Interest is added to principal till conversion time.
Strong proof of concept: eFlexFuel has sold over 65,000 devices to date and reduced the use of fossil fuels by over 180 million litres. In 2024 the company generated €2.5 million revenue, with the potential to scale up production and reach €40 million in annual revenue.
Large market opportunity: With rising demand for sustainable fuel solutions, eFlexFuel offers a cost-effective way to reduce emissions, targeting both developed markets in EU and North America as well as emerging markets, especially in the Americas and Asia.
Strategic partnerships: The company has secured key partnerships with over 300 installation shops globally. The company is in discussions and has contracts with large scale fuel distributors for commercial growth in EU, USA, South America and India.
Clear exit potential: eFlexFuel’s growing customer base and strong investor interest position the company for potential acquisition or IPO, offering clear exit opportunities for investors.
"We are revolutionizing the mobility sector with our innovative eFlexFuel technology, enabling vehicles to run on renewable fuel and reducing CO2 emissions by up to 80%. Our solution offers significant fuel cost savings while enhancing engine performance. With the growing demand for sustainable fuel alternatives, we are poised for rapid growth.
We invite you to join us in scaling this transformative technology and driving global sustainability."
Tuomo Isokivijärvi, CEO & Founder of eFlexFuel
eFlexFuel (StepOne Tech Oy), founded in 2012 and headquartered in Pirkkala, Finland, develops innovative technology that allows vehicles to run on low-carbon fuels such as E85 produced from biomass or synthetic sources. Their patented conversion kits are designed to retrofit gasoline and hybrid-powered vehicles, enabling them to reduce emissions, optimize fuel economy, and increase engine power. The technology is compatible with a wide range of vehicles, including cars, motorcycles, boats, and other combustion engine machines, offering an affordable and scalable alternative to electric vehicles (EVs).
eFlexFuel's unique selling proposition lies in its ability to adjust fuel injection in real-time based on the mix of ethanol and gasoline, all without requiring major modifications to the vehicle's engine or fuel system. This allows for well-to-wheel emission savings of up to 80% compared to traditional fossil fuels. Up to date, eFlexFuel customers have reduced their use of fossil fuels by over 180 million litres while reducing their CO2-emisisons by over 428 000 metric tons.
Having sold over 65,000 devices in more than 35 countries and 49 U.S. states, eFlexFuel is well-positioned for further expansion, to both EU and USA as well as to developing markets. In 2024, the company generated €2.5 million in revenue, demonstrating strong growth. With a highly satisfied customer base and a reclamation rate of just 1.1%, eFlexFuel is advancing its mission to reduce global fossil fuel consumption and promote sustainability.
| Company name: | StepOne Tech Oy |
|---|---|
| Managing director: | Tuomo Isokivijärvi |
| Business ID number: | 2489030-0 |
| Founding year: | 2012 |
| Address: | Myllyhaantie 6 D 1, 33960 Pirkkala, Finland |
| Industry: | Automotive |
|---|---|
| Number of employees: | 25 |
| Locations: |
Pirkkala, Finland (HQ) Sweden, France, USA |
| Website: | eflexfuel.com |
| Social media: |
The core problem eFlexFuel addresses is the reliance on fossil fuels in the transportation sector, contributing to global emissions and rising fuel costs. The company’s solution enables vehicles to reduce carbon dioxide emissions by up to 80%, decrease harmful particle emissions, and increase engine power without requiring significant vehicle modifications or costly infrastructure changes. The system adjusts fuel injection in real-time, optimizing the air-to-fuel ratio for each vehicle's engine, making it compatible with most gasoline or hybrid-powered vehicles, motorcycles, boats, and other combustion engine vehicles.
What sets eFlexFuel apart is its modular, scalable technology, which allows for easy adaptation across a wide range of vehicle types and fuels. This positions the company to capture a significant share of the growing market for sustainable fuel solutions. As global demand for cleaner, cost-effective alternatives rises, eFlexFuel's products have enormous potential for expansion in EU and North America, but also in emerging markets like Asia, South-America and Africa, where gasoline-powered vehicles are expected to dominate for decades.
eFlexFuel operates on a hybrid business model that combines hardware sales with future digital & data service monetization. Revenue is primarily generated through the sale of eFlexFuel conversion systems, which enable vehicles to seamlessly run on any mix of gasoline and ethanol (0–100%). These kits—available in Eco, Plus, and Pro versions—are sold via a combination of B2B channels (garages, importers, car dealers, and repair shops) and direct-to-consumer through eFlexFuel’s own online store. Strategic partnerships with over 300 certified installation shops in the USA, Finland, France and Sweden ensure seamless deployment and customer support, aiding in market penetration.
