Berlin-based ecoworks aims to modernize old buildings with regards to their thermal efficiency and bring them to the present day, using the company's system of insulating panels. This way, the company hopes to lower the energy consumption of old houses, thus reducing their emissions.

ecoworks' way of modernizing old buildings is supposed to be faster and more efficient than traditional insulation, which is slowed even more by the sheer amount of old buildings that need to be brought to the present day.

Some estimates say that at the current rate of renovation in Europe, it would take about 500 years to properly insulate every building and make it reach net-zero emissions.

According to ESG Today, the recent investment in ecoworks comes as retrofitting buildings became a very demanded way to reduce our climate impact. Buildings are responsible for a large share of our CO2 emissions, with just the building industry accounting for 42% of our annual CO2 footprint.

At the same time, officials at the European Commission say that buildings account for 40% of the energy consumed in the EU and for 36% of energy-related carbon emissions.

Emanuel Heisenberg, founder of ecoworks said that "the financing round was almost three times oversubscribed. This shows the enormous interest in solutions for the upcoming European renovation wave."