News

Stargate Hydrogen: making green hydrogen an affordable reality

Innovative stack and system manufacturer Stargate Hydrogen has raised €11 million in a Series A funding round to execute its roadmap, enhance production capabilities, and drive down the cost of green hydrogen.

Stargate Hydrogen has a highly innovative approach to green hydrogen production, accompanied by an impressive list of customers and strong unit economics. Funding the scale-up of manufacturing for innovative green technologies is central to the green transition and our strategic objectives, as it enables the wider adoption of sustainable energy solutions.

ÄIO: turning industrial by-products into sustainable oils and fats

Biotechnology startup ÄIO raised €6.1 million to support the production of environmentally friendly oils and fats from wood and agricultural residues, offering an alternative to widely used oils in the food industry.

By backing ÄIO, SmartCap not only addresses waste reduction but also provides eco-friendly alternatives for different industries to reduce dependence on traditional raw materials like palm oil. ÄIO’s oils help reduce land use by up to 97% and water consumption by tenfold compared to current palm oil and animal fat production.

Fractory: optimizing metal fabrication for greater efficiency

Digital manufacturing company Fractory secured additional funding from SmartCap Green Fund to expand its operations in the UK and Scandinavia.

This investment is an important strategic step for SmartCap Green Fund to support innovative startups that are driving efficiency and growth within the manufacturing industry. Fractory’s platform enhances machine utilization rates in factories across their supplier network by up to 80% and decreases material waste. By backing Fractory, SmartCap commits to revolutionizing production processes and enhancing supply chain dynamics.

Gridio: simplifying and accelerating smart charging

Innovative energy solutions company Gridio raised €2.4 million in a seed funding round, to expand its smart energy platform across Europe. Gridio offers cutting-edge solutions that empower households and energy providers to optimize energy use, reduce costs, and support a more resilient electricity grid.

SmartCap Green Fund is backing Gridio, as the success of its ambitious plan would not only result in a transformed and more cost-effective energy system but also unlock further potential for other clean energy solutions.

Fusebox: providing SaaS solutions for optimizing energy use and integrating renewables

Software company Fusebox secured €2.6 million in funding to accelerate its expansion across Europe and continue providing innovative energy optimization solutions.

As the leading flexibility provider in the Baltic states, Fusebox offers modular SaaS solutions that assist power utilities, commercial and industrial companies in integrating renewable energy resources, storage, and consumption. Their solution enables CO₂ reduction by optimizing energy use and integrating renewable energy assets, energy storage, and demand response, which gives consumers greater control over their energy usage and helps them meet sustainability goals. Fusebox offers a fully integrated SaaS product for power utilities and behind-the-meter clients to optimize energy asset management.

Elcogen: enabling efficient, affordable green hydrogen and emission-free electricity

Greentech company Elcogen raised additional capital to support its growth, allowing the company to further expand operations and scale production capacity with a new factory. Elcogen’s innovations are important in driving the green transition in industrial processes. The new plant in Tallinn will significantly increase the manufacturing capacity of solid oxide fuel cells and solid oxide electrolyzer cells – technologies that are seen as key drivers of the green transition.

Elcogen is the first scale-up company in the SmartCap Green Fund portfolio, receiving capital that complements the prior strategic investments from Baker Hughes and HD Hyundai. The expansion reflects the growing need for highly efficient hydrogen technologies like Elcogen’s technology.

Portfolio companies UP Catalyst and eAgronom: raised new rounds as SmartCap Green Fund continued to back the companies with follow-on investments

Existing SmartCap Green Fund portfolio company UP Catalyst, a pioneer in sustainable carbon material production directly from CO₂ emissions, raised €2.36 million.

This investment will go toward the development of an industrial pilot reactor with the aim of processing 100 tons of CO₂ annually, yielding 27 tons of advanced carbon materials such as graphite and carbon nanotubes. This is particularly crucial given the need for batteries to meet the ambitious goals and expectations we have set to decarbonize the transportation sector.

Agritech innovator eAgronom also raised €10 million in its Series A2 round to support sustainable farming practices across Europe and Africa. The company’s platform incentivizes farmers to adopt regenerative practices through a carbon credit program, effectively subsidizing efforts to restore soil health and sequester CO₂. With over 3,000 partner farms across 14 countries, eAgronom plays a key role in modernizing agricultural practices through data-driven management and monitoring tools that reduce emissions and enhance soil resilience.

SmartCap continues to see demand for capital from greentech companies and therefore extended the investment period for SmartCap Green Fund until 30 June 2026.

SmartCap Green Fund is financed by the European Union NextGenerationEU Recovery and Resilience Facility funds.