RADAR – Our selection of innovative businesses #76

Woodoo raises $31 million for its low-carbon wood-based materials. Jolt Energy receives €150 million to develop an electric charging network in Europe and the US. Platform Citron raises €20 million to cover all needs related to the energy transition in buildings.

Woodoo raises $31 million for its low-carbon wood-based materials

The startup Woodoo has raised $31 million to accelerate the production of sustainable wood-based materials. This initial fundraising was led by Lowercarbon Capital, a multi-billion American climate tech fund. One Creation (an investment company based in Switzerland), the Purple family office, institutional partners and business angels also complete this funding round.

Founded in 2017, this French deep tech startup has developed a process for transforming wood – either dead or diseased, and preferably local – into a substitute material for glass, leather or aluminium, based on nanotechnology and chemistry.

With its main focus being the luxury, automotive and construction industries, Woodoo’s materials have various different properties, like being transparent so as to replace glass, flexible to replace leather or exotic leathers, and robust to replace aluminium, steel or concrete. So far, the company has filed for 26 patents, with another 24 that are patent pending.

The company recently struck up its first deal in the construction industry, partnering with the Spanish company Garnica, which specialises in plywood panel manufacturing. The partnership will result in a substantial reduction of a building’s carbon footprint, as manufacturing these innovative materials generates 229 times less CO2 than aluminium production. However, the startup must still pass numerous regulatory tests with the Scientific and Technical Building Center (CSTB) before its materials can be used for structuring buildings.

Around two-thirds of the funds raised are dilutive, the remaining third is non-dilutive (debt, subsidies). The funds will enable Woodoo to multiply its production capacity by five by building a second industrial site in Troyes, bringing its capacity to 14,000 m² per year. The company has already announced an order book of several hundred million euros and hopes to meet demand quickly by going from 40 to 80 employees to expand its sales and production teams.

Thanks to this fundraising, Woodoo will also be able to accelerate its rollout in the US and Europe, particularly in Germany, Italy and England. Its American investor could also help it expand its activities in the US, starting with the construction market.

Jolt Energy receives €150 million to develop an electric charging network in Europe and the US

The Dublin- and Munich-based startup Jolt Energy has just raised €150 million to expand its network of charging stations for electric vehicles in Europe and North America. The funding came from InfraRed Capital Partners fund, which gave the entire amount in the form of a capital grant.

Over the next few years, Jolt Energy aims to install thousands of “ultra-fast” charging stations across several cities in Europe and North America. Some of these terminals will be installed in car parks at supermarkets, restaurants and petrol stations.

The charging stations have a capacity of up to 320 kW and can be connected to existing low-voltage grids. What’s more, thanks to its “revolutionary” storage systems, an electric vehicle can be recharged in five minutes for a range of up to 100 km.

Founded in 2016, the startup also claims that its charging points can be easily installed in urban areas, as they don’t require costly construction work or the extension of existing electricity grids. Jolt Energy currently has about 20 operational stations in German cities and plans 100 new installations by the end of the year.

Platform Citron raises €20 million to cover all needs related to the energy transition in buildings

The French startup Citron, an energy management platform for buildings, has just raised €20 million from Eiffel Investment Group (via Eiffel Essentiel, a €300-million fund dedicated to supporting European champions of the energy and ecological transitions), Entrepreneur Invest and Bpifrance.

This sum will enable the company to continue developing its platform which is designed to cover all the needs related to the energy transition in buildings, and to support the real estate and building industries in their ecological transition. Founded in 2011, Citron manages web platforms for technical and energy management, energy efficiency consulting and auditing.

The startup is currently focusing on module development for energy sobriety and occupant comfort, by analysing the air quality in offices to detect potential avenues for improvement and the areas where energy consumption could be optimised.

Citron has over 250 clients and more than 100 employees. Its founders foresee more than 200 additional recruits in the coming years, to help develop more than 40 new modules.

There’s more…

ASAP.work, a digital temping agency specialising in the construction industry, raises €5 million

Permitflow raises $5.5 million for building permit automation

Ex-NBA star’s startup Partanna raises $12 million in seed to develop carbon-free concrete

EnduroSat raises €9 million for its satellite data analysis solution

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