NextSTEP funding news – Milan-based NextSTEP Invests €590k in Five Cleantech Startup

Based in London and Milan, NextSTEP supports startups focused on reducing environmental impact through better resource use, lower emissions, and less waste. Launched in 2022, the fund aims to lead CleanTech investments, focusing on early-stage companies.

Claudio Colombo, Managing Director of NextSTEP commented: “We are immensely proud of the milestones achieved in 2024. Our commitment to identifying and supporting emerging initiatives that contribute to a better planet. It is not only fosters their growth but also reinforces our dedication to a sustainable and innovative future. As we look ahead our vision remains clear to expand our efforts in discovering and investing in UK-based startups and projects that drive meaningful and lasting change. This is just the beginning—we are determined to deepen our investments and build even stronger, impactful connections between Italy and the UK.”

The five startups to receive funding are detailed below, including the date in which NextSTEP invested.

Pulpatronics (August 2024): This startup is changing RFID technology with metal-free, chipless tags that help protect natural resources. They use a special laser process to print conductive circuits directly onto paper, removing the need for metal parts and making manufacturing simpler. This method lowers costs and greatly reduces CO2 emissions, saving 2,400 kg of CO2 for every million tags made.

Algapelago (November 2024): This startup is creating sustainable seaweed-based products to transform agriculture and more. They grow large kelp forests offshore to make natural fertilizers and animal feed, which don’t need freshwater, land, or chemicals. Their work helps reduce carbon, boosts marine life, and creates jobs for coastal communities. As the UK’s largest licensed kelp grower, Algapelago plans to expand globally and build a network of "algapelagos" to help create a greener future.

ClearWatt (July 2024): This startup has created an app powered by machine learning that accurately measures the range and battery health of electric vehicles (EVs). By using GPS, ClearWatt overcomes the limits of third-party data and works with all vehicle models and telematics systems, allowing for wide coverage and quick growth. The app’s EV Health Reports give detailed performance data, helping build trust between buyers and sellers during the sales process.

Nina Energy (January 2024): This British-Ecuadorian startup turns agricultural waste into solid biofuels and biochar, providing eco-friendly alternatives to fossil fuels. Their technology creates products like biochar, torrefied biofuels, and liquid fuels that help improve soil, reduce CO2 emissions, and offer sustainable energy solutions for various industries.

The First Element (June 2023): A British startup that develops clean energy solutions with its Smart Tank technology, which safely and efficiently produces green hydrogen. Their system helps users—from homes to industries—reduce emissions by using water and renewable electricity.

NextSTEP was created by NextEnergy Group to make a positive impact in the CleanTech industry. While it mainly focuses on startups in the UK and Italy, the fund also invests in Europe and the US. The fund looks for promising startups coming from accelerators, universities, and research centers.

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NextSTEP also works with established companies to create custom innovation programs that address sustainability challenges with specific solutions.

About NextSTEP

NextSTEP is a part of NextEnergy Group, focused on funding and helping early-stage startups in Environmental Sustainability (CleanTech) grow.