Norwegian climate tech startup EQON has raised a $6 million seed round led by Azolla Ventures and co-led by Wilstar Innovate, with participation from Climentum Capital and Gain Venture Capital, to accelerate the global commercialization of its industrial heating cable technology. Based in Stavanger, the company has developed a patented energy management platform that replaces conventional on/off heating cable controls with intelligent, real-time power regulation, reducing electricity consumption and CO₂ emissions by up to 80%. EQON plans to use the funding to expand its commercial operations in key international markets, particularly the United States, while scaling deployment of its software-enabled heating optimization technology across industrial, infrastructure and commercial applications.
Heating cables are widely used by industrial operators, property owners and municipalities for snow and ice removal. EQON’s technology makes them economically and environmentally viable for numerous other applications, including process heating for food and chemical production, frost protection on ships, rigs and offshore assets, railway points heating and any other electrical resistive heat load. The seed round will enable EQON to scale its patented heating cable management technology and expand its commercial presence in key global markets. This includes the United States, where growing pressure on power infrastructure, electrification and decarbonization are creating strong demand for energy optimization.
“Raising new capital for our revolutionary technology, which reduces energy use and costs, is a strong validation of our solution and its global potential. It’s an important step forward for a young company from Stavanger in Norway, for an international market,” says Mikal Løvik, CEO of EQON. “Our technology addresses several of the major challenges in the global energy transition: infrastructure constraints, limited energy supply, and inefficiencies in energy use. We are proud to now be joined by strong, international, climate-focused investors. Investors see that there is money to be made, and our customers see that there is money to be saved.”
EQON delivers a patented dimming solution that replaces traditional on/off heating cable management with intelligent, real-time power regulation. By delivering the precise amount of heat needed at a given moment, EQON’s technology radically reduces the energy consumption and CO₂ emissions of heating cables by up to 80 percent. Already, EQON launched a pilot program in Olavskleivå for the municipality of Stavanger, Norway, where it reduced annual electricity consumption by 84 percent. It’s also worked with Nordic Pharma to help the company maintain stable process temperatures and avoid frozen pipes that routinely caused process interruptions. Thanks to EQON, Nordic Pharma improved operational control and reduced risk in a strictly regulated production environment.
Beyond funding, the seed round gives the company access to a network of experienced climate tech investors with deep expertise in scaling businesses globally.
“Industrial heating is one of the most stubborn decarbonization challenges on the planet – it accounts for a massive share of global emissions and has seen almost no innovation at the control and efficiency layer,” said Af Hernandez, Principal at Azolla Ventures. “This is precisely the kind of overlooked, high-impact technology led by an experienced management team that Azolla is delighted to back. We are proud to support Mikal and the EQON team as they bring it to scale across the global industry.”
While EQON’s core innovation began with intelligent control of heating systems, the company has evolved into a software-enabled energy management platform. Its platform has been successfully demonstrated in several environments, including industrial buildings, public spaces and infrastructure projects.
“We are very excited to back Mikal and his team alongside a reputable group of mission-aligned investors like Azolla, Climentum and Gain,” said Jean-Guillaume Marquaire, Investment Director at Wilstar Innovate. “Heat accounts for almost 50% of total final energy consumption and ~40% of energy-related CO₂ emissions globally. As the electrification of heating continues to unfold across industries, the need for solutions that can help alleviate pressure on our grids is more critical than ever. EQON’s products can unlock significant energy savings and help contribute to a more resilient and sustainable built infrastructure over time.”
Read the orginal article: https://arcticstartup.com/eqon-raises-6-million-seed/
