Europe’s fastest growing climate tech startups
There’s a lot of talk right now about how resilient the climate tech sector is to macro conditions rocking the broader tech market.
Although we have seen layoffs at some major climate tech companies, such as electric truck maker Arrival, the industry has not seen the collective redundancies other sectors have felt it – and climate companies continue to grow.
To prevent the results from being skewed by extremely small teams that recruit a lot, we only look for companies that have raised more than 50 million euros in total.
Membership growth can give a good indication of the rising stars in the climate tech world and the companies we should be keeping an eye on.
Germany has a strong solar startup scene, but 1Komma5, founded last year, has managed to stand out from the pack. It installs solar panels on customers’ homes, reducing their dependence on the existing energy grid.
The company has increased its workforce by 200% in the last six months, up to 63 people.
Team growth this year: 200% to 63 people
Total funding: $330 million
Battery storage company Field, which works on technology to store renewable energy, has increased its workforce by 175% in the past six months.
Field was founded by Amit Gudka, who previously co-founded Bulb, an energy provider that came on stream late last year. His new company has secured backing from Plural, a new fund run by former operators including Wise’s founder.
Team growth this year: 175% at 44 people
Total funding: $95 million
Nuclear technology company Newcleo has increased its workforce by 143% in the past six months. The London-based startup is working on small nuclear reactors that can safely extract energy from nuclei.
Its 30-megawatt prototype is significantly smaller than conventional nuclear power plants, meaning they have cheaper initial installation costs. Newcleo raised £258million earlier this year to build its first factories in the UK and France.
Its list of investors is notably heavy in Italy – Italian investors Liftt and Azimut Group have backed the company, along with a network of Italian business angels.
Team growth this year: 143% at 85 employees
Total funding: $448 million
London-headquartered 5ire launched in November 2021 and has already secured a $1.5 billion valuation. The company is building a sustainable blockchain, aiming to combat criticism that the industry is too energy-intensive.
5ire secured a $100m Series A round earlier this year from British conglomerate Sram and Mram.
Team growth this year: 114% at 105 employees
Total funding: $121 million
French carbon management platform Sweep secured a $73m Series B round earlier this year, making it the industry’s best-funded startup. It has invested this funding in increasing its workforce, which has grown by 100% in the past six months to 62 people.
One of its latest recruits comes from the French government – Julien Denormandie, a former minister for food and agriculture, joined this week as director of impact.
Team growth this year: 100% to 62 people
Total funding: $100 million
French startup Verkor is developing lithium-ion batteries for electric vehicles and energy storage to capture electricity from renewable energy sources.
In October last year, the company raised 100 million euros from investors including Renault and Capgemini to complete construction of the pilot of its planned gigafactory.
HQ: Grenoble, France
Team growth this year: 92% at 51 employees
Total funding: $110 million
7/ Volta Trucks
Swedish electric truck maker Volta Trucks has seen its workforce increase by 80% in the past six months.
Volta Trucks has launched a 16 ton electric truck which can travel up to 200 km on a single charge. He expects to sell 500 in 2022 and 5,000 by 2025.
Team growth this year: 80% to 429 people
Total funding: $323 million
8/ British Volt
Britishvolt, founded in 2019, creates the first giga-factory to manufacture batteries for electric vehicles and energy storage.
It was recently reported that rising energy prices have pushed back construction deadlines for the gigafactory, but Britishvolt’s workforce continues to grow, increasing by 68% in the past six months.
HQ: Hinckley and Bosworth, UK
Team growth this year: 68% to 261 people
Total funding: $437 million
9/ Tevva motors
Electric truck maker Tevva was founded in 2012 but has seen an increase in team size over the past six months – spurred, presumably, by the $51 million raised he graduated in June.
Tevva is currently working on putting its 7.5-ton all-electric truck into production, as well as developing its 7.5-ton hydrogen electric truck.
HQ: Tilbury, UK
Team growth this year: 61% to 205 people
Total funding: $140 million
10/ Zero North
Danish startup ZeroNorth runs a platform aimed at making the shipping industry greener by offering actionable insights into fuel savings and cargo distribution. The company has increased its workforce by 59% over the past six months.
Team growth this year: 59% to 151 people
Total funding: $50 million
Freya Pratty is a reporter at Sifted. She tweets from @FPratty and writes our newsletter on climate technologies — You can register here.