Sweetch Energy, the climate-tech specialist in osmotic energy, announces today the closing of its pre-Series B financing for an amount of 6 million euros. The round table was led by its industrial partners, EDF Hydro – the hydraulic department of the EDF group, European leader in hydroelectricity – and CNR – the leading producer of 100% renewable electricity in France and concessionaire of the Rhône river whose shareholders are ENGIE, the CDC and 183 local authorities. The company’s historical investors – Go Capital, Demeter Investment Managers and Future Positive Capital – also participated in the operation. The funds raised will support the large-scale deployment in France and internationally of the INOD® technology developed by Sweetch Energy.
For Nicolas Heuzé, Managing Director of Sweetch Energy: “These new renowned industrial investors, as well as our historical investors, share our ambition to accelerate the energy transition by exploiting a new source of clean energy that makes it possible to meet the strong growth in global electricity demand. With this new financing, Sweetch Energy continues to provide itself with the financial means necessary for the rapid commercialization of osmotic energy, made possible thanks to a level of competitiveness never reached until now.By supplying permanent and non-emitting electricity on a large scale of CO2, we are responding to two major global challenges: the fight against climate change and support for energy sovereignty”.
Emmanuelle Verger-Chabot, Director of EDF Hydro, explains on this occasion: “EDF Hydro and Sweetch Energy started work a few weeks ago to identify sites on which industrial-scale osmotic stations could be set up in mainland France and overseas. By positioning itself very early in the creation of an osmotic sector in France, EDF Hydro intends to use all of its engineering expertise to deploy this innovative, carbon-free and environmentally friendly production technology. »
Laurence Borie-Bancel, Chairman of the Management Board of CNR, underlines: “Sweetch Energy’s first industrial partner, we are very happy and proud today to accelerate the large-scale deployment of their INOD® technology with this financial partnership. The forthcoming installation of a first demonstrator on the Rhône delta, on which we have been working for several months with the Sweetch Energy teams, is the starting point for the creation of a promising French industrial sector for the production of osmotic electricity which has vocation to expand internationally. »
This year, Sweetch Energy announced several industry partnerships, including:
- the partnership with CNR enabling the INOD® technology to be validated on a pilot site in 2023 and the eventual exploitation of the osmotic energy potential of the Rhône delta in France, estimated at nearly 4 TWh/year;
- the partnership with EDF Hydro aimed at accelerating the deployment of osmotic energy in France and internationally.
Osmotic energy is generated by the difference in salinity between fresh water in rivers and sea water when they meet. It has the advantage of not being subject to weather conditions and of producing carbon-free electricity, 100% natural, renewable and massively available throughout the planet. Each year, nearly 30,000 TWh of osmotic energy – a capacity greater than the world’s electricity demand – is released by deltas and estuaries around the globe.
Sweetch Energy’s INOD® technology is based on a new generation of nanoscale membranes specially designed to harness osmotic energy. Combined with exclusive electrode systems, these membranes combine high ion selectivity and high ion transport to achieve unparalleled performance. They are also made with bio-sourced materials that respect the environment.