GreenTech scale-up Ecoat, a Grasse-based innovator of sustainable binders in paint, has simply closed a €21 million funding spherical to innovate one of many world’s most carbon-intensive industries: the coatings and paints sector, which reportedly accounts for two% of worldwide industrial GHG emissions.
The spherical contains €18 million in fairness from Yotta Capital, the European Round Bioeconomy Fund (ECBF), and Starquest, with extra help from the French authorities’s France 2030 plan by way of ADEME. An upcoming debt package deal backed by Bpifrance and Ecoat’s banking companions will carry the overall to over €21 million.
“This marks a turning level for Ecoat. With the help of our new companions, we’re able to scale quick — increasing manufacturing, accelerating R&D, and going international — all whereas staying true to our mission: making sustainable coatings the business customary. We’re proud to be a European chief already — and now, we’re getting into the US and Asian markets to take this affect to the following degree,” says Olivier Choulet, CEO of Ecoat.
Based in 2011, Ecoat is on a mission to remodel the coatings business with eco-designed, bio-based options that cut back environmental affect and promote a round financial system.
Ecoat develops water-based, bio-based, and high-performance binders that change fossil-derived polymers in ornamental, wooden, and steel paints. Pushed by inexperienced chemistry and eco-design, the corporate integrates sustainability, efficiency, and life cycle evaluation into their innovation.
“With its funding in Ecoat, Yotta is proud to finance by means of its Progress Fund Yotta Progress Trade a French main industrial SMEs which brings to the market revolutionary and cost-competitive low-carbon options to speed up the decarbonisation of the paint and coating business. We are going to work alongside Ecoat’s administration and our co-investors to assist speed up its development and its constructive affect on the setting,” mentioned Nadia Bouzigues, Managing Accomplice at Yotta Capital Companions.
With a median annual development fee of 60% over the previous 5 years, Ecoat is reportedly outperforming a coatings market that has remained flat and even declined in recent times — a testomony to the the urgency of the ecological transition.
In line with Ecoat, their binders don’t simply decrease emissions — they permit true industrial-scale decarbonisation. Because of a mix of life cycle evaluation experience, bio-based formulation know-how, and a Accountable Care dedication to secure chemical administration, Ecoat goals to assist a complete business rework its environmental footprint — with out compromising efficiency.
“As an investor dedicated to advancing round bioeconomy, we at ECBF are proud to help the growth technique of Ecoat, a know-how chief with a transparent dedication to sustainability and circularity. Ecoat’s distinctive bio-based options have already confirmed their potential within the cost-efficient de-fossilisation of paints and coatings” provides Michael Nettersheim, Normal Accomplice at ECBF.
This new funding will gasoline Ecoat’s subsequent part of development:
- Scale manufacturing to 30,000 tons of bio-based binders at its Roussillon plant
- Broaden the staff throughout R&D, operations, and industrial
- Speed up worldwide growth in Europe, the US, and Asia
- Launch new merchandise and deepen strategic partnerships with international industrial leaders
- Pursue focused build-up alternatives, leveraging its strong development to consolidate and broaden its management in sustainable coatings
“We’ve been backing Ecoat because the very starting, in 2013 — lengthy earlier than the coatings sector turned its eyes to sustainability. From these early days to turning into a European market chief, we’ve watched Ecoat flip imaginative and prescient into execution. This new spherical marks a brand new chapter: one in all worldwide development, particularly within the US market, to maximise the decarbonisation affect within the international constructing business,” provides Chloé Cohen-Aknine, Funding Director at Starquest Capital.
