Holaluz to cut 200 solar jobs amid slowdown in Spain's market; SkyNRG raises €175M for sustainable aviation fuel;
Efenco raises €4.5M
Holaluz to cut 200 solar jobs amid slowdown in Spain's market
Holaluz Clidom SA, the Spanish renewable power provider, plans to cut 200 jobs in its solar installation service due to a slowdown in the residential solar market. The company cites high-interest rates and a "false impression" of moderated energy prices as contributing factors. The layoff will impact solar panel installers, sales teams, and solar operations support roles, with a slower pace of residential installations in Spain in 2023 compared to other countries like Germany or the Netherlands.
Holaluz attributes the hesitancy of residential customers to invest in solar panels to high-interest rates and government interventions in energy prices. Spain’s residential solar market is shrinking by 25% to 50% in 2023; as Holaluz says, the company expects to close the current fiscal year with a number of installations comparable to 2022.
Why it matters
Elevated interest rates, government initiatives to alleviate the impact of electricity prices on households, and intense competition from oil and gas companies providing energy at rates significantly below the market has deterred potential customers from investing in solar panels.
Source: Renewablesnow
Estonian clean energy production startup Efenco raises €4.5M
Estonian cleantech startup Efenco secures €4.5 million in funding to advance its cold plasma technology. The investment, a combination of €1.3 million led by Ivo Remmelg for EstBAN Syndicate and €3.2 million in grant funding from the European Innovation Council and Estonia’s Archimedes Foundation, will enhance combustion efficiency.
Efenco's innovative approach focuses on significantly improving the efficiency of existing technology, with its cold-plasma-assisted combustion technology expected to enhance natural gas combustion by up to 40 per cent and hydrogen combustion by up to 75%.
Why it matters
The flagship product of Efenco, the high-energy ray ceramic chip (HERC), slashes CO² emissions and fuel costs by a minimum of 18% in energy-intensive sectors like electricity generation, steel manufacturing, pulp and paper manufacturing, ceramics and cement production, and district heating. This efficiency gain of 18% translates to a potential 5% reduction in the EU’s energy consumption and carbon emissions from natural gas combustion, surpassing the combined savings from solar, wind, and nuclear.
Source: Tech
SkyNRG raises €175M for sustainable aviation fuel
This week, Amsterdam's sustainable aviation fuel company SkyNRG secured €175 million in funding. The investment, led by Macquarie Asset Management, will fuel SkyNRG's growth, aiding in the development and operation of SAF production facilities. Established 14 years ago, SkyNRG pioneers sustainable aviation fuel (SAF) with notable clients like Boeing and KLM. The company aims to develop dedicated SAF facilities in Europe and the US through strategic partnerships by 2030.
Based on SkyNRG’s own life cycle analysis, using its SAF in jets can result in a minimum emissions reduction of 75 per cent compared to fossil jet fuel over its lifespan.
Why it matters
The investment accelerates the aviation industry's transition to net-zero emissions.
Source: Tech
Startup of the week
Beev helps individuals and businesses make the transition to electric mobility.
Founded in 2019 by Solal Botbol and Chanez Djoudi, Beev is a platform that supports individuals and companies in their energy transition projects towards cleaner mobility. The start-up offers a range of personalised services, from comparing electric vehicles and charging station offers to a charging station installation service and advice on project financing. Since its creation, Beev has supported more than 2,000 customers, with an average of 2 vehicles sold and four charging points installed daily.