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EIB invests EUR 25 million into two Finnish cleantech startups

EIB invests EUR 25 million into two Finnish cleantech startups

Jul 15, 2016
Waste-to-value
Energy & resource efficiency
Renewables & smart grid

The European Investment Bank (EIB) will support the innovation actions of two Cleantech Finland companies with a total of EUR 25 million. EIB will invest EUR 15 million into waste management smart sensor provider Enevo, and up to EUR 10 million in AW-Energy, a pioneering developer of WaveRoller wave energy technology.

The investments will be made under InnovFin, which is a range of EIB Group products designed to facilitate access to finance for innovative businesses. InnovFin products are backed financially by the European Union under Horizon 2020 Financial Instruments.

"I think it would be hard to underestimate the importance of this type of pilot projects that can open up untapped sources of clean energy. One of the goals of InnovFin is to support new technologies and the EIB is glad it can support this project through this instrument. The symbolic importance of a highly innovative Finnish company putting a project in place in Portugal makes this a truly European initiative," says EIB Vice-President Jan Vapaavuori of AW-Energy’s WaveRoller innovation.

Enevo’s waste management optimisation systems are already used in 60 smart cities around the world. Rotterdam in the Netherlands is one of the latest major cities to boost its waste collection efficiency with Enevo’s IoT solution.

In 2012 AW-Energy installed three 100kW demonstration units connected to the grid near Peniche, Portugal. Now the company is about to install a full-scale 350kW device in the same area of Portugal. The company has identified commercial leads in 6 countries and has the potential objective of selling more than 50 units in the next four years. 

Image: AW-Energy, Enevo

Source: AW-Energy, EIB

Companies in the sector

Enevo

Recycling

Waste management