Enevo Receives Funding From EU Horizon 2020 Innovation Project
Enevo chosen as one of 50 innovative SME companies across 14 countries to receive investment from the European Commission’s SME Horizon 2020 funding project
Espoo, Finland, April 22, 2016: Enevo, a leader in smart waste management, has been selected receive €2.3m funding from the European Commission’s Horizon 2020 project. The project supports small and medium sized businesses which offer disruptive technologies, to help them scale up.
Fredrik Kekäläinen, Enevo Founder and CEO said, “Enevo is on a transformational journey using IoT and smart technology to re-invent waste management. Big data and analytics are helping us drive new levels of sustainability and facilitate the shift towards the circular economy in an industry that has traditionally not been a focus for disruptive technologies or business models. Our solution is already proven in the field with rapidly growing interest from customers around the globe. We’re delighted to receive new investment from the Horizon 2020 program as a strong endorsement of our vision and potential.”
Kekäläinen added “this new funding will help us continue to actively invest in future growth and enable the company to scale more rapidly to serve more cities in Europe. Investment programmes like Horizon 2020 show a strong commitment to encourage innovation and the development of new business models. In doing so, Horizon 2020 plays an important role in ensuring Europe continues to thrive in the future. We’re excited to be part of this programme alongside the other innovators recognised by the European Commission.”
Enevo’s solution combines active fill-level monitoring and dynamic route planning to eliminate inefficiencies and costs associated with inflexible static waste collection routes. Enevo sensors in waste containers transmit real-time data about their fill levels. This data is analysed using Enevo’s cloud-based servers and utilised to optimise waste collection routes so that only filled containers are serviced. This change from static to dynamic waste collection routes significantly reduces collection costs and the associated impacts of waste management including carbon footprint.
Horizon 2020 funding will enable Enevo to accelerate its expansion in a number of European countries and expand the number of cities the company can service. This will include setting up new operations and hiring key people in a number of European markets as the company continues its mission to make the world a cleaner and less polluted place.
Founded in 2010, Enevo is a forward-thinking company with a vision to transform the financial, environmental and social impact of waste.
By collecting and analysing data from refuse containers across the world, Enevo is able to create efficiencies and cut the cost of waste collection and recycling. Enevo simplifies, de-risks and optimises the waste management process, helping to make a sustainable waste-free environment a more achievable proposition.
The company has raised over $26m in private equity funding to date and continues to invest highly in R&D. Enevo is headquartered in Espoo, Finland, with offices in the US, UK, Germany, Hong Kong and Japan.