Quentin Calleja, senior investment associate at Atlantic Labs, Berlin:
Startups to watch:
Icodos: Patented e-methanol production technology enabling low-cost and at-scale production of sustainable methanol
Purpose: One-stop-shop for energy-efficient renovations and long-term ESG management of buildings Tozero: Lithium-ion battery recycling technology enabling the recovery of critical materials, like lithium, nickel, cobalt, manganese, and graphite.
Phlair: Hydrolyzer-based Direct Air Capture (DAC) technology, enabling scalable and low-cost CO2 capture from ambient air
Radical Dot: Chemical plastic recycling technology transforming currently unrecyclable plastic waste into valuable chemicals
Trends to track:
1. Geothermal energy. Geothermal offers a reliable, baseload source of renewable energy that can support grid stability and reduce dependency on fossil fuels. We are focused on advancing drilling technologies and cost-effective geothermal systems that enhance geothermal’s economic viability.
2. Mineral extraction, processing and recycling. Critical minerals like lithium for batteries and copper for grid upgrades are vital for powering the energy transition. We are looking for new ways of identifying rare-earth metal deposits, as well as more efficient extraction or recycling methods with lower environmental footprints.
3. Electrification of industrial heat. Accounting for about 20 percent of global CO2 emissions, industrial heat is a crucial target for decarbonization. We’re looking for scalable electrification solutions that can replace fossil fuel-based heat with efficient and renewable-powered systems, particularly in high-temperature processes.
Jia Lin Yong, senior investment associate at Giant, London
Startups to watch:
Fractile: Developing innovative chips designed to run large language models (LLMs) at speeds up to 100 times faster and at one-tenth the cost of current GPU-based systems.
Fuse: Building a full stack renewable energy company to accelerate the global renewable energy transition.
Opto: Opto Bio is developing tiny neural implants to track and treat the world's most difficult diseases, starting with oncology, which has the potential to change the lives of millions.
Axle: Axle Energy is an energy flexibility startup that connects EVs, heat pumps, solar panels, and batteries to electricity markets. This helps build a dynamic grid and supports the transition away from fossil fuels.
CoSyne Therapeutics: A vertically integrated AI Drug Discovery company aiming to bring speed to precision medicine through polymathic AI to help patients with under-served diseases of the brain.
Trends to track:
1. Longevity. Interest in longevity has surged in recent years, driven by advancements in medical research, declining costs of testing (blood tests, MRIs, etc.), and growing consumer awareness. The entire sector from testing and health check ups to intervention (biotechs working on reversing ageing) is primed for rapid growth in the next few years.
2. Sustainable baseload energy. The need for sustainable baseload energy has increased significantly with the rapid growth in energy use for data centres and compute. Nuclear is likely to grow in response to this demand and we will see more companies, both enablers and primary approaches, built in this space. In addition to nuclear, there will likely be growth in geothermal, waste-to-heat, and hydrogen-based sources of energy.
3. AI agents. AI agents are rapidly evolving from passive tools into autonomous entities capable of managing complex workflows and decision-making. As these agents become more contextually aware and capable of learning on the fly, I believe we may start seeing "AI workforces". As a result, business models are likely to shift from subscription-based models to value-based/consumption-based models.
Nick Gosen, Investment Associate at Kompas:
Startups to watch: Stykka: Manufacturer of digitally managed interiors with a fully circular lifecycle Klimate: Platform for carbon removal services and long-term carbon asset management Clouder: Enabling completely wireless data transmission between installations, sensors, and the BMS replacing physical cabling needs Telescope: Financial climate risk management for the real estate industry Hypermine: Maximizing resource recovery and minimizing the environmental impact of mining
Trends to track:
- Grid Capacity Globally, we need to invest up to $800 billion a year to increase grid capacity to meet the future electricity demand. Software and hardware solutions that enable grid operators to increase capacity, such as novel conductors, new types of transformers, or balancing systems, are needed to meet future demand requirements.
- Materials discovery. Due to advancements in AI and ML capabilities, new types of materials can be discovered to reduce the need for critical raw materials and lower the overall carbon footprint of products.
- Mineral Exploration Less than 1% of attempts to find a deposit of resources is successful. Due to advancements in sensing technologies, including new data sources, such as satellite data, startups are emerging that are greatly improving the odds of successfully identifying a deposit of resources. These technologies significantly reduce the overall footprint of the mining industry.
Sofia Queiroz, Principal at Maze:
Startups to watch:
Conduit.Bio: Data operating system for biotech and pharma companies used to manage and extract insights from their omics data to understand targets, disease biology and mechanisms of action.
