Enevo gets €15m from European Investment Bank
Enevo is the proud recipient of a €15M loan from the European Investment Bank (EIB), The loan is part of EIB’s European Union (EU) Finance for Innovators (InnovFin) program and backed by the Horizon 2020 program. This comes after the announcement in April 2016 that Enevo already received a €2.3M grant from the Horizon 2020 SME funding program.
Enevo will use the additional funding to fuel growth in key North American, European, and Asia-Pacific markets by increasing sensor manufacturing capacity to meet volume demand. The funding will also accelerate Enevo’s R&D efforts in big data analytics for the waste industry, including providing operational insights, automated route planning and smart wireless sensors for collecting data from waste containers.
“EIB’s loan to Enevo demonstrates confidence in our market leadership, people and practices. We are growing rapidly to meet the waste reporting and collection needs of our customers as urban sustainability demands increase. We are pleased that the EIB is aligned with our vision and has given us their support” says Fredrik Kekäläinen, CEO of Enevo.
“Enevo is part of that typical Finnish landscape of innovative companies that propel the economy. This loan will enable Enevo to speed up its R&D efforts in a sector that will be of big importance in the fight against climate change, something the EIB has a strong commitment on” says Jan Vapaavuori, Vice-President of EIB, responsible for lending operations in Finland.
Founded in 2010, Enevo is a forward-thinking company with a vision to transform the financial, environmental and social impact of waste. By collecting and analysing data from refuse containers across the world, Enevo is able to create efficiencies and cut the cost of waste collection and recycling. Enevo simplifies, de-risks and optimises the waste management process, helping to make a sustainable waste-free environment a more achievable proposition.
The company has raised over €26M in private equity funding to date and continues to invest highly in R&D. Enevo is headquartered in Espoo, Finland, with regional offices in Boston, San Francisco, London, Nottingham, Berlin and Tokyo.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. In 2015 alone, it made available over €1.6B in loans for Finnish projects in various sectors, including healthcare, industry and telecom. Overall the Bank invested €77,5 billion last year worldwide.