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Enevo

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Enevo
Company typePrivate
IndustryWaste Management, IoT
Founded2010; 14 years ago (2010)[1]
HeadquartersBoston, MA[1]
Key people
Fredrik Kekäläinen, CEO & Founder[2]
Number of employees
32 (2017)
Websitewww.enevo.com

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

Company history

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Founded by Fredrik Kekäläinen and Johan Engström in 2010, Enevo was envisioned with the goal of transforming the financial, social and economical impact of waste.[3] The concept began to form in a conversation between Kekäläinen and Engström, who wanted to provide waste data from dumpster sensors to lower the cost of waste disposal.

In April 2013, Enevo raised €2 million ($2.07 million USD) in funding from Finnish Industry Investment and Lifeline Ventures. The US subsidiary Enevo, Inc. was opened in July 2013 in Boston, MA.[4] In November 2013, the company signed service contracts with waste management companies in Finland,[5] Norway, and Denmark.[6]

In August 2014, Enevo 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 new global markets. [7] In 30 June 2015, Enevo secured another $15.8 million in funding from Foxconn, and several other organizations.[8] A year later in August 2016, Enevo received a €15 million loan from the European Investment Bank.[9]

Recycle Track Systems, Inc. announced the takeover of some Enevo's US waste services accounts in June 2020, as Enevo exited the waste services business and switched focus entirely on continuing the technology and software side of the business.[10] Enevo Oy (the Finland-based parent company, IP holder) filed for voluntary bankruptcy a month later, in what was initially called a group restructuring effort with its creditors.[11] The liquidation of Enevo was completed in May 2021.[12]

Reen AS, a Norway based spin-off from Europe's second largest telematics company ABAX Group, acquired part of Enevo's business from the bankruptcy estate. In June 2021, it was announced that while Reen AS would operate from the former Enevo office in Espoo, Finland and the UK branch, the Enevo brand would be retained for its US, Canada and Japan business and continue operating independently as Enevo, Inc. under separate ownership.[13]

In May 2022, Enevo, Inc. acquired the rights to the entire Enevo technology stack along with patents and the Enevo trademark from Reen AS.

References

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  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. ^ "About - Enevo". enevo.com. Retrieved 2022-08-07.
  4. ^ "Garbage in, data out: Enevo gets funding for its smart waste services". gigaom.com. 10 April 2013. Retrieved Jan 7, 2014.
  5. ^ "Enevo announces new deals with Finnish municipal waste management companies". enevo.com. Archived from the original on 2014-01-07. Retrieved Jan 7, 2014.
  6. ^ "Enevo announces new deals in Norway and Denmark". enevo.com. Archived from the original on 2014-01-07. Retrieved Jan 7, 2014.
  7. ^ "Enevo closes $8 million in funding". Enevo. Archived from the original on 6 November 2014. Retrieved 6 November 2014.
  8. ^ FinSMEs (2015-06-30). "Enevo Raises $15.8M in Funding". FinSMEs. Retrieved 2022-08-07.
  9. ^ "Enevo receives a €15m loan from the European Investment Bank". smartbuildingsmagazine.com. Retrieved Jan 28, 2021.
  10. ^ RTS, Inc (15 June 2020). "RTS Announces Acquisition of Enevo Inc.'s US Accounts". Retrieved 2021-07-26.
  11. ^ Kauppalehti. "Enevo Oy konkurssipesä | Yritys- ja taloustiedot | Kauppalehti". Tärkeimmät talousuutiset | Kauppalehti (in Finnish). Retrieved 2021-05-06.
  12. ^ Länsi-Uudenmaa District court, decision 2141, journal no. 2020/3345, 2021-05-19.
  13. ^ "The ABAX Venture Company REEN acquires Enevo Group".
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