Europe’s energy startups raised $13.6bn in 2022, a 28% rise on 2021’s figure. The sector looks on track to maintain a similar level of investment, with $6.5bn drummed up so far this year heading into September. Solar infrastructure startup 1KOMMA5°, based in Germany, has contributed the most, with a €430m Series B round in June.
With fresh funding in the coffers, startups often decide to bolster their headcount in search of further growth — so, which teams in the space have been hiring most enthusiastically?
Using data from Dealroom, here are the 10 fastest growing energy teams in Europe over the last 12 months — to eliminate the small teams of early-stage startups, companies had to have raised at least $50m to be considered. Total funding figures are taken from Dealroom.
Team growth this year: 263% to 229 employees
Total funding: €730m
Solar panel instalment unicorn 1KOMMA5° tops the list with a huge headcount boost — it comes after a €200m Series A raise in April 2022, and a follow-up €430m Series B raise in June 2023. The startup helps kit out residential properties with sustainable energy alternatives, and is one of Europe’s highest-valued startups in the solar space.
Team growth this year: 181% to 239 employees
Total funding: €411.5m
London-based nuclear energy startup newcleo is building nuclear reactors aimed at reducing nuclear waste and offering an alternative stable power source. In June 2022, it raised €300m in funding, and in early August 2023 newcleo announced it would be acquiring nuclear pumps producer Rütschi Group for €68.9m.
Team growth this year: 175% to 184 employees
Total funding: €175m
Electra, based in Paris, provides electric vehicle charging stations and claims to charge batteries faster than any other provider on the market. The app provides analysis of nearby power stations to direct drivers to the best one for their vehicle, and allows the space to be booked ahead of time. In June 2022, it raised a €160m Series A round from investors including Eurazeo, Serena and 574 Invest.
Team growth this year: 144% to 134 employees
Total funding: €150m
Lisbon-based Powerdot manages the installation and maintenance of electric vehicle charging points on offer to companies based around five European cities. It raised €150m in June 2022 from Antin Infrastructure Partners.
Team growth this year: 137% to 1,943 employees
Total funding: €2.2bn (€1.7bn in debt, €466m in equity)
Solar unicorn Enpal offers flexible solar panel rental and buying options for residential homeowners in Germany who want to generate their own solar energy. In January 2023, it raised a €215m Series D round at a $2.5bn valuation, and has since raised €430m in debt. Investors, including BlackRock, SoftBank and HV Capital, have backed the startup.
Team growth this year: 123% to 227 employees
Total funding: €350m
Verkor is working on boosting Europe’s battery cell production. It has a manufacturing innovation centre where cell and module products are developed, and is set to open its first megafactory to start manufacturing battery cells in 2023, with plans for a larger gigafactory. It secured €250m in November last year from Bpifrance, the European Investment Bank and Demeter. Sifted recently reported that it was set to announce a €2bn fundraise.
Protium Green Solutions Ltd.
Team growth this year: 103% to 71 employees
Total funding: £40.5m (€47.5m)
Protium Green Solutions designs green hydrogen infrastructure for companies looking to decarbonise operations. In June 2022, it raised £40.5m from SWEN Capital Partners and Barclays.
Greener Power Solutions
HQ: The Netherlands
Team growth this year: 100% to 56 employees
Total funding: €53m
Mobile battery provider Greener Power Solutions offers a more sustainable energy supply option for construction sites and events, electric vehicle charging point installations and temporary solutions for power shortages. In June 2022, it raised €45m from DIF Capital Partners.
Team growth this year: 95% to 39 employees
Total funding: $117m (€107.5m) in grants
Carbfix offers a CO2 storage solution that turns carbon dioxide emissions into underground stone. This process happens naturally but takes thousands of years, so the startup has accelerated the time period to less than two years instead. It received a $117m grant from the European Investment Fund and the European Innovation Council and SMEs Executive Agency (EISMEA) in June 2022.
Team growth this year: 87% to 801 employees
Total funding: $412m (€378.8m)
Volta Trucks is developing an all-electric truck for commercial transport of goods, offering a truck-as-a-service option which covers maintenance, charging and insurance for a monthly fee. Its Series C round in November 2022 totalled $62m, and it recently raised another €24.6m from Germany’s Federal Ministry of Transport and Digital Infrastructure, in April 2023.