s Founder CEO Simon Koopmann running through a myriad of hot VC meetings including the first deal flow conversation with Ecapital’s Hannes Schill.
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- September
2019
Smart green VCs you should know
There are many smart green VCs in Europe and the US that back startups in energy, mobility, buildings, cities, materials, food and circular economy to create impact as well as environmental, financial and strategic returns for their fund investors (LPs). In the VC food chain, early stage investors prefer to invest, at lower valuations and higher risk, in the Seed, Series A and Series B financing rounds of young startups working on product market fit and traction (users, customers, revenues). On the other hand, late stage VCs like shorter holding periods and time-to-exit and, consequently, advanced startups with more than €5M revenues, experienced management teams and fast growth. The existence of KPIs, ideally going up over time, makes the life of every investor easier. Facing climate change, technology revolution and global competition, the majority of corporates have adopted corporate venturing and open innovation strategies in order to invest in and do business with startups. The result are different investment strategies and sometimes competing portfolios that startups should know before pitching. Let’s co-invest and meet at Ecosummit Berlin.
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- October
2016
Sonnen raises €76M Series D led by Envision Energy and targets IPO
This is a massive financing round. In fact, it is the biggest equity round raised by any Ecosummit startup so far because Sonnen‘s €76M Series D is pure equity. Christoph Ostermann pitched for the first time at Ecosummit Düsseldorf 2012 when he was still working on his Series A. Having secured €20M in three prior funding rounds, the total venture capital raised now amounts to €96M. The new investors are the Chinese wind turbine maker Envision Energy and the family office of Thomas Pütter, ex-CEO of Allianz Capital Partners. At the same time, GE Ventures that were announced as a new investor in June 2016 and the early investors Ecapital, SET Ventures, Munich Venture Partners and Inven Capital all participated in the Series D, too. Make no mistake, Sonnen is a well-funded and licensed utility that challenges all incumbent utilities by inventing new energy services and making electricity free for owners of PV and battery systems.
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- September
2016
Heliatek raises €80M Series D to increase production capacity by a factor of 40
Capital-intensive smart green startups in Europe aiming at building their own hardware factories have a hard time fundraising. Financially motivated VCs require capital efficiency and prefer hardware startups that outsource manufacturing and the necessary CAPEX. Financing new PV factories in Europe is even more difficult due to China’s hegemony. It turns out it can only be done if you develop the next generation of PV technology, continuously improve efficiency and work diligently on building a co-investor syndicate of family offices, corporates and governments. Keep in mind that it was the Chinese government that backed a myriad of Chinese manufacturers to hijack the global PV industry. After a very long fundraising journey, 10-year old Organic Photovoltaics (OPV) pioneer Heliatek finally found the capital to build its second 3G solar factory in Dresden, Germany’s epicentre of photonics and organic semiconductors.
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- January
2016
Fast-growing solar e-commerce startup Greenergetic attracts investment from RWE
Ecosummit TV: Selling PV systems online is a great business idea for a smart green startup. You can grow at Internet speed and drive the Energiewende by spreading renewable energy. If you want to build your startup in a capital efficient way with a small burn rate, it is also a good idea to minimise your customer acquisition costs by adopting a B2B business model and working with distribution partners. This is exactly what CEO Florian Meyer-Delpho and his co-founders did in 2012 when they launched Greenergetic as a white label portal for utilities to sell PV systems to their customers. At ECO15 Berlin in May, Florian pitched Greenergetic to increase investor demand for their €2M financing round (see Ecosummit TV video below). On 15 December 2015, RWE Vertrieb, the German sales company of RWE with 4 million customers and €12B revenues, announced their minority investment in Greenergetic. While the terms of the deal are undisclosed, we assume that Florian managed to raise a bit more than he was looking for given that Greenergetic expected €5M revenues in 2015.
