- Rennes-based renewable energy company, Sweetch Energy, has raised €25 million in a Series A funding round to aid the industrial and commercial rollout of osmotic energy in France and globally.
- The funding will also enable the company to finalize its first clean electricity demonstrator using its proprietary INOD® technology, expand its R&D activities, deploy its first industrial assembly lines, and support its expansion, specifically in Europe and North America.
Sweetch Energy, a French renewable energy company on the breakthrough of harnessing osmotic energy, has recently closed a major €25 million Series A financing round. The primary objective of this funding is to accelerate the commercial and industrial development of osmotic energy, in France as well as internationally. Lead investor in the transaction was the Révolution Environnementale et Solidaire fund, managed by Crédit Mutuel Impact, accompanied by Sweetch Energy’s historical investors and industrial partners.
The financing will pave the way for Sweetch Energy to finalize its first demonstrator that generates clean electricity using its proprietary INOD® technology. This is currently in development at the Rhône delta in France, a partnership with the Compagnie Nationale du Rhône (CNR). Further applications of the funding includes an expansion of R&D activities, the deployment of the first industrial assembly lines, and bolstering the company’s global expansion, primarily targeting Europe and North America.
Co-founder and CEO of Sweetch Energy, Nicolas Heuzé, has expressed his optimism saying that their INOD® technology now has the capacity to generate clean, constant, competitive electricity, a crucial step towards achieving a true energy transition. He also expressed enthusiasm for welcoming long-term fund Révolution Environnementale et Solidaire managed by Crédit Mutuel Impact. He is confident that with this round of financing, combined with the perpetual support of their shareholders and industrial partners, the global deployment osmotic energy is now a realistic goal.
Established in 2015, Sweetch Energy was one of the debut investments of the Révolution Environnementale et Solidaire fund funded by Crédit Mutuel Alliance Fédérale group’s societal dividend. Its mission is to promote investments that change production models and develop innovative companies in the field of energy transition.
Sabine Schimel, Managing Director of Crédit Mutuel Impact, believes that with its cutting-edge technology born from French academic research, Sweetch Energy offers a novel source of natural, persistent energy to bolster the energy transition and meet the challenges of global energy mix decarbonation. She expressed her faith in the company’s potential and aims to support its expansion in the long run as well as structure the osmotic energy industry.
Among the contributors to the funding were Sweetch Energy’s historical investors Demeter Investment Managers, Go Capital and Positive Future Capital and industrial partner CNR. EDF Group also strengthened its ties with Sweetch Energy by participating in the transaction through EDF Hydro entity and EDF Pulse Ventures. This new investment has raised Sweetch Energy’s total private and public funding to nearly €40 million, earmarked for the application and creation of an osmotic energy industry.
