Habsheim-based Keey Aerogel, a DeepTech specialising in silica aerogel, announced today a €18 million Series A funding round with the goal to become the leading producer of silica aerogel in Europe and the “world’s first” manufacturer of green aerogel.
This round was co-led by the SPI 2 fund (managed by Bpifrance under the France 2030 programme) and WIND, with participation from its historical investor, Capital Grand Est, as well as a newcomer NCITY (NCI). The new funds will be used to create new production sites, expand its team, and fuel a wide-scale expansion.
“The ultimate goal is to build local factories capable of producing green aerogel from local waste to meet demand in short supply chains, thereby accelerating the energy transition,” explains Francisco Ruiz, Founder of Keey Aerogel.
Founded in 2015 by Francisco Ruiz, Keey Aerogel produces silica aerogel from construction waste using carbon dioxide and ethanol recycled in a closed-loop process, making it the only “green” aerogel on the market – as per Keey Aerogel. This results in a high-performance and affordable thermal insulator made through an environmentally friendly process, providing an alternative to traditional insulation materials.
The aim of Keey Aerogel is to develop a network of local factories to address European sovereignty and energy transition challenges.
Made up of 98% air and 2% silica, aerogel is “almost as light as air“, and comes in various forms: powder, granules, or integrated into thin and flexible materials.
Valued for its low density, porosity, and remarkable insulating properties – whether thermal, acoustic, or fireproof – aerogel has numerous applications in construction, industry, and aerospace. Moreover, it has become a critical component in electric vehicle batteries, improving their durability while reducing fire risks thanks to its efficient insulation.
“Today, the majority of aerogels are produced by a handful of American and Asian manufacturers using a synthetic derivative of silica, designed for specific industrial applications, at very high prices,” adds Ruiz. “The transformation into aerogel relies on a precise synthesis process involving various solvents (carbon dioxide (CO2), ethanol, among others), which are typically discarded after use. At Keey Aerogel, we have developed a continuous, more efficient, and sustainable production method that incorporates closed-loop recycling of every solvent used.”
Keey Aerogel’s pilot plant in Alsace, inaugurated in 2022 after seven years of research and development and the granting of three patents, was made possible thanks to early investments from Capital Grand Est and Innovation Fund during an initial €1.5 million funding round.
“We are proud to have supported the development of this visionary startup from the very beginning. Thanks to its revolutionary process, Keey Aerogel demonstrates that a European product can compete on price with international producers while being the only one to achieve 100% circularity. This project is also an exemplary model of decarbonised reindustrialisation for the Grand Est region, positioning it at the forefront of innovation and ecological transition,” notes Marc Beekenkamp, Investment Director at Capital Grand Est.
Currently in its pre-industrial phase, Keey Aerogel supplies aerogel to major European clients specialising in the construction sector. This second funding round will enable Keey Aerogel to strengthen its team and implement an ambitious development plan. This includes establishing a second production facility as a stepping stone toward building a network of local factories close to end users.
“Keey Aerogel is a highly promising startup that has developed a breakthrough aerogel production process, challenging existing methods that are both costly and polluting. The industrialization of this innovative technology in France, within a circular economy framework, offers a sustainable, competitive, and environmentally friendly solution to multiple industries (construction, manufacturing, mobility, etc.) and fully aligns with the mission of the SPI Fund,” states Magalie Joëssel, Head of Industrial Investments at Bpifrance.
“Being able to manufacture aerogel has now become a matter of European sovereignty. Keey Aerogel combines economic independence with sustainable development. We are extremely proud to join this venture and to support such a talented and international team whose vision and ambition are transforming multiple industries, making them both more efficient and greener, ultimately contributing to building the world of tomorrow,” concludes Thierry Vandewalle, Co-Founder and Partner at WIND.