[Funding alert] Copenhagen-based Energy Tech Reel Raises €5 Million in Funding

The Copenhagen-based energy tech company will use the investment to scale its transformative model for B2B renewable electricity supply across Europe. The seed round is led by Transition, a venture capital fund investing exclusively in companies accelerating the climate transition, with participation from existing investors UVC Partners.

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The Footprint Firm, and a group of energy specialists and successful founders including the Chief Project Development Officer of Climeworks, Daniel Nathan, and the Co-founder of Netlify, Christian Bach.

David Helgason, Co-founder & Partner at Transition said: Reel combines climate impact and direct cost savings and predictability. Reel’s solution is a breath of fresh air as it offers an avenue for companies to spearhead the energy transition in an easy, genuine, and financially attractive way.

Jon Sigvert, CEO and Co-founder of Reel, notes that: The pervasiveness of flawed renewable energy certificates means that corporate CO₂ reduction efforts are greatly overestimated, further accentuating our risk of falling short of the Paris Agreement. In addition, conventional contracts are commercially unattractive as companies pay extra for the certificates. Reel’s technology solves for all of these issues, and allows all companies - big and small - to help accelerate the renewable energy transition.

Reel’s unique technology transforms traditional Power Purchase Agreements (a type of electricity contract) into an accessible model that allows all companies to achieve carbon-free energy consumption every hour of every day, an approach already being used by larger players like Google4 and Microsoft5.

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About Reel

Reel is the next-generation electricity supplier, creating a new way for companies to buy electricity that accelerates the renewable energy transition. With Reel, all companies can enter into Power Purchase Agreements (PPAs). These electricity contracts not only offer fixed-price electricity for greater financial stability but also actively reduce CO₂ emissions by adding new renewable energy to the grid.

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