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- April
2015
Christoph Ostermann pitches Sonnenbatterie at ECO14 London
Ecosummit TV: Christoph Ostermann pitches Sonnenbatterie at ECO14 London. Since then a lot has happened to the famous solar storage startup from Bavaria. Just 2 days ago, Sonnenbatterie was chosen in New York as New Energy Pioneer 2015 by Bloomberg New Energy Finance. In December 2014, Sonnenbatterie raised €7.5M Series B from Munich Venture Partners, SET Ventures and Ecapital, bringing up the total capital raised to €10.5M. With 2014 revenues of €15M, Sonnenbatterie turns out to be very capital efficient. Moreover, a new management team was hired including COO Oliver Koch (Paramount Solar, acquired by Solarcity), CTO Hermann Schweizer and US Country Manager Boris von Bormann, a very smart and well connected German living on the West Coast for 25 years. In fact, Sonnenbatterie USA will officially launch at Intersolar San Francisco on 14-16 July 2015 and currently works on adapting their battery system to the local market and finding strong production and distribution partners. Christoph plans the Series C in 2016 and wants to bring in American co-investors while keeping the HQ in Germany for the foreseeable future.
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- December
2014
Sonnenbatterie raises €7.5M Series B from Munich Venture Partners, Chrysalix SET and Ecapital
Sonnenbatterie raises €7.5M in their Series B financing round from the co-investors Munich Venture Partners, Chrysalix SET and Ecapital. The Bavarian startup sold over 4.000 smart energy storage systems and is one of the fastest growing smart green startups in Germany. We like Sonnenbatterie since their first pitch at Ecosummit Düsseldorf 2012. In January 2013, Ecapital invested €3M in the Series A. At ECO13 Berlin, Sonnenbatterie won Ecosummit Award 2013 Bronze and Philipp Schröder, now at Tesla, performed a great pitch. Sonnenbatterie also joined our first Ecosummit London 2013. In March 2014, we co-hosted our first Ecosummit Advisor Workshop in the energy village Wildpoldsried. Among our advisors were Martin Kröner (MVP) and Rene Savelsberg (Chrysalix SET) and, as you can see, they went home more impressed than ever before. At ECO14 Berlin, Sonnenbatterie won Ecosummit Award 2014 Gold and Benjamin Schott jumped on stage. At ECO14 London, Christoph Ostermann pitched again after we enjoyed an incredible sponsor dinner at Home House and then got lost in London’s taxi underground. Now it is time to celebrate before doubling annual production and revenues in the years to come. Long live Sonnenbatterie and very big the exit shall be.
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- August
2014
Felix Krause pitches Milk the Sun
Ecosummit TV: Felix Krause pitches Milk the Sun at ECO13 London. Since their launch at ECO12 Berlin the German startup made a lot of progress in a very short period of time. Milk the Sun rolled out globally their online marketplace for PV systems that matches old investors (sellers) and new investors (buyers) of existing or planned PV assets by creating a so-called secondary market. More than 1 GW in PV projects looking for new investors are listed on the web-based platform. This brings liquidity to a large but intransparent market where feed-in-tariffs and investments are valid for 20 years. In January 2014, Milk the Sun raised a seed round from Gründerfonds Münsterland (managed by Ecapital) and co-investor Howaldt Energies. As Milk the Sun is cash-flow positive since 2013 we expect a lot more interest from European cleantech VCs in their next round.
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- April
2014
Christina di Sano pitches Smart Hydro Power
Ecosummit TV: Christina di Sano pitches Smart Hydro Power at ECO13 London. Founded in 2010, Smart Hydro Power develops a kinetic hydro power turbine that uses the movement of rivers to produce clean energy. The hydro power plants are targeted at offgrid communities that up to now had to rely on costly and dirty diesel generators. Their first product is a 5 KW turbine with built-in debris protection that costs €12.5K. Smart Hydro Power is backed by Ecapital and High-tech Gründerfonds and won the Ecosummit Award 2012 Gold medal. The German startup is currently fundraising and interested in talking to a new lead investor.
