Renewabl secures multi-million seed investment to build innovative clean energy tracking and trading solutions
Renewabl, established in 2023 to develop a data-driven platform for streamlined and verified clean energy procurement, has announced a substantial multi-million-pound investment round led by Finnish clean energy investor Helen Ventures. This seed funding round also includes backing from Encevo Group, Toyota Ventures, Nesta, Enery, and reinvestment from PortfoLion and QVentures, alongside continuous support from South Pole.
Research indicates that businesses procuring and optimising renewable energy integration not only enhance grid stability and operational efficiency but also support up to a 20% reduction in Scope 3 emissions. Despite those benefits, the route to buying and integrating carbon-free energy into commercial operations through renewable energy attribute certificates (EACs) has historically been complex and opaque, leading to reduced procurement. With more stringent ESG guidance and regulations emerging, greater transparency is required to build confidence and enable businesses to easily match clean energy production to their specific consumption needs.
Renewabl’s advanced technology platform addresses this need by enabling corporate end-users to trace renewable energy to its source of generation and trade temporal-matched EACs that align with their consumption with up to hourly precision. The platform utilises smart algorithms to optimise corporate portfolios, highlighting the most impactful clean energy products available. This also empowers companies to gain deep insights into their emissions and Carbon-Free Energy (CFE) scores to help them develop targeted mitigation strategies.
The additional funding will enable Renewabl to deepen its technology solutions, expanding its offering into Spain, Italy, France and Germany, and to accelerate the development of two pivotal components:
- Renewabl Track: An advanced SaaS platform for visualising and assessing consumption data and renewable energy portfolios. This climate management and accounting software focuses on energy, hourly CFE score, and Scope 2 and 3 emissions.
- Renewabl Trade: A cutting-edge tendering platform and marketplace enabling companies to procure optimal and impactful renewable energy temporal-matched products directly from suppliers & power producers.
"It is our privilege to join the Renewabl team in their impressive growth story. Consuming clean electricity that matches on an hourly or 15-minute basis is fast becoming an imperative for net-zero-aligned companies – with good reason – whereas tracking and procuring this energy is a challenge," remarked Mikael Myllymäki, Vice President and Head of Helen Ventures.
"We have a strong belief in Renewabl supporting their customers in this transition. Their excellent platform, early commercial traction, and team with great credentials align with our expectation of what is needed to build the winning solution in this market," Mikael added.
Lisa Coca, Climate Fund partner at Toyota Ventures, said: "We’re impressed by the expertise of Renewabl’s founding team and their approach to optimising clean energy procurement. Renewabl’s software platform and marketplace are key stepping stones on the path to offering impactful and traceable solutions for strengthening the claims of renewable energy credits and the realisation of a true zero-carbon electricity grid."
"Our Venture Capital unit has started to assemble and continues to scout for a comprehensive set of solutions helping our business to build flexible, efficient, and ultimately shorter bridges between our consumers and green power generation sources. Renewabl rightly sits in that picture, providing important middle-link, pivotal capabilities, and we are thrilled to explore how to blend best with our in-house skillsets," articulated Nicolas Milerioux, Head of Venture Capital of Encevo.
Alex Hook, Senior Investment Director at Nesta Impact Investments, commented: “Nesta Impact Investments is dedicated to supporting innovative, purpose-led businesses to tackle significant social challenges.”
"Our investment in Renewabl reflects their potential to support more enterprises in adopting renewable energy to power their business – bringing much-needed transparency and innovation to the renewable energy certificate market. Renewabl's approach can expand access to this market and help more companies speed up their transition to net zero cost-effectively and in a way that regulators can verify."
The previous round of investment in 2023, backed by South Pole, PortfoLion, and QVentures, allowed Renewabl to deploy a state-of-the-art digital platform for time-stamped, location-based green energy certificates to ensure traceability to the source.
"As early supporters of Renewabl, we've been impressed by the team that the founders JP and Nick have built and the quality of execution in both product development and go-to-market strategy. We are excited to continue supporting and be a part of Renewabl's journey to transform the 24/7 energy market," said Harveer Bharaj, Principal at QVentures.
"More than ever, businesses seek traceability in clean energy commitments and alignment with ESG criteria set by over 80% of asset managers," commented JP Cerda, CEO and co-founder of Renewabl.
"With our recent fundraising success, our investors endorse our solution as a credible path forward in increasing the adoption of carbon-free electricity. We look forward to expanding our innovative offerings with their support."