Enevo

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Enevo
TypePrivately held company
IndustryWaste Management, IoT
Founded2010 [1]
Defunct2021
HeadquartersBoston, MA, Nottingham, UK, Espoo, Finland[1]
Key people
Fredrik Kekäläinen, CEO & Founder[2]
Number of employees
32 (2017)
Websitewww.enevo.com

Enevo was a company that worked in data analytics, container asset management, and logistics software for the waste and recycling industry. Enevo was founded in Finland in 2010 by and Johan Engström.

Company history[]

In April 2013 Enevo raised €2 million ($2.6 million) in funding from Finnish Industry Investment and Lifeline Ventures to fuel international growth.[3] In November 2013 the company announced it had signed service contracts with waste management companies in Finland,[4] Norway and Denmark.[5]

In August 2014 Enevo told that it had raised $8 million from Earlybird, Lifeline Ventures, Finnish Industry Investment, Draper Associates and Risto Siilasmaa, among others. The funding would be used to grow and bring the sensor-based waste collection system to global markets.[6] In August 2016 Enevo received a €15m loan from the European Investment Bank.[7]

Recycle Track Systems, Inc announced the takeover of Enevo's US accounts in June 2020.[8] Enevo Oy (the Finland-based parent company, R&D operation) filed for bankruptcy a month later, in what was initially called a group restructuring effort with its creditors.[9] The liquidation of Enevo was completed in May 2021.[10]

Reen AS, a Norway based spin-off from Europe's second largest telematics company ABAX Group, acquired parts of Enevo's business from the bankruptcy estate. In June 2021 it was announced that while Reen AS would operate from the former Enevo headquarters and the UK branch, the Enevo Inc. brand would be retained for its US business.[11]

References[]

  1. ^ a b "Enevo Oy, Yrityshaku". taloussanomat.fi. Archived from the original on January 7, 2014. Retrieved Jan 7, 2014.
  2. ^ "Enevo - Contact". enevo.com. Retrieved Jan 7, 2014.
  3. ^ "Garbage in, data out: Enevo gets funding for its smart waste services". gigaom.com. 10 April 2013. Retrieved Jan 7, 2014.
  4. ^ "Enevo announces new deals with Finnish municipal waste management companies". enevo.com. Archived from the original on 2014-01-07. Retrieved Jan 7, 2014.
  5. ^ "Enevo announces new deals in Norway and Denmark". enevo.com. Archived from the original on 2014-01-07. Retrieved Jan 7, 2014.
  6. ^ "Enevo closes $8 million in funding". Enevo. Archived from the original on 6 November 2014. Retrieved 6 November 2014.
  7. ^ "Enevo receives a €15m loan from the European Investment Bank". smartbuildingsmagazine.com. Retrieved Jan 28, 2021.
  8. ^ RTS, Inc (15 June 2020). "RTS Announces Acquisition of Enevo Inc.'s US Accounts". Retrieved 2021-07-26.
  9. ^ Kauppalehti. "Enevo Oy konkurssipesä | Yritys- ja taloustiedot | Kauppalehti". Tärkeimmät talousuutiset | Kauppalehti (in Finnish). Retrieved 2021-05-06.
  10. ^ Länsi-Uudenmaa District court, decision 2141, journal no. 2020/3345, 2021-05-19.
  11. ^ "The ABAX Venture Company REEN acquires Enevo Group".

External links[]

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