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- December
2013
Christoph Ostermann pitches Sonnenbatterie from Wildpoldsried
Ecosummit TV: Christoph Ostermann pitches Sonnenbatterie at ECO13 London. The solar battery integrates energy storage with residential PV systems. The intelligent storage solution has got a built-in smart meter that enables the management of local energy production and consumption. By using a mobile app the houseowner decides whether to feed-in or directly consume the homemade electricity. Sonnenbatterie is backed by eCapital and their sales curve looks beautiful. Founded in 2010, Sonnenbatterie launched in 2011 and enjoys €11M revenues in 2013. At ECO13 Berlin, Sonnenbatterie won the Ecosummit Award Jury Bronze medal in recognition of their outstanding business potential. In our opinion, Christoph and his team of Bavarian grid parity surfers are one of the hottest cleantech startups in Germany.
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- December
2013
Harry Böhme tells the cleantech exit story of Novaled to Samsung
Ecosummit TV: CFO Harry Böhme tells the cleantech exit story of Novaled to Samsung at ECO13 London. Founded in 2001, the Dresden-based startup is a world leader in OLED (Organic LED) materials and Samsung is the biggest customer. In September 2011, Corporate VC Samsung Ventures invested and Novaled’s management made sure to limit Samsung’s stake and control to 10%. 2 years later, Samsung Cheil Industries (aka Samsung Chemical) and Samsung Electronics acquired the remaining 90% for €260M, including an earnout of €30M bound to reaching further milestones. Novaled’s revenues grew from €10M in 2010 to €26M in 2012 (price sales ratio of 10). With €29M of venture capital injected in Novaled the returns are pretty healthy.
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- August
2013
Cleantech exit – Samsung buys Novaled from Dresden
Congratulations to Novaled and its founders and investors which include eCapital, Germany’s most active cleantech VC. This is a fantastic exit that brings hope and money to the cleantech startup industry in Europe. Samsung Cheil Industries (aka Samsung Chemical) and Samsung Electronics buy 50% and 40% respectively of the Dresden-based late stage startup for a total of €260M of which €30M are bound to reaching further growth targets. Corporate VC Samsung Ventures maintains their 10% stake in the transaction. Founded in 2001, Novaled is a world leader in OLED (Organic LED) materials. Following a fabless strategy from the beginning, Samsung is Novaled’s biggest customer and it comes as no suprise that they turn out to be the acquirer. Novaled’s revenues grew from €10M in 2010 to €26M in 2012. Thus, Novaled’s valuation at exit is 10 times the 2012 revenues or, in other words, the price sales ratio is 10.
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- July
2013
Philipp Schroeder pitches Sonnenbatterie from Bavaria
Ecosummit TV: Philipp Schroeder pitches Sonnenbatterie at Ecosummit Berlin 2013. The German cleantech startup is actually called Prosol Invest Deutschland but the brand they are building is Sonnenbatterie. The smart green product they make and sell like hotcakes is the Tesla of residential energy storage. The solar battery is a smart storage solution with a built-in smart meter that you connect to your PV system and the Internet to actively manage your local energy production and consumption. By using a mobile app the homeowner may easily decide whether to feed-in or consume the homemade electricity. Sonnenbatterie is backed by eCapital and their sales curve has the shape that makes VCs very happy. Founded in 2010, Sonnenbatterie launched in 2011 and has already got €15M in their order book in 2013, with 6 more months to go. At ECO13 Berlin, Sonnenbatterie won Ecosummit Award Jury Bronze in recognition of their business potential and milestones reached. We expect a busy phone line with calls from late stage cleantech VCs trying to get in.
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- July
2013
Pieter Bots pitches Geo-En that uses geothermal energy for smart green buildings
Ecosummit TV: Pieter Bots pitches Geo-En at Ecosummit Berlin 2013. The Berlin-based cleantech startup provides a near surface geothermal energy solution to heat and cool smart green buildings. Backed by eCapital, IBB and Pieter Bots himself, Geo-En finalised various new projects in Hamburg, Berlin and other cities in the first half of 2013. Geo-En’s solution is quite unique as it uses very little space and usually works with only one borehole underneath or very close to the building. The systems recently installed cost between €60K and €600K and have an amortisation period of 3 to 20 years depending on energy prices and system configuration. Now Pieter looks for new smart green investors that support Geo-En’s international expansion.
