EIC Transition beneficiary Sweetch Energy, a renewable energy company specialising in osmotic energy, closed a €25M series. This financing round will accelerate the industrial and commercial development of osmotic energy in France and abroad.
The funding will enable Sweetch Energy to complete its first demonstrator – which will generate clean electricity using proprietary INOD® technology – currently under development on the Rhône delta (France), in partnership with Compagnie Nationale du Rhône (CNR). It will also be used to further expand R&D activities, deploy the first industrial assembly lines, and support the global expansion of the company, especially in Europe and North America.
The new series A funding round brings the total private and public fundings secured by Sweetch Energy for the deployment of its technology and the creation of an osmotic energy industry to nearly €40M.
Nicolas Heuzé, co-founder and CEO of Sweetch Energy, stated:
The European Innovation Council's Transition programme has been an accelerating factor in propelling forward-thinking startups like Sweetch Energy to new heights. By receiving a grant focused on the applications of the INOD® technology to low-grade waste heat gradients, Sweetch Energy was able to significantly leverage the potential applications of their groundbreaking osmotic energy technology. This important support not only underscored the EIC's commitment to pioneering sustainable energy solutions but also strengthened Sweetch Energy’s capacity to successfully close a pivotal fundraising round of €25M in December 2023. The EIC's support serves as a testament to the transformative power of strategic investment in nurturing the scalability of cutting-edge technologies, setting the stage for a more sustainable and energy-efficient future.
Sweetch Energy received €2.5M from the EIC Transition through the WH2E project. The project proposes an innovative way to convert low-grade waste heat into electric power.
EIC Transition funds innovation activities that go beyond the experimental proof of principle in laboratory to support both the maturation and validation of your novel technology in the lab and in relevant application environments well as the development of a business case and (business) model towards the innovation’s future commercialisation.Learn more about EIC Transition scheme.
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