BeePlanet Factory, a pioneering Navarra-based company specializing in energy storage from electric vehicle batteries, has closed a €5M funding round aimed at strengthening its growth, diversification, and internationalization strategy. Founded in 2018, BeePlanet focuses on manufacturing and implementing energy storage systems using electric vehicle batteries, developing solutions for various sectors such as commercial and industrial self-consumption, large renewable energy installations, and charging infrastructures. These applications include technological developments to optimize equipment lifespan and ensure efficient energy management.

The recent funding round marks an important milestone with the inclusion of two new strategic investor partners: Santander Climate Fund and Easo Ventures (managed by Stellum Capital). This investor group expansion complements the investment from Itzarri and the renewed support from existing partners, with Suma Capital being the largest individual shareholder leading the participation of current investors. Additionally, EIT InnoEnergy and Sodena, a public entity of the Government of Navarra, have reaffirmed their confidence in the company for this new phase. The backing from this operation will provide BeePlanet with the resources needed to accelerate its international expansion and develop innovative business models, thus contributing to the promotion of a more sustainable energy system.

Since its foundation in 2018, BeePlanet has achieved revenues of €5.7M in 2023, created 46 highly skilled technical jobs (with plans for growth in the short term), and invested over €5 million in technology. The company has also participated in 10 European R&D projects and deployed more than 40 MWh of energy.

“It is an honor to announce this capital increase, a decisive step that will strengthen our position and allow us to continue advancing in the energy storage sector. Our goal is to become global leaders in the reuse of electric vehicle batteries”, said Jon Asín, CEO of BeePlanet Factory.

BeePlanet’s business model has benefited from the significant growth of the electric vehicle and energy storage markets in recent years. According to the European Union, it is estimated that by 2030 there will be approximately 30 million electric vehicles on the road, generating over 400,000 batteries annually for reuse or recycling.

In this context, BeePlanet launched the BeeCycle project in September 2024, which involves the construction of a battery recycling plant in Caparroso, Navarra, in collaboration with Navarra-based companies Metales de Navarra, S.A. (MEDENASA), TW Logistics, and the public entity Sodena, as well as Korean companies SungEel Hitech and Samsung C&T. The plant, set to begin operations in 2026, will have an annual recycling capacity of 10,000 tons.

BeePlanet has also been recognized for its commitment to sustainability and equality, being the first company in Navarra to join the B-Corp certification in July 2024 and receiving the “Equality in the Company” award by the Spain’s Ministry of Equality in June of the same year.

Thanks to this capital increase and the support of strategic partners, BeePlanet is well-positioned to meet the challenges of an industry undergoing transformation. With its recycling plant project and international expansion underway, the company is positioning itself as a key player in the development of sustainable energy solutions, significantly contributing to reducing the carbon footprint across various sectors. BeePlanet continues its mission to lead innovation in the reuse and recycling of batteries, driving a cleaner and more efficient future for everyone.

ABOUT BEEPLANET FACTORY

BeePlanet Factory designs and manufactures energy storage systems using automotive sector batteries. Since its inception in 2018, BeePlanet has aimed to create a sustainable energy model that promotes a circular economy by managing second-life batteries, focusing on innovation and offering advanced solutions with proprietary technology (BMS and EMS) and high-quality components made in Europe. To date, the company has completed more than 100 projects, deployed over 40 MWh, and built a strong portfolio of clients and partners.

ABOUT EIT INNOENERGY

EIT InnoEnergy is a leader in innovation for the energy transition, driving clean technologies, business models, and competencies that advance European decarbonization, reindustrialization, and energy security objectives. Highlighted in 2023 as the leading investor in clean technologies and the blue economy by Startup Genome, and as one of the top 10 most active investors in deeptech by Sifted, it supports key innovations in energy storage, sustainable mobility, renewable energy, and energy efficiency.

With a portfolio of 200 companies, EIT InnoEnergy is expected to generate €110 billion in revenues and save 2.1 million tons of CO2e by 2030. It also leads strategic initiatives such as the European Battery Alliance (EBA), the European Green Hydrogen Centre (EGHAC), and the European Solar Industry Alliance (ESIA).

Since 2010, EIT InnoEnergy has evaluated over 7,000 startups, launched 300 products, and generated more than €9.7 billion in investments. Its network includes 1,200 partners and 35 shareholders.

ABOUT SODENA

Sodena, Sociedad de Desarrollo de Navarra, S.L., is the financial instrument of the Government of Navarra aimed at capturing and developing high-value business projects for Navarra, providing financial support, assisting with location, and connecting businesses to its network, all in coordination with the regional Sustainability Strategy. Its objective is to contribute to regional development and the creation of quality jobs.

Sodena’s portfolio includes a hundred companies employing over 9,700 people. It has provided financial support amounting to €188 million, backing the growth, consolidation, and entrepreneurial plans of these Navarra-based companies. Sodena operates with a policy of sustainability and responsible investment and is a signatory of the UNPRI (UN Principles for Responsible Investment) and the UN Global Compact.

ABOUT SANTANDER ALTERNATIVE INVESTMENTS

Santander Alternative Investments SGIIC, the alternative investments manager within the Santander Group’s Asset Management business, is dedicated exclusively to managing Alternative Investments through various strategies, including Private Debt, Real Estate, Infrastructure, Renewable Energy, Fund of Funds, Private Equity, and Venture Capital. The team comprises 70 professionals, with 30 working in different investment teams.

ABOUT EASO VENTURES (STELLUM CAPITAL)

Easo Ventures is a venture capital firm founded in 2018 and managed by Stellum Capital, focusing on driving innovative companies. Based in the Basque Country and backed by around 100 investors, the firm has invested in over 70 companies through its two funds. Its strategy focuses on supporting projects with high growth potential in sectors like Artificial Intelligence, energy transition, IoT, and SaaS models, offering not only funding but also guidance and business expertise to accelerate company development.

ABOUT ITZARRI

Itzarri EPSV de Empleo is a Voluntary Social Provision Entity managing the pension plan for workers in the Basque Government and Institutions. Founded in 2005, the company has accumulated €1.3 billion in assets and serves over 124,000 members. Itzarri is managed by an internal team with a focus on responsible investment and a commitment to economic development.