In 2024, Emerald continued to shape the future of sustainable industrial innovation with groundbreaking achievements across its portfolio companies. From reuse revolutions to the decarbonization of travel to ensuring abundant and clean water, Emerald’s portfolio companies pushed the boundaries of what’s possible.
This year’s highlights showcase game-changing technologies, strategic partnerships, and measurable achievements. Here are the top highlights from Emerald’s Portfolio Companies in 2024!
Energy
Colibri Energy – the best lithium battery for airports
- achieved YoY revenue growth of 62%
- secured key clients British Airlines and Southwest Airlines
- completed EUR 5M follow-on round to support growth related working capital requirements
enspired – battery optimization and flexibility trading
- grew AuM by 2.6x
- confirmed strategic partnership with one of the largest battery integrators globally
- completed EUR 25.5M Series B led by Zouk Capital
eologix-ping – holistic turbine blade health monitoring
- won SGRE (Siemens-Gamesa) as a customer for structural health solution
- confirmed new partnership with Jomitek , the expert in lightning detection
- completed extension of Series B with all investors and new investors: Helen Ventures, Verbund Ventures, Beraunberri
INERATEC – synthetic fuels
- closed EUR 118M funding round
- finished construction of largest Power-to-Liquid plant in Frankfurt Höchst
- achieved project traction in France, Germany, Chile, and incorporation of INERATEC USA Inc.
NanoGraf – the world’s most innovative energy storage solutions
- fulfilled first commercial-scale production orders for beachhead defense customers purchasing NanoGraf-enabled 18650-format cylindrical cells, integrating into long-runtime portable communication radios.
- made substantial technical and scale-up progress on next-gen silicon anode product, achieving the trifecta of low-cost, high-energy density, and long cycle life
- awarded a USD 60 million grant from the U.S. Department of Energy’s Office of Manufacturing and Energy Supply Chains (out of 25 companies selected in battery supply chain, NanoGraf was the only new silicon anode company selected for this award)
SpotLight – the CCS Surveillance company
- installed 13 projects in UK, Denmark, Norway, US, Canada, & Australia
- gained noteworthy new customers including Exxon & BP
- was named a Darcy Partners top 10 innovator for the subsurface energy domain
Materials & Packaging
actnano – the global leader in PFAS-free coating technologies
- Approached $20m LTM revenue target, aiming at 40-50% growth for 2025
- Developed a new geographies (India, Japan) and a robust pipeline for the next 3 to 5 years
- Closed Series C, raising $40m at a $225m valuation, delivering a 10x return to Series A investors
Genecis Bioindustries Inc. – plastic, without the pollution
- Launched Mad Tea, compostable Nespresso pods for specialty teas (new US sales vertical), and on track to surpass $10M next year
- Partnered with select W Hotel (under Marriott) chains and are currently in the process of onboarding with GuestSupply (Marriott’s largest supplier)
- Raised a $1.1M CAD convertible note round from existing investors who were very excited with our new product launch
Paptic – the sustainable alternative for plastics in packaging
- Entered hygiene and feminine care packaging industry with a recyclable material combining sustainability, convertibility and elevated user experience
- Successfully closed 2023 growth financing round of EUR 27.5 million to accelerate global growth and ability to serve global customers
- Named on the 2024 Global Cleantech 100 for the second year running
Phase Change Solutions – smart materials for people and the planet
- Collaborated with SCGC to introduce Thailand’s first energy-saving solution for cold storage applications, taking only 10 months from signing the agreement to first commercial production
- Working with major US convenience store brand to improve the energy efficiency of convenience stores across the US
- Launched trials for using their signature phase change materials for coolant in bitcoin mining, as the industry looks to replace glycol
Vytal – the world’s largest digital reuse system
- Entered the U.S. market with the launch of VYTAL US Inc., acquiring certain assets and team members from TURN to drive tech-enabled reuse solutions
- Served over 160 events across 17 countries – including the Olympics 2024 and EURO 2024 fan zones across three major cities
- Secured more than EUR 6 million in investment to fuel growth and innovation in reusable packaging technology
Water & Wastewater
aganova – water pipe intelligence
- Achieved 120% YoY revenue and awarded contracts in Dubai, Paris and a major city in Brazil for more than EUR 2 million
- Became a Microsoft water replenishment supplier and signed a first replenishment project in Spain
- Secured almost EUR 1 million in public aid and incentives for R&D endeavors
Indra – economic, compact and smart water treatment systems
- Achieved 250% YoY revenue growth from customers including Unilever, IHCL (Taj Hotels), Tata Steel, and Grasim in India, Indonesia and Vietnam
- Built Electrox 2.0 reactor, the deployment of which has allowed energy consumption to decrease by at least 15%
- Selected as Top 5 ‘Emerging Water Technology Companies of the Year’ by Global Water Intelligence and was also invited to COP16 at Riyadh by UNCCD.
