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.