European Cleantech Start-ups Raise Funds for Innovative Projects Despite Market Challenges
European cleantech firms Celtic Renewables, Photoncycle, and Nanomox have secured significant investments to advance their technologies. Celtic Renewables raised $13.3 million for a $160 million biorefinery in Scotland, while Photoncycle obtained $17.5 million for a hydrogen storage system aimed at households in Denmark and the Netherlands. Additionally, Nanomox secured $3.2 million to develop mineral recovery methods from recycling processes. The Cleantech Group indicates that investment levels are currently lower than in previous years.
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Celtic Renewables raised $13.3 million, half from investors and half from the Scottish government, to develop a $160 million industrial biorefinery in Grangemouth, Scotland. Photoncycle secured $17.5 million for a solid-state hydrogen storage system for households in Denmark and the Netherlands, aiming for production for 140,000 homes by 2027.
Nanomox raised $3.2 million to advance mineral recovery from recycling processes, planning to build a pilot plant to produce metal oxides. The Cleantech Group noted that investment in European cleantech is below early 2020s levels.
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