InnoEnergy supported start-up, Ecovat, developers of an intelligent energy storage system that can supply between 500-2500 houses with heat, issued share certificates worth €2.3M through the NPEX stock market.

The company, founded by CEO Aris de Groot, benefits from the energy transition that the Netherlands will undergo in the coming decades. Millions of homes that are now traditionally heated with fossil fuels can be heated in a different way. The Ecovat method, with which the heat is stored in a buffer tank 30 meters deep and with a diameter of 30 meters, provides heating or cooling for houses, depending on the season. Research agency Berenschot has calculated that the Ecovat technology offers important cost advantages over other sustainable alternatives that, for example, require that heat pumps are installed in every house.

There is good reason to invest in this company. Just last year, the company achieved a turnover of €4 million and a profit of more than €1 million. Preparations are currently being made in Het Dorp near Arnhem to construct the technology there, as well, projects are under way in Heerlen, The Hague, Panningen, IJmuiden and Belgium. The share certificates being sold will be tradeable via the trading the NPEX stock exchange.

With the proceeds from the issue of share certificates, Ecovat plans to finance the expected growth of the company, strengthen its’ working capital and invest in purchasing a hoisting frame.

Well done Ecovat! We look forward to more success stories in the future. Find out more about the company here.