Climate tech startup Renewabl has secured backing from 7 major investors to accelerate the global shift to traceable renewable energy.
The seed round was led by Helen Ventures and supported by Encevo Group, Toyota Ventures, Nesta, and Enery, alongside a reinvestment from PortfoLion and QVentures.
Renewabl’s innovative platform enables companies to track emissions and CFE score, recommending impactful clean energy products matched to hourly consumption.
With urgent demands for the global renewable transition, current procurement lacks traceability to meet sustainability targets.
Renewabl pioneers smart energy procurement with distributed ledger traceability and hourly matching, which can reduce Scope 2 & 3 emissions by up to 20% (SBTi) while enhancing credibility and consumer trust.
Renewabl, a UK-headquartered startup at the forefront of renewable energy transparency in Europe, has announced a significant multi-million investment round led by Finnish clean energy investor, Helen Ventures. This seed funding round also includes support from Encevo Group, Toyota Ventures, Nesta, Enery, and reinvestment from PortfoLion and QVentures, alongside continuous backing from South Pole.
Addressing urgent challenges in energy procurement
Our mission focuses on data-driven solutions to streamline energy procurement, reduce Scope 2 & 3 emissions, and mitigate greenwashing risks. Research shows optimising renewable integration can cut Scope 3 emissions by up to 20%, crucial for meeting carbon reduction goals (LBL, 2023; SBTi, 2021). With renewables poised to surpass coal in electricity generation by 2025, advanced procurement strategies bolster investor confidence, aligning with ESG criteria integrated by 80% of asset managers (IEA, 2023; Ceres Investor Network).
Innovative technologies that we employ at Renewabl include distributed ledger traceability and hourly matching to enable demand-response strategies and integrate renewables into energy-intensive supply chains. This drives operational cost savings and enhances sustainability efforts (LBL; Value Chain Report by SBTi, 2023).
Use of funds and impact
Renewabl’s innovative platform empowers companies to gain deep insights into their emissions and Carbon-Free Energy (CFE) scores, enabling targeted mitigation strategies. Leveraging advanced technology, we can trace renewable energy to its source of generation and align it with consumption on an hourly basis. The platform utilises smart algorithms to optimise corporate portfolios, highlighting the most impactful clean energy products available.
The previous round of investment in 2023, backed by South Pole, PortfoLion, and Q Ventures, allowed us to deploy a state-of-the-art digital platform for time-stamped, location-based green energy certificates to ensure traceability to the source.
This new investment round enables us to leverage on distributed ledger, data analysis and AI-forecasting capabilities to drive the transition of the corporate world to renewables and the Net Zero targets. We are set to expand to strategic European countries such as Spain, Italy, France, and Germany, and accelerate the development of the two pivotal components of the platform:
Renewabl Track: An advanced SaaS tool 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 solutions directly from suppliers & power producers.
Looking ahead, Renewabl's advancements in energy procurement will profoundly impact both buyers and suppliers. For energy buyers, Renewabl's advancements in energy procurement include real-time energy matching visualisation and adaptive pricing models aimed at simplifying decision-making and reducing operational overheads. These innovations empower corporations with streamlined processes to meet sustainability goals effectively. For suppliers, Renewabl ensures expanded revenue streams and broader market reach, fostering a sustainable energy ecosystem.
"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 at Encevo.
"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 Q Ventures, 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."
About Renewabl (www.renewabl.com)
Renewabl is accelerating the adoption of renewables through an advanced technology platform that enables businesses to analyse their clean energy portfolio and trade temporal-matched solutions based on their consumption profile. The company was founded in 2023 by Juan Pablo Cerda, with extensive experience at BP, Shell, and ED&F MAN, alongside Nick Martyniuk, formerly of WePower in Australia. The team's combined 80+ years of experience in clean energy, coupled with significant headcount growth over the past year, positions Renewabl to attract top talent and drive industry-leading advancements. This investment is a testament to our commitment to leading industry change and supporting corporations in their journey towards a greener future.