Enevo receives loan from European Investment Bank

Finland-based Enevo, a producer of wireless sensors for the waste and recycling industry,has received a €15 million loan from the Luxembourg-based European Investment Bank (EIB). 

The loan is part of EIB’s European Union (EU) Finance for Innovators (InnovFin) program and backed by the Horizon 2020 program. In April 2016 Enevo received a €2. million grant from the Horizon 2020 SME (Small-and Medium-sized Enterprises) funding program.

Enevo says it will use the funding to fuel its growth in North American, European and Asia-Pacific markets by increasing sensor manufacturing capacity to meet volume demand. The funding will also accelerate Enevo’s R&D efforts in big data analytics for the waste industry, including providing operational insights, automated route planning and smart wireless sensors for collecting data from waste containers.

“EIB’s loan to Enevo demonstrates confidence in our market leadership, people and practices,” says Fredrik Kekäläinen, CEO of Enevo. “We are growing rapidly to meet the waste reporting and collection needs of our customers as urban sustainability demands increase. We are pleased that the EIB is aligned with our vision and has given us their support.”

“Enevo is part of that typical Finnish landscape of innovative companies that propel the economy,” says Jan Vapaavuori, vice president of EIB, responsible for lending operations in Finland. “This loan will enable Enevo to speed up its R&D efforts in a sector that will be of big importance in the fight against climate change, something the EIB has a strong commitment on.”