Kilimo – reshaping the value of water
- Achieved 2X YoY growth in Water stewardship revenues, with new contracts in Brazil and the USA. and 5 new key customers: Constellation Brands, Pepsico, Ecolab, P&G, and Amazon
- Developed a model to measure Irrigation applied from 2018 onwards using only satellite data
- Raised a USD 7.5 million Series A led by Emerald
MentorAPM – end-to-end-asset lifecycle management in a single platform
- Led two successful go-lives at City of Santa Monica and Alex Renew, completing more than 2500 work orders within the first 8 weeks post go-live, showing high acceptance and use of the new system
- Signed 10-year contract to supply asset management software to the Commonwealth Utilities Corporation (CUC) in the Commonwealth of the Northern Mariana Islands (CNMI), expanding presence in the APAC Region
- Developed and launched new product in under 6 months: the Asset Lens for Automated Asset Attribute Collection and Condition Assessments dramatically reduces the time and cost of building and keeping asset inventories up to date while improving the quality and consistency of the information collected
SewerAI – the #1 platform for underground infrastructure management
- Signed 5-year USD 4 million deal with Fortune 500 company
- Built out a full featured platform for inspection contractors
- Raised USD 15 million Series B funding round
The Water and Carbon Group – comprehensive solutions for landfill leachate treatment & PFAS removal
- Launched the USA’s first full-scale, fixed plant PFAS leachate treatment plant at a landfill
- Received Patent approval in USA and submitted two additional provisional patents, including one relating to short chain PFAS removal
- Raised USD 10 million with Emerald and Ecolab along with participation from Beraunberri (LP), meaning the business is now well funded to capture the market
Industrial IT & Robotics
Sea Machines Robotics – revolutionizing marine technology with data-driven intelligence, autonomy, and connectivity
- Grew revenue at 110% year over year (2024 vs 2023) with strong customer adoption particularly in the National Security market
- Won several exceptional strategic customers and relationships (but names cannot be disclosed) with roll-out of new versions of the SM300 product
- Onboarded new CEO (Chip Wasson) with founder Michael Johnson moving to the President/CTO
sewts – pushing the limits of automation with Physical AI
- First sales of sewts.VELUM into the Austrian laundry market
- Revenue growth of 500% YoY for the second consecutive time
- Demonstration of sewts.JUPITER’s capabilities in new domains including fashion manufacturing
TinyMobileRobots – field painting robots for every sport
- Achieved +50% growth in robots sold YoY
- Appointed new CEO (Daniel Breum) and new EVP of US organization, driving further professionalization of company and management team
- Awarded “Børsen Gazelle”, an honorable growth award given out annually by Denmark’s most notable business magazine to the top 1% of companies in Denmark that are growing rapidly and consecutively 4 years in a row – this was our third “Gazelle”, marking 7 years of consecutive high revenue growth
Mobility & Urbanization
Geodigital – remote sensing data services, advanced analytics, and work management software for utilities
- Increased ARR SaaS Solution Footprint at 20 Strategic Accounts within Electric T&D Industry
- Signed agreements with three Unmanned Aerial Systems companies to utilize GeoDigital to host, analyze, and inspect their inspection images into GeoDigital’s Insight for Utilities Platform
- Launched “GeoDigital Connect for ESRI”, integrating GeoDigital Data, Analytics, and Inspection Results into the Utilities Enterprise System for GIS, further penetrating the customer base of internal users at electric utilities
P97 – secure, cloud-based mobile commerce and digital marketing solutions for the convenience, retail, and fuel industries
- Achieved 16% YoY revenue growth to > USD 40 million revenue and expanded EMEA JPMorgan Chase referral agreement to the US market
- Two new key products, AppFactory and LoyaltyOne, have been developed to MVP stage, with beta stage in Q1/2025
- Secured a USD 10 million RLOC facility with Wells Fargo
Food & Agriculture
MeEat Food Tech – plant-based meat 2.0
- Increased Gross Profit by 8 ppts in one month by improving product portfolio performance
- Reached significant milestone by securing Business Finland’s Co-Innovation funding for participation in the FoodID research project, part of the Food 2.0 program, funding which enables the exploration of new technologies to advance the development of MeEat’s ingredients
- Raised additional funding from existing owners to stabilize the company to perform with existing market developments
Tropic – making tropical agriculture more productive and sustainable by using cutting-edge genetic innovation
- Demonstration of first commercial gene edited banana product, a first of its kind globally, supported by extensive patenting and regulatory approvals in multiple countries, and extensive demonstration of key next product, Panama Disease resistant banana, which is due to come to market in 2027
- Deepened collaborations with key industry players such as Dole, Del Monte and Fyffes for product commercialization
- Achieved recognition on the Global Cleantech 100
xFarm – the app for farm management
- Opened the Brazilian market with an exclusive partnership with Bunge, the biggest worldwide ingredient trader, with the aim of implementing the biggest Regenerative Agriculture program globally
- Hired two new C-levels: Flavio Cozzoli, Chief Digital Officer (previously Corteva, DuPont, Accenture) and Alexandra Freche, Chief Marketing Officer (previously Doctolib, Google, L’Oreal)
- Raised EUR 36 million Series C round led by Partech and followed by all existing investors, the biggest financing round for Smart Farming in the EU and one of the biggest Series C globally for a Smart Farming company
Emerald’s most recent investments:
Emerald leads €8.4 M round in Keto Software, Leader in AI-driven SPM Solutions
Emerald leads CHF 23.5 M investment in Embotech, autonomous driving innovator
Emerald leads $5M investment in Mantis Robotics to Redefine Robotics through Physical AI