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100% funded by 1757 investors
Efenco II
Tallinn, EE
instalment
monthly
term
8 months
yearly interest
5.95%
risk rating
B-
Transform heat intensive industries with Plasma-Powered Efficiency
Description
Efenco is a cleantech startup on a mission to revolutionize energy-intensive industries by slashing fuel consumption and CO₂ emissions. The promoter’s patented innovation, the High Energy Ray Ceramic (HERC) chip, boosts the energy conversion efficiency of industrial furnaces and boilers by over 18% — all without requiring major infrastructure changes.
HERC technology holds the power to transform sectors like electricity generation, steel, cement, pulp and paper, ceramics, and district heating, paving the way toward a low-carbon future.
The funds raised through this campaign will allow Efenco to keep advancing HERC’s development, focusing on increasing durability, preparing for industrial-scale pilots, and moving the technology toward market readiness.
This loan serves as a strategic bridge, covering the short-term funding gap before the disbursement of the final tranche of the European Innovation Council (EIC) grant.
The promoter’s mission is to contribute towards a clean energy transition by unlocking meaningful, measurable impact across some of the world’s most carbon-heavy industries.
The Impact
- Retrofit industries to make them more sustainable: Efenco’s HERC - High Energy Ray Ceramics technology enables high-consumption industries to increase resource-use efficiency and adopt cleaner technologies for their industrial processes. Installing a HERC component was proven to reduce fuel consumption by 18%, reducing drastically the CO2 emissions of industrial processes. At the same time, the implementation of HERC enables a production cost drop of up to 7%.
The reduction in fuel consumption and decrease in the sector’s emissions are extremely important, since CO2 emissions from energy combustion and industrial process accounted for close to 89% of energy sector greenhouse gas emissions in 2021. - Promotion of innovation and entrepreneurship for business green transition: The HERC technology patented by Efenco is a product of intensive research and development since 2016, being co-funded by the European Innovation Counsil (EIC) of the European Union. The product has the potential to upgrade the technological capabilities of high-temperature process heat (HTPH) industrial sectors at large scale – which have a big CO2 footprint. This funding, with the co-funding of the EIC grant will allow Efenco to further develop the HERC efficiency and robustness, carry out industrial pilots, develop HERC mass production technology, reach mass production, and scale up sales.
- Improve efficiency in energy use and reduce energy consumption: the HERC technology developed by Efenco increases the efficiency of combustion processes, which allows to reduce consumption of fuel in intensive-use industries and consequently enables industry decarbonization. The company’s tests have demonstrated a 18% less fuel consumption and between 18% and 20% less CO2 emissions in the industrial processes.
Contribution to the Sustainable
Development Goals
Sustainable Development Goals
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Financial viability
Efenco has been awarded a European Innovation Council (EIC) grant and is currently waiting for the second payment. This loan serves as a strategic bridge financing solution, to cover short-term funding needs until the second tranche of our EIC grant is disbursed.
The short repayment plan for this loan (three months from the funding date) is feasible due to the second payment from our EIC grant.
Efenco is currently in the pre-revenue phase, focusing on the development of our HERC technology with the support of the EIC grant, the immediate goal of this funding is not to increase profit or sales. However, this investment in R&D is a critical step towards bringing their innovative technology to market, which is expected to generate significant commercial interest and revenue in the future.
Capital at risk - investing involves the risk of losing part or all of the money you invest. Although Goparity implements risk-mitigation measures, to further reduce the risk of capital loss, please remember to diversify your portfolio to limit your exposure to specific projects. Learn more about risk mitigation here >
Download the Financial Statements for the promoter here
Download Key Investment Information Sheet
The Promoter
About EFENCO OÜ
Based in Tallinn, Estonia, Efenco is on a mission to deliver sustainable energy to humanity while reducing the CO2 footprint of energy-intensive industries.
As Efenco's founders explored the cosmos through the lens of quantum physics, they made a discovery. They found a way to convert energy more efficiently than ever before. They realized that the technology used today for thermal conversion in high-temperature industries is outdated. It fails to utilize the total potential energy contained in fuels. This results in substantial energy waste. Addressing energy waste and minimizing greenhouse gas emissions is crucial for the planet’s well-being and Efenco is committed to discovering sustainable solutions.
Read more about Kristjan, the co-founder and CEO, in Authority Magazine.
The company's goal is to help remove 77 million tonnes of global CO2 emissions by 2033 – equivalent to one day’s global emissions. The promoter's patented technology increases the industrial energy conversion efficiency of gas-based, high-temperature-process heat industries by at least 18%.
Installing Efenco’s cost-efficient, low-footprint HERC chips into all of the industrial gas furnaces and boilers in the EU is estimated to reduce annual energy consumption and carbon emissions by over 5%, a greater potential saving than those enabled by current solar and wind production combined, or, similarly, from nuclear energy. Efenco has already demonstrated 20% energy savings in the heating system of a district heating company in Tallinn.
The promoter currently employs 13 people and has six commercial pilot projects lined up, including with partners Adven, Thermory, Endover, and Bepco.
The team
Kristjan Tiik
Kristjan Tiik is a seasoned entrepreneur with over 25 years of experience in innovation, business management, and consulting.
Kristo Tuurmann
Kristo Tuurmann has a proven track record in the F&B and construction industry and brings a unique skill set and extensive experience in business development, investor relations, and finances to the table.
Eva Talve
Eva Talve is Efenco’s IP & New Market Lead, bringing deep expertise in innovation funding, intellectual property, and business development for deep tech startups. She has helped secure over €120 million in funding for cleantech, AI, and hydrogen economy projects.
Dmitri Jelõkov
Dmitri Jelõkov is Efenco’s Technology Project Manager, with 15+ years’ experience leading complex tech projects in multinational settings. He advances core technology to higher TRLs and ensures project success.
Anton Ruzanov
Anton Ruzanov is Efenco’s Technology Owner, overseeing the technical development of the HERC technology from design to delivery. With a PhD in electrochemistry and 10+ years of experience in quality and process management, he ensures Efenco’s innovation meets the highest standards.
Business Model
Efenco is currently pre-revenue and preparing for the first industrial pilots. The promoter's commercial goal is to provide HERC technology for +18% fuel and CO2 reduction for energy-intensive industry manufacturers.
Active since
2015
Fiscal country
EE
Operating In
Estonia
Industry
Energy
Number of Goparity Loans
2
Women Shareholders
Yes
Website
https://www.efenco.euUpdates
2025-06-30
First payment
First instalment was paid to all the investors
2025-05-30
100% funded
1698 investors successfully raised 299.967€
2025-05-16
Target of 300.000,00€ achieved
The project has successfully met its target of 300.000,00€ with the participation of 1672 investors. You can still join the waiting list until the campaign closes.
2025-05-13
Minimum target of 240.000,00€ achieved
The project has successfully met its minimum target with the participation of 1318 investors. The project has been open for 6 day(s), and you can continue to invest until the maximum of 300.000,00€ is reached or until the campaign concludes.
2025-05-08
Open for investment
This campaign is open for investment
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