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Europe’s fastest growing climate tech startups

These climate tech companies are managing to grow fastest in Europe

By Freya Pratty

The founders of Sweep.

There’s a lot of chatter at the moment about how resilient the climate tech sector is to the macroeconomic conditions shaking up the wider tech market. 

Although we’ve seen layoffs at some large climate tech companies, such as EV truck maker Arrival, the industry hasn’t seen the mass layoffs other sectors have felt — and climate companies are still growing.

Sifted has analysed the 10 that are growing fastest of all, by headcount, based on data from Dealroom. 

To avoid the results being skewed by extremely small teams making lots of hires, we’re only looking at companies that have raised over €50m in total. 

Headcount growth can give a good indication of the rising stars in the climate tech world, and which companies we should be keeping our eyes on.

1/ IKomma5

Germany’s got a strong solar startup scene, but 1Komma5, founded last year, has managed to stand out from the pack. It installs solar panels onto customers’ homes, reducing their reliance on the existing energy grid. 

The company has grown its headcount by 200% in the last six months, up to 63 people.

Founded: 2021
HQ: Hamburg
Team growth this year: 200% to 63 people
Total funding: $330m

2/ Field

Amit Gudka, founder of Field
Amit Gudka

Battery storage company Field, which is working on tech to store energy to create a greener grid, expanded its headcount by 175% across the last six months.

Field was founded by Amit Gudka, who previously cofounded Bulb, an energy supplier which went into administration at the end of last year. His new company has secured the backing of Plural, a new fund run by former operators including the founder of Wise.

Founded: 2020
HQ: London
Team growth this year: 175% to 44 people
Total funding: $95m

3/ Newcleo

Newcleo’s founder

Nuclear technology company Newcleo has increased its headcount by 143% over the last six months. The London-based startup is working on small nuclear reactors capable of extracting energy from nuclei in a safe way. 

Its 30 megawatt prototype is significantly smaller than conventional nuclear power plants — meaning they have cheaper upfront installation costs. Newcleo raised a hefty £258m round earlier this year, to build its first plants in the UK and France. 

Its investor roster is notably Italy heavy — Italian investors Liftt and Azimut Group have backed the company, along with a network of Italian business angels.  

Founded: 2021
HQ: London
Team growth this year: 143% to 85 employees
Total funding: $448m

4/ 5ire

London-headquartered 5ire launched in November 2021 and has already secured a $1.5bn valuation. The company is building a sustainable blockchain, aiming to combat criticism that the industry is too energy intensive. 

5ire secured a $100m Series A round earlier this year from UK conglomerate Sram and Mram.

Founded: 2021
HQ: London
Team growth this year: 114% to 105 employees
Total funding: $121m

5/ Sweep

French carbon management platform Sweep secured a $73m Series B earlier this year, making it the best funded startup in that sector. It’s put that funding into boosting its headcount, which has risen 100% in the last six months, to 62 people.

One of its latest hires comes from the French government — Julien Denormandie, former minister of food and agriculture, joined this week as chief impact officer.

Founded: 2020
HQ: Paris
Team growth this year: 100% to 62 people
Total funding: $100m

6/ Verkor

Verkor’s Innovation Centre will serve as the pilot for its eventual gigafactory. Photo: Groupe IDEC

French startup Verkor is developing lithium-ion batteries for both electric vehicles and energy storage to capture electricity from renewable energy sources.

In October last year, the company raised €100m from investors including Renault and Capgemini to finish building the pilot for its planned gigafactory. 

Founded: 2020
HQ: Grenoble, France
Team growth this year: 92% to 51 employees
Total funding: $110m

7/ Volta Trucks

Volta trucks

Swedish electric truck maker Volta Trucks saw its headcount grow 80% in the last six months.

Volta Trucks has launched a purpose-built 16-tonne electric truck that can drive up to 200km on a single charge. It’s expecting to sell 500 of them in 2022, and 5,000 by 2025. 

Founded: 2019
HQ: Stockholm
Team growth this year: 80% to 429 people
Total funding: $323m

8/ Britishvolt

factories
Britishvolt

Britishvolt, founded in 2019, is creating the UK’s first gigafactory to manufacture batteries for electric vehicles and energy storage. 

It’s recently been reported that the rise in energy prices has pushed back the construction timings for the gigafactory, but Britishvolt’s headcount continues to grow, rising 68% in the last six months. 

Founded: 2019
HQ: Hinckley and Bosworth, UK
Team growth this year: 68% to 261 people
Total funding: $437m

9/ Tevva Motors

An image of a Tevva truck
A Tevva truck. Photo: Tevva.

Electric truck manufacturer Tevva was founded in 2012 but has seen an uptick in team size in the last six months — spurred on, presumably, by the $51m raise it secured in June.

Tevva is currently working on getting its 7.5 tonne all-electric truck into production, as well as developing its 7.5 tonne hydrogen-electric truck.

Founded: 2012
HQ: Tilbury, UK
Team growth this year: 61% to 205 people
Total funding: $140m

10/ ZeroNorth

Danish startup ZeroNorth runs a platform aimed at making the shipping industry greener by offering actionable insights around fuel savings and cargo distribution. The company has increased its headcount by 59% in the last six months. 

Founded: 2020
HQ: Copenhagen
Team growth this year: 59% to 151 people
Total funding: $50m

Freya Pratty is a reporter at Sifted. She tweets from @FPratty and writes our climate tech newsletter you can sign up here

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