Econic secures €40m new capital injection

13 dec Econic secures €40m new capital injection

AXECO Corporate Finance is pleased to have supported econic and its existing shareholders (Rinkelberg Capital and Meewind) in the capital raise

A consortium of investors, comprising Rabo Investments, Rinkelberg Capital and Meewind, has provided econic a €40m new capital injection for the high-growth scale-up, which makes homes more sustainable by installing and maintaining bespoke heating and energy systems for a monthly subscription. The new investment round enables econic to make a significant contribution to accelerating the energy transition in the Netherlands and Germany.

Explosive growth

From their headquarters in a former gasworks in Amsterdam-Noord and their Aachen based German branch, econic ensures that making a house more sustainable is smart, straightforward and financially feasible. Through key partnerships and its digital platform ‘EOS’, econic makes improving sustainability a breeze for consumers, housing corporations, property developers and contractors. econic, employing over 150 people, also installs the equipment including heat pumps, solar panels, batteries and charging points whilst offering the choice between purchasing or leasing the equipment. When leased, all equipment is installed and maintained for a fixed monthly subscription. Organic and acquisitive growth have contributed to the company rapidly expanding its footprint in the Netherlands and Germany.

Immense task

Joris Jonker (CEO): “In order to achieve the targets for CO₂ reduction in the urban environment, at least a thousand homes in the Netherlands need to be made more sustainable every single day. That is an immense task, but this new investment round means that we can contribute significantly. I consider it an enormous compliment that an investor like Rabo Investments and financiers like Triodos, ASR and Rabobank have kept track of us in recent years, saw that we are playing an important role in accelerating the energy transition, and wanted to become a contributing partner. We also feel highly supported by Rinkelberg Capital and Meewind, who with their renewed commitment continue to show their unremitting faith in our approach and vision”.

Investors’ quotes

“By making both existing and new homes more sustainable, econic augments the urgently-needed energy transition. This is in line with our desire to support the growth ambitions of sustainable companies, through Rabo Investments. As an actively involved stakeholder, we look forward to working with econic to boost the green credentials of the housing market” says Arjan van der Hout, Investment Director at Rabo Investments.

“As an involved investor, we (financially) support innovative and sustainable start-ups and scale-ups. We have been closely involved with econic from the outset, and have seen with our own eyes that the vision and concept are catching on, making a considerable contribution to accelerating the energy transition. In view of the management’s growth ambitions and experience, we are delighted to lay solid foundations for the enterprise, together with econic and the new investors and project financiers.” says Jan Moulijn, Head of Private Equity at Rinkelberg.

“Meewind favours investment in successful companies that lay strong foundations for a sustainable future, and that are more than incidental projects. econic has proved itself to be a forerunner in the sustainable field. Considering the results already achieved and the board’s growth ambitions and experience, econic is a sound match for our own ambitions. Meewind is keen to grow alongside the companies in which it invests, and supports them as they continue to grow” says Johan Swager, Director of Fund Management at Meewind.

About econic

We are econic. A vibrant company with the skill and determination needed to accelerate the European energy transition and create a world without emissions, together. Across the Netherlands and beyond we have a desire to turn every home into an e-home. By doing so we will help foster a world that is better for us and our planet. The future is econic. E-homes for all: www.econic.homes.

About Rabo Investments & Rabobank

Rabo Investments (RI) is Rabobank’s captive investment franchise. Worldwide, the RI team has invested nearly €2 billion in start-ups, scale-ups, established companies and funds. Continuing this proud record, RI is focused on helping innovative and sustainable companies active in the Food & Agri, Sustainability and Healthcare sectors.

Rabobank is a large cooperative bank that focuses both domestically and internationally on three major transitions: food transition, the climate and energy transition and the transition to a more inclusive society.

About Rinkelberg Capital

Rinkelberg Capital Ltd. is the investment office of the founders of TomTom. Rinkelberg’s investment activities are driven by their tech roots and entrepreneurial background. In addition to growth capital equity investments, the London-based team also focuses on property and credit. For more information, please see: www.rinkelberg.com.

About Meewind

Sustainable investment provider Meewind and its 12,000 private investors are dedicated to realising a 100% sustainable energy mix. They will do so by investing in sustainable and commercially viable projects. Over €300 million has already been invested in the pursuit of this ambition. Meewind’s funds finances and realises sustainable energy projects together with its participants. For more information, please see: https://meewind.nl.