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- May
2013
Smart green dealflow: Ubitricity, Saperatec, Skeleton, Waste2Chemical, O-Flexx and Romo Wind
Financing cleantech startups is a tough game these days. You need a strong team, product market fit and, even better, customers and revenues. In this difficult market environment, it is a great pleasure to report that 6 smart green startups managed to raise new venture capital: Ubitricity (around €3.5M, Germany), Saperatec (€3.3M, Germany), Skeleton (€2.2M, Estonia), Waste2Chemical (undisclosed, Netherlands), O-Flexx (€2.4M, Germany) and Romo Wind (€4.8M, Switzerland). The active cleantech VCs include Earlybird, IBB, NRW Bank, HTGF, eCapital, Dutch Greentech Fund, Emerald, Yellow&Blue, ABB and b-to-v. Let’s take a closer look at the startups and their new investors.
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- April
2013
Florian Meyer-Delpho pitches solar e-commerce startup Greenergetic
Ecosummit TV: Florian Meyer-Delpho pitches Greenergetic at ECO12 Düsseldorf and believes that the market is ready for their solar e-commerce business model thanks to grid parity. Greenergetic develops an online portal to bring PV and smart home solutions directly to residential end customers. Houseowners can plan, finance and order their preferred PV system online. The Bielefeld-based cleantech startup also offers a whitelabel solution for utilities that are increasingly interested in selling solar systems to their customer base. Backed by eCapital and following the role model of Solarcity, Greenergetic is about to launch their new portal very soon.
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- February
2013
Smart green dealflow: Sunfire, Greenergetic, Sonnenbatterie, LEDeXCHANGE, Valopaa and Friedola Tech
6 smart green startups successfully raised new venture capital recently: Power to gas and fuel startup Sunfire (seven-figure, Germany), PV online retailer Greenergetic (undisclosed seed, Germany), residential storage provider Sonnenbatterie (undisclosed, Germany), retrofit LED provider LEDeXCHANGE (€500K seed, Germany), LED lighting company Valopaa (€2M, Finland) and recycled plastics manufacturer Friedola Tech (€31M, Germany). The active cleantech VCs include Bilfinger Venture Capital, eCapital, High-Tech Gründerfonds, VNT Management, Silver Lake Kraftwerk and Kleiner Perkins.
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- October
2012
Smart green dealflow: SolarFuel, Govecs, Tiramizoo, Sortech and Evodos
5 smart green startups that are connected to Ecosummit in various ways successfully raised new venture capital during the last months: Power to Gas pioneer SolarFuel (€7.5M, Germany), electric scooter maker Govecs (€10M, Germany), bike messenger platform Tiramizoo (undisclosed, Germany), sustainable cooling provider Sortech (undisclosed, Germany) and algae harvester Evodos (undisclosed, Netherlands). Let’s take a closer look at the products and business models of the startups and their new investors.
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- July
2012
Algae startup Subitec raises €4.5 Million Series A from eCapital, Fraunhofer, HTGF and KfW
The upcoming German algae startup scene celebrates its first venture capital investment. The lucky startup is Stuttgart-based Subitec that successfully closed its Series A financing round led by eCapital. Subitec’s algae factories consist of patented vertical photobioreactors that use little space and energy while producing high yield. CEO Peter Ripplinger who pitched Subitec at Ecosummit Berlin 2011 wants to use the fresh money to grow the team, expand the lab and pilot facilities and internationalise the business. The main target market is the US where the demand for innovative algae technologies is the strongest.
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- May
2012
Smart Hydro Power raises €2.7 Million Series A from eCapital
Smart Hydro Power successfully closed their Series A financing round raising €2.7M from the German Cleantech VC eCapital which values the startup at €8.4M premoney. The seed investor High-Tech Gründerfonds converted their loan in this round. As Smart Hydro Power also won the Ecosummit Jury Award 2012 convincing our 53 judges, this milestone is a welcome opportunity to interview the CEO Karl Kolmsee and his investors about the deal and the prospects of this unique young company. Moreover, this deal proves that we continue to bring the best smart green startups onto our Ecosummit stage. To celebrate, we are happy to publish Karl’s fantastic ECO12 pitch on Ecosummit TV just in time for this story.
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