Ecoworks, a global leader in climate-neutral renovation, has successfully closed a €40 million funding round, led by World Fund and featuring investments from Haniel, KOMPAS VC, and ISAI. This substantial funding reflects the surging demand for climate-friendly renovation solutions across Europe, spanning residential, industrial, and commercial sectors.
ecoworks, a global leader for climate-neutral renovation, has closed a €40 million funding round led by @WorldFund, with participation from Haniel, KOMPAS VC, and ISAI 🇩🇪 🏢https://t.co/YIMciiLBxy
— EU-Startups (@EU_Startups) December 14, 2023
A significant driver behind this funding round is the pressing need to address the energy performance of European buildings, with approximately 50% of the 315 million residential units rated at E or worse. Retrofitting these structures is estimated to require trillions in investments in the European Union alone by 2030. Homes with low energy performance face challenges from rising energy costs and stricter global regulations on built environment emissions, causing them to depreciate and become stranded assets.
Founded in 2019, Berlin-based ecoworks is dedicated to reducing CO2 emissions in the built environment through innovative renovation and retrofitting solutions, focusing on an energy-efficient building skin. The startup has demonstrated its ability to retrofit apartment blocks, increasing their value by 100% and more. Ecoworks’ facade elements come equipped with integrated windows, insulation, and building services. The company has successfully implemented its solutions in various German buildings and continues to expand its product range.
Emanuel Heisenberg, the founder of ecoworks, expressed the overwhelming interest in their solutions during the financing round, stating, “With our order book and increasing margins, ecoworks has the potential to become a European tech leader in the construction market.”
World Fund, known for investing in startups with high climate performance potential, took the lead in the funding round, emphasizing the carbon savings achievable through ecoworks’ retrofitting efforts. ecoworks aims to reduce greenhouse gas emissions by over 1 gigaton of CO2 by 2045.
Daria Saharova, Managing Partner at World Fund, highlighted the significant potential of ecoworks as a retrofitting tech leader poised to benefit from regulatory demands for building renovations and increased capital for carbon emission reduction in the sector.
Philipp Göhre, Growth Partner at Haniel, expressed their enthusiasm for supporting ecoworks in achieving its goal of reducing greenhouse gas emissions and acknowledged the company’s alignment with Haniel’s commitment to sustainable business models.
Andreas Winter-Extra, Partner at KOMPAS VC, emphasized Ecoworks’ unique position in addressing the challenges posed by an aging building stock ill-equipped for climate change, praising the company’s transformative technology for sustainable and cost-effective renovations across Europe.
