Key Takeaways
- SolidWatts raised $2.0M (Seed) from Evercurious VC, Kickfund, Axel Carbon Capital, Uni.Fund, Investing for Purpose, Loggerhead Ventures, Almanac Ventures.
- Sector: Cleantech & Climatech, Industrials, Energy Infrastructure & Renewables.
- Geography: Switzerland.
Analysis
SolidWatts, a Swiss innovator in industrial process heating, has successfully closed a €1.9 million Seed funding round. This capital infusion is earmarked for advancing its proprietary solid-state Radio Frequency (RF) technology and preparing for market entry. The company aims to deploy its platform through pilot projects with industrial partners, targeting a sector responsible for a significant portion of global energy consumption.
The funding round saw continued backing from existing investors, including Evercurious VC, Kickfund, and Axel Carbon Capital. They were joined by a new group of investors, comprising Uni.Fund, Investing for Purpose, Loggerhead Ventures, Almanac Ventures, and several angel investors. This broad support underscores confidence in SolidWatts' mission to revolutionize industrial energy use.
Industrial heating represents approximately 20% of worldwide energy demand and contributes significantly to CO₂ emissions, making it a critical area for decarbonization efforts. SolidWatts' technology, which originated from high-power RF applications developed at CERN, offers a novel approach. It utilizes dielectric heating to directly energize materials, achieving over 80% electrical-to-heat conversion efficiency and minimizing energy waste compared to conventional methods.
“This investment is a tremendous endorsement of our mission to transform how industry consumes energy and allows us to bring RF technology to the power levels and efficiencies that industry actually needs,” stated Dr. Markus Aicheler, Founder and CTO of SolidWatts. The company's solid-state architecture promises reduced maintenance and enhanced system uptime, crucial factors for energy-intensive industries.
The investment in SolidWatts aligns with a broader trend of capital flowing into industrial decarbonization and energy transition technologies. Recent comparable funding rounds include Dutch firm RIFT's €113.8 million raise for industrial heat projects, French company Spark Cleantech's €30 million for cleaner heavy industry energy systems, Swiss peer enshift's €18.5 million for energy transition solutions, Barcelona-based WtEnergy's €10 million for industrial waste energy recovery, and Hamburg-based incentive's €6.3 million for industrial energy cost reduction software. Collectively, these deals highlight robust investor interest in electrifying and optimizing industrial processes.
SolidWatts targets sectors such as chemical and pharmaceutical production, food processing, carbon capture, and advanced recycling. By offering an efficient, fossil-fuel-free heating alternative, the company is positioned to make a substantial environmental impact. Electrifying even a small fraction of industrial heating processes could lead to significant reductions in global CO₂ output, addressing a key challenge in the fight against climate change.
Dr. George Georgiadis, Partner at Evercurious VC, commented on the investment, stating, “SolidWatts powers the future of industrial resilience. Their technology drives efficiency and provides a clear path away from fossil fuel dependency. This investment reflects our mission to back European hard-tech champions that solve real-world problems. We are scaling an innovator born in Europe and built for the world.”