Each version caters to a distinct customer segment, from everyday consumers (Eco) to performance enthusiasts (Pro), with the Pro version playing a key role in entering the U.S. market—especially among car tuning communities in Los Angeles. The accompanying mobile app offers value-added features like real-time engine tracking and driving mode selection, laying the foundation for future recurring revenue through in-app services and subscriptions.
eFlexFuel's modular production system supports scalability without significant capital expenditure, enabling high-margin growth. eFlexFuel has a certificate (Avainlippu) for being manufactured in Finland.
The global automotive market is undergoing a significant transformation driven by climate policies and the urgent need to reduce carbon emissions. While electric vehicles (EVs) have gained traction, their high cost, limited infrastructure, and reliance on fossil-fuel-based electricity make them an incomplete solution. Gasoline-powered vehicles are expected to dominate mobility until at least 2050, presenting a massive opportunity for retrofit solutions like eFlexFuel’s E85 conversion systems.
Retrofitting is emerging as the most immediate, cost-effective, and scalable path to reduce emissions. With over 1.3 billion compatible vehicles projected on the roads by 2050—especially in high-growth markets like Asia—eFlexFuel is well-positioned to scale rapidly. The technology enables vehicles to run on up to 100% ethanol, the most affordable renewable low-carbon fuel, without requiring engine replacements or entirely new infrastructure. Governments are increasingly supporting ethanol adoption, with favourable policies for fossil fuel alternatives advancing in the EU, Americas, and India.
eFlexFuel’s patented solution stands out in a fragmented competitive landscape. Unlike rivals who focus on specific vehicle segments or on specific limited markets, eFlexFuel supports nearly all gasoline-powered engines and has met with market compliancy requirements on multiple continents, offering unmatched versatility and scalability.
The Sustainable Development Goals (SDGs or 'Global Goals') are part of the UN 2030 Agenda for Sustainable Development and constitute the international framework for sustainable development until 2030. These SDGs are intended to put an end to poverty, inequality, and climate change.
eFlexFuel promotes clean energy by enabling the use of ethanol—a renewable, low-emission fuel—in existing gasoline vehicles. This reduces dependence on fossil fuels and supports a cleaner, more sustainable energy mix in mobility. With an estimated savings of several terajoules (TJ) of fossil energy annually, eFlexFuel empowers drivers to access clean energy solutions without expensive EV conversions or new infrastructure. By retrofitting existing engines, the company makes clean mobility more accessible, scalable, and affordable globally, aligning strongly with the goal of ensuring access to affordable, reliable, sustainable, and modern energy for all.
eFlexFuel embodies sustainable industrial innovation by transforming traditional combustion engines into eco-friendly systems through advanced E85 conversion technology. The patented, modular system enhances energy efficiency and supports clean fuel adoption at scale, without requiring costly changes to existing infrastructure. By enabling CO2 savings in the range of thousands of tonnes annually, eFlexFuel helps decarbonize transport in a way that’s practical, cost-efficient, and globally applicable. This aligns with SDG 9’s objectives to promote sustainable industrialization and foster innovation in infrastructure development.
eFlexFuel enhances access to sustainable and durable transport systems by making renewable fuel compatibility affordable for millions of gasoline vehicle owners. With over 65,000 users already benefiting from reduced emissions, improved fuel efficiency, and lower operating costs, the company contributes to greener urban mobility. Especially in regions where EV adoption remains low due to cost and infrastructure, eFlexFuel provides a viable path toward cleaner transportation, supporting inclusive, safe, and sustainable communities as outlined in SDG 11.
CEO, Founder
With a Master’s degree in Administrative Science and academic grounding in Economics and Environmental Politics, Tuomo brings 13 years of deep industry knowledge and leadership to his role as CEO. Tuomo is strongly driven by eFlexFuel’s mission to provide fossil fuel free driving for everybody. His extensive network within the ethanol fuel sector, combined with a strong knowhow on green transition regulations has been instrumental in positioning eFlexFuel as a global leader in alternative fuel solutions.
CIO, Founder
A seasoned full stack developer with 15 years of experience, Pekka has played a pivotal role in eFlexFuel’s technological infrastructure. He architected the company’s ERP system and databases from the ground up, ensuring seamless integration across operations. Known for his adaptability and speed in mastering new technologies, Pekka ensures that the company's IT systems remain agile.
Lead Software Developer, Founder
With 20 years of full stack development experience and academic training in Electronics, Risto specializes in automotive software, UI design, and signal processing. His expertise is foundational to eFlexFuel’s intelligent control systems and user-friendly mobile applications.
Lead Hardware Developer, Founder
Miika combines engineering education with hands-on expertise in automotive systems and electronic hardware. Renowned for his problem-solving ability and resourcefulness, he excels in sourcing and integrating high-performance components into compact, modular designs. Miika’s unique blend of practical car knowledge and engineering talent ensures eFlexFuel’s hardware.
StepOne Tech Oy is directly owned by its shareholders as per the cap table. StepOne Tech Oy has two sales subsidiaries, one in France and one in the US.
The two subsidiaries are local sales offices, set-up to drive the internationl expansion of eFlexFuel.
