Sweetch Energy, a renewable energy company specialising in osmotic energy, announced the closing of a €25 million Series A financing round to accelerate the industrial and commercial development of osmotic energy in France and abroad. The transaction was led by Révolution Environnementale et Solidaire, a fund managed by Crédit Mutuel Impact, with participations from Sweetch Energy’s historical investors and industrial partners
The funding will enable Sweetch Energy to finalise its first demonstrator generating 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.
Nicolas Heuzé, co-founder and CEO of Sweetch Energy, said: “Producing clean, 24/7, competitive electricity is one of the main challenges toward a true energy transition. Thanks to our INOD® technology, osmotic energy has now the potential to achieve this objective. We are delighted to welcome the Révolution Environnementale et Solidaire long-term fund managed by Crédit Mutuel Impact. With this new round of financing, and with the continued support of our historic shareholders and industrial partners, we can now take another decisive step towards deploying osmotic energy globally”.
Founded in 2015, Sweetch Energy is one of the first investments of the Révolution Environnementale et Solidaire fund, funded by the Crédit Mutuel Alliance Fédérale group’s societal dividend to promote investments aiming to change production models and develop innovative companies in the energy transition field.
Sabine Schimel, Managing Director of Crédit Mutuel Impact, added: “Sweetch Energy is one of the very first investments of the Révolution Environnementale et Solidaire fund, which is funded by Crédit Mutuel Alliance Fédérale’s societal dividend. Every year, our group funnels 15% of its net income to finance environmental and social transformation projects tackling climate change. With its unique disruptive technology, directly resulting from French academic research, Sweetch Energy offers a new source of natural and permanent energy to support the energy transition and meet the global energy mix decarbonation challenges. We are convinced of the company’s potential and aim to support its scale-up on the long run and structure the osmotic energy industry.”
Sweetch Energy’s historical investors Demeter Investment Managers, Go Capital and Positive Future Capital, as well as its industrial partner CNR, participated in the transaction and remain committed to support the company’s ambition. The EDF Group, which had already invested in 2022 via the EDF Hydro entity, is also strengthening its relationship with Sweetch Energy with the participation of EDF Pulse Ventures in the transaction.
The new funding 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 €40 million.
Read the orginal article: https://www.eu-startups.com/2023/12/rennes-based-sweetch-energy-bags-e25-million-to-accelerate-the-global-deployment-of-osmotic-energy/
