Biotech company Ecoat has made waves in the industry by securing a substantial €21 million in funding for its groundbreaking work on low-carbon paints and coatings. This French greentech scaleup is on a mission to revolutionize one of the world’s most carbon-intensive sectors – paints and coatings, which contribute approximately 2 percent of global industrial greenhouse gas emissions.
At the heart of Ecoat’s innovation is the replacement of fossil-derived polymers in paint with bio-based, low-carbon alternatives. By developing high-performance, water-based and bio-based binders that serve as sustainable substitutes for traditional fossil-based polymers in decorative, wood, and metal paints, Ecoat is paving the way for a more eco-friendly future.
The recently secured funding includes an impressive €18 million in equity investments from key partners such as Yotta Capital Partners, the European Circular Bioeconomy Fund (ECBF), and Starquest Capital. Notably, Starquest Capital has been an investor in Ecoat since 2013, showcasing long-term support and belief in the company’s vision.
Moreover, Ecoat has received backing from the French government’s France 2030 initiative through ADEME. The financial support doesn’t stop there; with a debt package backed by Bpifrance and the company’s banking partners added to the mix, the total investment surpasses an impressive €21 million.
This infusion of capital will not only fuel Ecoat’s expansion into international markets but also bolster its commitment to sustainability by scaling up production capabilities, expanding research and development efforts, enhancing operational efficiency, and boosting commercial initiatives.
CEO Olivier Choulet expressed his enthusiasm about this significant milestone for Ecoat stating:
“This marks a turning point for Ecoat. With the support of our new partners, we’re ready to scale fast—expanding production,
accelerating R&D,
and going global—all while staying true to our mission: making sustainable coatings
the industry standard.”
Choulet further highlighted their ambitions by mentioning their plans to enter US and Asian markets aiming to elevate their impact on a global scale.
Investors like Yotta Capital Partners are equally thrilled about supporting Ecoat’s growth journey towards decarbonizing the paint & coating industry. Nadia Bouzigues from Yotta stated:
“Yotta is proud to finance…a French leading industrial SME which brings innovative
low-carbon solutions.
We will help accelerate its growth
and positive environmental impact.”
Similarly enthusiastic about this partnership is Michael Nettersheim from ECBF who emphasized:
“We are proud to support…Ecoat,
a technology leader committed
to sustainability
and circularity.”
Ecoat’s unique bio-based solutions have already demonstrated their potential in cost-efficiently reducing reliance on fossil fuels within paints and coatings—a promising step toward achieving greater sustainability within the sector.
As industries worldwide strive towards more eco-conscious practices amid growing environmental concerns,
Ecoat stands at the forefront with its innovative approach towards creating greener alternatives without compromising on performance or quality.
The future looks bright for Ecoat as it sets sail towards new horizons fueled by this recent investment boost.
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