Reel raises EUR 5 million seed funding to accelerate Europe’s renewable energy transition

Electricity stands out as one of the primary sources of global CO₂ emissions, and transforming how companies purchase, use, and report electricity is crucial in the battle against climate change. Friend of Copenhagen Fintech, Reel , is at the forefront of addressing this challenge. As the next-generation electricity supplier for companies, Reel delivers impactful electricity solutions that benefit the climate and a company’s bottom line.

Since becoming a certified electricity supplier in 2023, Reel has experienced rapid customer growth, consisting of large, industry-leading customers. In the wake of its recent success, the Danish-founded company has secured an impressive EUR 5M in seed funding. It will use this investment to kick off a comprehensive growth plan to introduce its unique electricity procurement model to carbon-intensive energy markets across Europe.  

Among the investors is the lead investor Transition , a London-based Seed and Series A venture capital firm that invests in companies making the climate transition a reality, and existing shareholders, including UVC Partners and The Footprint Firm .

“Reel combines climate impact and direct cost savings and predictability. Reel’s solution is a breath of fresh air as it offers an avenue for companies to spearhead the energy transition in an easy, genuine, and financially attractive way.” 🗣️ David Helgason , Co-founder & Partner at Transition. 

Reel offers an alternative to companies' conventional method to purchase renewable energy: Guarantees of Origin, also known as Renewable Energy Certificates. Despite being criticized for not leading to actual CO₂ reductions, companies frequently use these certificates to claim their use of carbon-free electricity. Jon Sigvert , CEO and Co-founder of Reel emphasizes the following:

 🗣️ “The pervasiveness of flawed renewable energy certificates means that corporate CO₂ reduction efforts are greatly overestimated, further accentuating our risk of falling short of the Paris Agreement. In addition, conventional contracts are commercially unattractive as companies pay extra for the certificates. Reel’s technology solves all of these issues and allows all companies - big and small - to help accelerate the renewable energy transition.”