Amsterdam-based Rockstart, a global early-stage VC and accelerator, announced on Tuesday that it has co-invested in Rockstart Energy portfolio company IM Efficiency. The funding amount has not been disclosed.
Dutch-based IM Efficiency is a technology company that aims to make heavy-duty logistics sustainable.
The seed round was led by Brabant Development Agency (BOM) alongside Rockstart and other private investors.
Ingrid Nieweg, Investment Manager at BOM, says, “IM Efficiency accelerates the energy transition with its innovative ‘SolarOnTop’ technology through which energy savings and carbon emissions reduction are achieved. Their solution is a real game changer with a lot of potential.”
“It fits very well in our aim to make Brabant energy neutral. We see that IM Efficiency makes a positive contribution to the already strong mobility ecosystem in Brabant centered around the Automotive Campus, through their technology and cooperation with local companies.”
“Recently IM Efficiency joined forces with Dutch solar companies to bring back photovoltaic manufacturing to the Netherlands through the SolarNL project and ASOM, alongside other BOM portfolio companies such as Taylor and Lightyear layer,” adds Nieweg.
Trucks that love the sun
According to CBS and the European Commission, the need for onboard solar technology solutions is rising quickly as sustainability gains importance in the transportation sector.
Currently, the truck and trailer business offers room for expansion with 150,000 semi-trailers in the Netherlands alone and an estimated several million throughout the EU.
This is where IM Efficiency looks to make a difference.
In order to reduce truck fuel consumption, IM Efficiency uses clean and renewable energy sources to create hardware and software solutions.
With over 25 clients, IM Efficiency claims to be one of the top players in the European market for solar-powered trucks and trailers. It has already made an impact in countries like Germany, the Netherlands, and Belgium.
Heavy-duty vehicles need to use costly and environmentally damaging means of generating.IM Efficiency developed SolarOnTop, an onboard solar technology that produces electricity from solar panels, to address this issue.
Since SolarOnTop’s release in the market in 2022, it has already reduced 1,000–3,000+ litres of diesel fuel yearly per vehicle.
The system powers the cabin’s electronics when the vehicle is parked, doing away with the requirement for idling and lowering fuel usage. Additionally, when the vehicle is moving, it powers electrical appliances and lessens the burden on the alternator.
In several use cases, SolarOnTop provides the semi-trailer with the electric power it needs, enabling the trailer to operate independently from the tractor unit and with reliability in logistical operations.
Energy is provided effectively via the intelligent energy management system, leading to considerable fuel savings and a decrease in CO2 emissions.
The scale-up is expanding these capabilities to electric trucks, extending the drivable range of electric vehicles.
Capital utilisation
IM Efficiency says it will use the funds to accelerate the growth of SolarOnTop,, scale up SolarOnTop’s production, and develop new solar products.
Martijn Ildiz, CEO of IM Efficiency, says, “The IM Efficiency team has worked hard at proving the benefit of onboard solar energy within the logistics industry, while eagerly learning about the use cases and applications from our passionate customers.”
“With a market and society that is increasingly focusing on transitioning to sustainable transportation technologies, completing this seed round has enabled IM Efficiency to take the next step and turn hundreds of trucks into mobile solar parks within a short time span.”
Ildiz further adds, “We strongly believe that the trailer is key to low-carbon transportation and with knowledgeable investors onboard, we are now in the position to bring our next-gen technologies to the market and reduce CO2 emissions even further.”
About Rockstart
Rockstart is a domain-focused accelerator venture capital firm that offers follow-on growth capital to help startups become successful across three domains: Energy, AgriFood and Emerging Technologies.
Besides funding, the firm also provides access to market and expertise by connecting founders with co-investors, mentors, partners, corporates, and the wider Rockstart network.
Since its inception in 2011, Rockstart has backed over 300 startups and its alumni value is more than $1B. The firm also has notable exits such as Wercker, Bouw7, iClinic, and in 2021, 3D Hubs and Brincr.
The Rockstart Energy fund is Rockstart’s second fund launched in 2020 and has 34 portfolio companies. The Rockstart Energy portfolio companies have collectively raised more than €50M in total thus far.
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