French renewable energy startup Sweetch Energy has secured €25m ($28m) in a Series A funding round to further develop osmotic energy commercially and industrially in France and beyond. The round was led by Révolution Environnementale et Solidaire, a fund managed by Crédit Mutuel Impact, with contributions from Sweetch Energy’s historical investors and industrial partners. This funding will enable Sweetch Energy to finalise its INOD® technology, which creates clean electricity, and intends to also expand the future prospects of its research and development activities. 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.
- Sweetch Energy a renewable energy firm headquartered in Rennes, has raised €25m in a Series A round to support its development and deployment of osmotic energy technologies.
- The funding round was led by Révolution Environnementale et Solidaire, a fund overseen by Crédit Mutuel Impact, and also saw contributions from Sweetch Energy’s business partners and earlier investors.
- The investment will be used to develop Sweetch Energy’s proprietary INOD® technology, increase the company’s research and development operations, and support business expansion, primarily in Europe and North America.
According to Nicolas Heuzé, co-founder and CEO of Sweetch Energy, the funding will contribute towards realising their goal of clean, 24/7, competitive electricity supply. He sees their technology as having the potential to make this vision a reality and believes this funding round will lead to another critical step in the global deployment of osmotic energy.
Sweetch Energy was set up in 2015 and is one of the first companies in which the Révolution Environnementale et Solidaire fund invested, a fund facilitated by Crédit Mutuel Alliance Fédérale group’s societal dividend to encourage investments in alternative manufacturing models and innovative companies in the energy transition field. The fund devotes 15% of its net income every year to finance environmental and social transformation projects tackling climate change. With its distinctive disruptive technology resulting directly 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.
To conclude, this new funding propels the total private and public fundings secured by Sweetch Energy for the development and deployment of its technology and the creation of an osmotic energy industry to nearly €40 million.