CTRL Energy: Fully modular and reusable battery to build any energy storage and supply systems in minutes in building blocks (like legos) A&B Smart Materials: Novel smart hydrogel material that passively cools any surface it is applied to, starting with solar.
PV Psyrin: Voice biomarker technology and advanced AI to identify early signs of mental illness, improve traditional diagnostic models, and streamline access to timely care.
Biorce: Platform based on a proprietary SML to streamline clinical trial processes, enhancing efficiency, accuracy and overall outcomes, while reducing the cost and time associated with conducting clinical trials.
Beata Enwall, investment manager at Norrsken VC:
Startups to watch: Engrate: APIs for energy tech companies to integrate with utilities Bardo: AI platform to automate tracking and reporting of carbon footprints.
Fifty: Enabling industrial and property assets to participate in the energy markets Tandem: AI for medical note taking.
Wawa Fertility: Operating system for IVF clinics including billing, communication and workflow.
Trends to track:
- Education x AI Solutions that can accelerate educational solutions through AI. Both for workforces and also for individuals. AI has the ability to develop the content even faster and to make it more personalized.
- Material Development AI has the possibility to further accelerate the development for materials. Finding better, cheaper and greener materials benefits everyone.
- EV Fleet Management A lot of vehicle fleets are shifting from being fossil fuel based to electric. Fleet managers need help with both the shift to EV but also with the route and charging planning to be able to adopt EVs.
Thalia Stemitsiotis, investment analyst at Raise Ventures:
Startups to watch: EPYR: Transforms industrial heating with power-to-heat Thermal Energy Storage Kraeken: Flood risk analytics providing 3D models, comprehensive hydraulic databases, and advanced simulations Theremia: AI-driven platform to design drug derivatives with improved efficacy across diverse demographics. Core focus on neurology and patent extensions Plakar: Secure data protection platform that redefines backup and restore by transforming backups into versatile, actionable assets Altrove: AI-driven discovery for inorganic materials enabling the design, synthesis, and manufacturing of scalable, sustainable alternatives to critical materials
Trends to track:
- Accelerating Energy Retrofits in Housing Increasing pressure from regulations and climate targets are driving innovations in energy retrofitting, with AI, and satellite data, transforming how buildings are assessed and renovated. These solutions streamline the entire process - from energy audits to cost estimates and execution - making retrofits more accessible and scalable. With growing subsidies and green financing across the EU, this sector presents significant opportunities for startups and investors.
- Watertech Rising water scarcity driven by climate change is spurring the development of advanced technologies to optimize water use and mitigate risks. Innovative solution such as AI-powered forecasting, IoT-enabled monitoring, and impact simulation tools are helping industries and cities anticipate droughts and manage resources more efficiently.
3. Navigating the Physical Space with LLMs LLMs have advanced in processing digital data but face challenges in the 3D physical world. Innovations in navigation and automation are transforming industries, creating major new opportunities, especially in humanoid robotics. As LLMs enable real-world interaction, they are reshaping industries and driving new opportunities across sectors like construction, factories, and infrastructure.
Ellen Smeele, Investment Manager at SET Ventures:
Startups to watch: Companion.energy: Industrial energy management software unlocking industrial flexibility. Unique value proposition through deep knowledge and integration of industrial operations SnerpasPower: Industrial flexibility platform, unlocking energy flexibility at large industrial clients such as data centres and aluminium smelters and connect loads with markets Nox Energy: Unlocks flexibility by connecting the energy market with manufacturers of renewable energy assets Volteum: Accelerates fleet electrification through planning and operations software Tibo Energy: Supports commercial and industrial customers in their energy transition journey by providing SaaS solutions for simulating and controlling energy hubs and smart grids
Trends to track:
- Cybersecurity of Critical Infrastructure Power plants are increasingly digitized and connected. This makes these assets vulnerable to cybersecurity threats, risking grid stability and resilience. We see great value in companies that address this challenge and enable secure, critical power infrastructure.
- Electrification of Logistics As EVs are at cost-parity and innovation in medium- and heavy-duty vehicles is accelerating, fleet electrification is becoming crucial for logistics operators. We are excited about solutions to electrify diesel-powered components of the logistics value chain, such as distribution centres, refrigerated transport and fast-charging infrastructure.
- Unlocking Industrial Flex Beyond Batteries As electrification continues, we see that installing solar PV and batteries isn't enough and commercial and industrial companies require more visibility and control over their energy consumption and procurement. Deep integration with industrial assets such as e-boilers, pumps and compressors is required to fully transition. We see tremendous value in companies that can unlock this flex capacity in an scalable way.