Why We Invested in Atmen: Powering the Next Decade of European Industrial Resilience

In our latest investment spotlight, we explore how Atmen is building the verification infrastructure that will power Europe’s industrial resilience, turning manual energy certification processes into automated systems that enable trusted renewable supply chains at scale.

Europe’s path to industrial sovereignty will not be paved with ideology. It will be earned through infrastructure that proves sustainability under pressure, not just promises in peacetime. That turns climate policy from risk into opportunity. And that underpins our capacity to build and lead on our own terms, in a world defined by energy instability and geopolitical fault lines.

The collapse of the biofuels market due to fraudulent certificates exposed a fundamental weakness in Europe’s energy transition: we cannot scale what we cannot trust. When Europe cannot distinguish between genuine renewable capacity and fraudulent inputs, it builds its energy system on potentially compromised foundations.

The shift from Russian gas to US shale doesn’t solve the sovereignty problem. Renewables manufactured in China, without transparent supply chains, create new dependencies. The certification crisis reveals the same vulnerability that Russian gas dependency created. This time, the risk extends beyond geopolitics to structural failure.

In Germany alone, over €1.3 billion of renewable energy was wasted in 2023 due to grid congestion, as the system was unable to efficiently verify and allocate clean energy where it was needed most. The energy existed, but the infrastructure couldn’t route it, verify its use, or enable its allocation to high-value demand. This represents a systemic leak in Europe’s energy sovereignty. Legacy verification processes are bureaucratic, manual, and painfully slow, creating bottlenecks that extend from individual projects to Europe’s broader industrial strategy. In an era where geopolitical leverage hinges on energy, and supply chain opacity threatens both credibility and competitiveness, this verification gap has become a strategic liability.

That’s why we backed Atmen.

A New Category: Infrastructure for Trusted Green Supply Chains

Atmen is building the core infrastructure layer for verifying, tracing, and certifying the sustainability attributes of energy-intensive products and processes at scale. Their platform digitises and automates the manual processes that currently verify renewable energy certificates, enabling all suppliers along the value chain from energy producer to manufacturer to trader to embed regulatory compliance directly into their product design, procurement, and operational strategies.

By turning fragmented, unreliable paperwork into a trusted digital system of record, Atmen enables Europe to use and scale the renewable energy it already generates but often wastes. Think of it as creating a digital passport for renewable energy that automatically tracks its journey from generation to industrial use. This unlocks latent renewable capacity and makes it usable for industries that need to demonstrate origin, compliance, and trust, especially under constrained physical conditions.

Atmen’s software automates certification logic, connects to operational data, and enables continuous, machine-verifiable trust through a B2B platform that industrial customers can adopt immediately. This software-led approach will make trusted green supply chains scalable, defensible, and essential to European competitiveness. They are already helping customers like Lhyfe, Schneider Electric, and Energy & Regulation Partners in nine markets across Europe, North Africa, and the U.S. manage sustainability as a means to access markets, secure financing, and enhance resilience. Instead of waiting weeks for manual certificate verification, manufacturers can prove their renewable energy sourcing in real-time.

Why We Backed Atmen

We believe Atmen is the kind of company that could quietly become foundational to Europe’s industrial future. Here’s why:

• Strategic Narrative Fit: Atmen is a sovereignty tech company. In a crisis, Europe needs to know its energy systems will perform as promised. Atmen’s verification infrastructure ensures that Europe’s renewable energy capacity is real, traceable, and resilient. It plays directly into Europe’s most pressing macro theme: resilience through clean industrial leadership, through initiatives such as the EU Clean Industrial Deal. They are solving the hard, unsexy problems that will determine whether Europe builds energy systems it can trust or discovers too late that its transition was built on unreliable foundations.
• Exceptional Team Quality: Flore de Durfort brings an exceptional combination of policy understanding and network, industry experience and impressive leadership that this space demands. Her experience leading data initiatives at E.ON provides deep context for the operational challenges Atmen addresses. Erika Degoute and Quentin Cangelosi bring the product and technical expertise that turns regulatory complexity into operational clarity.
• Market Timing and Regulatory Momentum: The regulatory landscape is creating urgent demand for Atmen’s capabilities. Companies can no longer treat certification as an afterthought. They need to accelerate investment timelines, avoid costly delays, and navigate an increasingly complex compliance environment. Atmen’s platform enables this without drowning organisations in manual work.
• Technical Differentiation: Atmen’s software-led leverage sets them apart in a market dominated by static PDFs and slow processes. Their platform doesn’t just document compliance; it enables it, with automated certification logic and continuous verification that scales alongside industrial operations.
  

Atmen represents the kind of foundational infrastructure that will determine whether Europe successfully navigates its energy transition while maintaining industrial competitiveness and strategic autonomy.

We’re proud to partner with them on this journey.