The greentech wrap-up: technologies and trends that defined 2024
As the year draws to a close, today we look back at the trends, developments, and happenings of 2024 in greentech.
Published on December 30, 2024
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Mauro swapped Sardinia for Eindhoven and has been an IO+ editor for 3 years. As a GREEN+ expert, he covers the energy transition with data-driven stories.
Being ready to welcome 2025, we are about to say goodbye to 2024, a year full of happenings and developments concerning greentech. In this story, let’s go through the most important moments we covered. Keeping you updated with the latest developments in the energy transition is part of our daily business. To this extent, in doing such a recap, there is no better way to kick it off than talking about the energy market.
A transforming energy market
Although definitive figures for the year are yet to come, data for the first half 2024 showed that renewables provided 53% of Dutch electricity production. Wind—both onshore and offshore—is driving this transition, and solar panel installations have been a driver throughout the past decade.
Part of this growth has been attributed to the government’s solar subsidy scheme (salderingsregeling), which in 2024 has been discontinued. From 2027 onwards, the measure will be cut off. As the number of solar panels dramatically increased, energy providers started imposing feed-in tariffs on their customers. As the growth of energy production capacity has not been matched - for now - by adequate energy storage capacity, 2024 saw more and more hours with negative energy prices.
This resulted in house owners and energy producers turning off solar panels during these hours, losing on megawatts of clean energy production. Electricity connection flexibility will be key in this transition, as grid congestion remains a troubling sword of Damocles of the Dutch energy transition. Congestion issues hinder development and green electricity uptake, as GLOBSEC’s Grid Transition Index noted.
Trading electricity locally as a way to reduce grid congestion
The EU wants to be climate-neutral by 2050. What steps do we need to get there? In our series Road to 2050, we delve into challenges to be overcome. The first issue on our agenda: grid congestion.
Batteries: drops in costs and tech developments
Having said the need for more batteries to advance the energy transition, the year that is drawing to a close saw the price of lithium-ion batteries decrease once again. According to BloombergNEF, their price plunged to $115 per kilowatt-hour, marking a 20% drop– the largest decrease since 2017.
To this extent, there is no doubt about the role of batteries in the energy transition. A report by Dutch New Energy Research showed a boom in installations in 2023 and forecasts a continued surge in the upcoming years. Interestingly, most of these batteries are for home use, showing how more and more Dutch households are coupling solar power production with storage flexibility.
2024 also saw battery research going ahead. Among the many developments, it is relevant to highlight the breakthrough the H2020 SOLiDIFY consortium achieved, which broke records by hitting 25% energy density in a solid-state battery. This chemistry can deliver safer battery modules and allow cheaper manufacturing.
The headwinds experienced by the European automotive industry also characterized 2024, with batteries being a focal topic. The struggles to transition toward electric mobility are exemplified by the bankruptcy of battery manufacturer Northvolt, often poised to be Europe’s hope to compete in the industry. In many ways, from technology developments to geopolitics, batteries will also be a hot topic in 2025.
Recycling lithium batteries: a billion-dollar business in the making
Hydrometallurgy, one of the most promising recycling methods, plays a crucial role in recovering the lithium from spent batteries.
Greentech financing
According to financing data portal Dealroom, in 2024, Dutch startups raised $3.5 billion, making it the second-best year for tech investment. Greentech companies also made waves, with some bagging large funding rounds.
In September, for instance, Battolyser System raised €30 million. The scaleup developed a unique electrolyzer technology with battery functionality, allowing it to kill two birds with one stone: easing green hydrogen production and stashing power. This funding helps Battolyser accelerate the commercial launch of the system, which will happen next year.
There have been three more key greentech financing rounds: eLstar Dynamics raised €10 million for its smart glass technology, RIFT bagged €11 million to advance its iron fuel tech for industrial heating, and Carbyon received €15 million for its CO2 direct air capture (DAC) device. The Netherlands is spearheading DAC, as Skytree acquired the Twente-based ReCarbn2 to secure technological dominance and improve its DAC concept.
Furthermore, Textile recycler Re&Up raised €70 million for its innovative textile recycling technology. In addition to private funding, there has been a public stimulus to greentech, too. A centerpiece of these efforts has been the Dutch government’s €148 million fund to set production lines for electrolyzers, batteries, and solar panels.
Overcoming grid congestion: simpl.energy secures funding
The company's software aims to optimize existing power connections, enabling businesses to grow and become more sustainable, despite grid congestion.
On to 2025
There is undoubtedly more to say about 2024, such as the unsatisfactory COP29 deal or estimates by the International Energy Agency that see the world falling short of its goal of tripling renewable energy capacity by 2030. If you missed any of the developments or are looking for more 2024 developments, you can access our Green+ archive here.
For our part, 2025 will also be a year full of Green+ and greentech. See you then!