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EnOcean raises VC cash to drive IoT acquisitions after collapse of SPAC deal

EnOcean raises VC cash to drive IoT acquisitions after collapse of SPAC deal

Business news |
By Nick Flaherty



Energy harvesting pioneer EnOcean has raised a ‘significant’ investment from a venture capital group to drive growth with acquisitions.

The value of the EnOcean deal with Dutch fund Innovation Industries is undisclosed but the company says the deal provides the necessary capital to support its continued growth with both organic and inorganic growth through acquisitions.

This follows EnOcean’s first acquisition in October 2022 of the smart server business of Renesas Electronics and the collapse of a reverse takeover with US special acquisition company (SPAC) Parabellum Acquisition. The deal, which valued EnOcean at $120m, collapsed in May 2023.

Instead the Innovation Industries deal would allow further acquisitions with separate capital raises to complement its portfolio and enhance its capabilities. Innovation Industries invests in industrial technology, med-tech, and agri & food technology, with portfolio companies in energy-efficient photonic chips, batteries and sensing technologies.

“This investment marks a significant milestone for our company and exemplifies the strong alignment of our objectives and our strategy going forward. We believe that this strategic partnership is a testament to the strength of our vision and the exceptional potential we hold in the market,” said Raoul Wijgergangs, CEO of EnOcean (above).

“We are excited to embark on this journey together and are confident that this step will pave the way for our continued growth and innovation. We are truly pleased with this development and look forward to the promising future it brings to all parties involved.”

Chris Sonnenberg from Innovation Industries added: “Partnering with EnOcean in their pursuit of sustainable IoT solutions is a remarkable opportunity for Innovation Industries. We are excited to expand our investment portfolio into the vibrant German market, and joining forces with a company that holds a leadership position in the sustainable IoT sector is truly inspiring. The dedication EnOcean is showing to drive innovation in products, channel, and business model while prioritizing environmental sustainability aligns seamlessly with our own values. This investment not only signifies our confidence in EnOcean’s capabilities but also our commitment to fostering technology-driven positive change. We eagerly anticipate the positive impact our partnership will bring to both the company and the IoT landscape as a whole.”

Headquartered in Oberhaching, near Munich, EnOcean has been producing maintenance-free wireless switches and sensors that gain their energy from the surroundings for over 20 years. It uses a range of connectivity standards including Zigbee, Bluetooth, BACnet, Modbus, LON, and IAP alongside its own telegram messaging protocol for smart buildings, services, and production processes in the IoT.

www.enocean.com; www.innovationindustries.com

 

 

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