Funding

[Funding alert] Tallinn-based Deeptech become Cleantech Startup Efenco Secures €4.5 Million in Funding

Nov 16, 2023 | By Startup Rise EU

Tallinn-based deeptech become cleantech startup Efenco secures €4.5 million in funding.The funds that were provided consists of €3.2 million in grant funding from Estonia's Archimedes Foundation and the European Innovation Council, plus €1.3 million lead by Ivo Remmelg for EstBAN Syndicate.

Tallinn-based deeptech become cleantech startup Efenco secures €4.5 million in funding.The funds that were provided consists of €3.2 million in grant funding from Estonia's Archimedes Foundation and the European Innovation Council, plus €1.3 million lead by Ivo Remmelg for EstBAN Syndicate.

The fact remained that fossil fuels are still essential in many industries, even as governments, businesses, and consumers work together to monitor that critical 1.5° figure and accelerate efforts to cut, if not eliminate, carbon emissions.

In fact, the steel sector alone accounts for 11% of the world's carbon dioxide emissions and 7% of its greenhouse gas emissions.

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Where Efenco into the picture is not by providing a novel renewable energy source, but rather by significantly boosting the effectiveness of currently available technology.

Efenco claims that its technique can (in the long run) improve the combustion efficiency of hydrogen by up to 75% and natural gas by up to 40% using cold-plasma assisted combustion.

Read also - Chasse sur Rhône-based Recyc’ELIT Raises €3.2M in Funding

According to the company's computations, thirty percent of gas boilers currently in use in the EU for high-temperature industrial process heat applications might be equipped with its initial technology.

About Efenco

The objective of the clean tech innovation team Efenco is to provide humanity with sustainable energy. Because they think that there will be a sustainable future, they strive to promote Energy Peace throughout the planet. They define Energy Peace as peacefully balancing the needs of the world with energy usage.

Read also - Finnish-based Cleantech Startup SpinDrive Raises €3.8 Million in Series A Round Funding

Their team members are experienced, impact-driven, diverse, and passionate. By working together, they are bringing about a beneficial shift that will affect future generations.

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