February 29, 2024

Europe’s climate tech soonicorns

Two new climate tech unicorns were created in Europe in 2023. We crunch the numbers on which companies could be next.

Freya Pratty

4 min read

Only two new climate tech unicorns were created in Europe in 2023: French gigafactory startup Verkor and Germany’s 1Komma5, which supplies heat pumps and solar panels to households. 

Meanwhile, others lost their unicorn status: Swedish battery maker Polarium saw its valuation halved, according to documents obtained by local media.

We’ve calculated which climate tech companies could reach a unicorn valuation in 2024. 

To get a place on this list of Europe’s climate tech soonicorns, companies had to be founded since 2005, have a valuation of at least $500m and have raised a round since 2020 to be considered. Sifted’s analysis is based on Dealroom data.



Dutch startup Otrium runs an ecommerce marketplace for brands to sell excess stock with the aim of diverting more clothing away from landfill or even — as once happened with Burberry — being burned. 

Otrium raised a $120m round in 2021, co-led by BOND and Index Ventures. It then secured €16.6m in December last year. Otrium closed its US operations to allow it to focus on the European market. 

HQ: Amsterdam

Launched: 2015

Valuation: $900m 


Deepki runs a platform aiming to help the real estate industry reduce its emissions. It collects and aggregates data on companies’ sustainability metrics: things like carbon emissions, water and energy usage and waste, as well as other ESG measurements. It tries to automate the process as much as possible, using APIs and web scraping tools. 

Deepki raised a $166m Series C round in March 2022, led by Highland Europe and One Peak Partners.

HQ: Paris

Launched: 2014

Valuation: $660—990m

H2 Mobility

H2 Mobility works on hydrogen-filling infrastructure. It’s built a network of stations across Germany. Its cap table is corporate investor heavy, including Hyundai, Shell, Total Energies and Equinor. 

HQ: Berlin

Launched: 2015

Valuation: $605m

GO Sharing  

GO Sharing offers electric mopeds which people can rent. It’s got 10,000 e-mopeds and it is operational across six countries — the Netherlands, Belgium, Turkey, Germany, Italy and Austria.

HQ: Nieuwegein, Netherlands

Launched: 2019

Valuation: $605m

Carbon Clean Solutions

Carbon Clean Solutions works on carbon capture and storage tech (CCS) which captures the carbon produced in industrial processes before it reaches the atmosphere, be it in cement and steelmaking processes, oil refineries or natural gas production. 

CCS has its critics, with scrutiny centred on the idea that the tech allows the continued use of fossil fuels. 

Carbon Clean Solutions secured a $150m Series C round in 2022. 

HQ: London

Launched: 2009

Valuation: $600-900m


German startup Sunfire aims to help industrial companies decarbonise by developing and producing electrolysers for the production of renewable hydrogen and syngas — a synthetic gas which can be used as an alternative to fossil fuels. 

Sunfire raised an €86m Series D in 2022 and received a €169m grant from the German government last year. 

HQ: Dresden, Germany 

Launched: 2010

Valuation: $600m


Be.EV builds and operates EV charging infrastructure. The company has installed tech across Manchester, where it is based and is now expanding out across the north of England. In 2022, Be.EV secured £110m from one of the UK’s largest energy companies, Octopus Energy. 


HQ: Manchester, UK 

Launched: 2019

Valuation: $581—817m

Connected Kerb

Similar to Be.EV, Connected Kerb also installs EV charging stations. The company secured a £110m cheque from Aviva Investors in late 2022. 

HQ: London

Launched: 2017

Valuation: $581—871m


APK works on advanced recycling processes to break down plastic waste and “multi-layer packaging materials” (those which combine plastics and paper, for example.) APK uses a solvent to split out different polymers.

The company secured a €130m round from investors including LyondellBasell, a chemical company.  

HQ: Merseberg, Germany

Launched: 2008

Valuation: $572—858m


Finland’s ICEYE builds satellites that offer monitoring capabilities in real-time for things like floods and wildfires. It spun out of Aalto University in 2015 and has raised $302m in funding, according to Dealroom. 

ICEYE closed a $136m Series D in 2022 from investors including Molten Ventures, Seraphim Space and the British Business Bank.

HQ: Espoo, Finland

Launched: 2015

Valuation: $544—816m

The rest of Europe’s climate tech soonicorns:

Flying Whales

HQ: Suresnes, France

Launched: 2012

Valuation: $537—805m

Stark Future

HQ: Barcelona, Spain

Launched: $531m

Valuation: 2019


HQ: Karlsruhe, Germany

Launched: 2016

Valuation: $519—779m


HQ: Stockholm 

Launched: 2015

Valuation: 5.3bn SEK ($510m)

BNRG Renewables

HQ: Dublin 

Launched: 2007

Valuation: $506—759m

Freya Pratty

Freya Pratty is a senior reporter at Sifted. She covers climate tech, writes our weekly Climate Tech newsletter and works on investigations. Follow her on X and LinkedIn