(€500,000 raised in the financing round)
The funds will be primarily allocated to accelerating B2B sales capabilities in France. This will involve hiring experienced, well-connected sales professionals to drive commercial growth. A portion of the funds will also support targeted marketing initiatives aimed at increasing brand visibility and boosting sales within the French B2B segment.
(€1,250,000 raised in the financing round)
In addition to the B2B sales and marketing investments in France outlined in the Minimum Scenario, this funding level will support initial growth initiatives in the U.S. and India. These efforts will focus on strategic market entry, including the development of key partnerships and the launch of localized marketing campaigns tailored to each market.
(€2,000,000 raised in the financing round)
This scenario enables a significant expansion of both B2B and B2C operations in France, with increased investments in sales team development and marketing outreach. It also allows for a more robust scale-up of growth activities in the U.S., enhanced market entry efforts in India, and the initiation of expansion strategies in South America. Furthermore, funds will be allocated to strengthen eFlexFuel’s presence in emerging markets that are increasingly supportive of low-carbon fuel solutions.
IPO: eFlexFuel could go public through an IPO, offering shares to the market and enabling investors to realize returns. This would allow the company to raise significant capital for further expansion and enhance its visibility in the sustainable automotive sector.
Buy-out (Industrial Buy-out): eFlexFuel could be acquired by a strategic investor or industrial partner looking to integrate the company’s technology into their existing portfolio. This type of buy-out would provide an opportunity for the company to grow under the umbrella of a larger, established organization in the automotive or energy sector.
Acquisition by an Automotive Solution Provider or Trading House: A major automotive solution provider or a trading house specializing in automotive accessories could acquire eFlexFuel to expand their offerings in the sustainable mobility space.
In this update section you will find new, project-relevant information that we receive.
Invesdor does not conduct a separate review of information received after the start of the financing phase.
I'm considering investing and wanted to check the product compatibility. I entered around 15 different car models on the French website, but none of them seem compatible yet. Could you let me know which car models currently work with the product? And is there a plan to support brands like Audi and Volkswagen in the near future?
eFlexFuel: "eFlexFuel is currently compatible to approximately 75% of all European petrol-powered vehicles. There are some car brands, where we still have limited compatibility, or the compatibility might be limited due to market approvals that are expanding all the time in France, Sweden and USA.
We do have compatibility to most Audi and Volkswagen models already. If you checked from newer end vehicles (2023—>), we are still adding compatibilities after we get a chance to test these new vehicles. The newer the vehicle, the less likely it is to be in the database yet, since we have not yet had a chance to test the new car.
To date we do have over 30,000 compatible engines in our database and growing every year. We add new compatibilities based on customer demand. So, we have started from the models that we get most requests for. Right now, our average customer has a vehicle approximately 10 years old, so we have started to cover the base from that end and newer and newer vehicle models are added weekly."
The maritime industry faces a significant challenge. Despite growing awareness of climate concerns, boats, jet skis, and other marine vehicles remain heavily reliant on fossil fuels. Full electrification, while desirable, is slowed by technical limitations, high costs, and insufficient infrastructure, especially in remote or large-scale marine environments.
eFlexFuel has developed a transitional solution: eFlexMarine. This new product adapts the company’s existing technology specifically for use in marine engines.
What eFlexMarine Offers
eFlexMarine enables conventional inboard and outboard marine engines to operate on renewable E85 ethanol, offering a significant reduction in emissions. The upgrade can be installed without modifying the engine itself, and without altering the user’s typical boating behavior.
Key attributes include:
Cost-efficiency: One of the lowest-cost options for reducing emissions in marine transport
Compatibility: Can be used with a wide range of existing marine engines
Scalability: Applicable in markets worldwide, without reliance on electrification infrastructure
Fuel accessibility: Operates on widely available renewable E85 ethanol
Ease of adoption: Installation is simple and non-invasive
Market Introduction and Expansion
eFlexFuel has already established a growing reseller network in France, one of Europe’s strongest recreational boating markets. The company is currently in negotiations with official Nordic boat engine importers, a move expected to expand access to some of the region’s most active marine sectors.
Market Context and Potential
The addressable market is substantial:
An estimated 30–35 million recreational boats are in use globally (Source: International Council of Marine Industry Associations (ICOMIA), 2023)
Over 1 million new marine engines are sold annually (Source: Fortune Business Insights, Global Marine Engine Market Report, 2023)
In the USA alone, nearly 300,000 recreational boat engines are sold each year (Source: National Marine Manufacturers Association (NMMA), 2022)
The global recreational boating market is projected to exceed €60 billion by 2030 (Source: Allied Market Research, Recreational Boating Market Report, 2023)
Conclusion
While full electrification of marine transport remains a long-term goal, the sector urgently requires transitional solutions that are both effective and immediately deployable. eFlexMarine addresses this need with a practical, scalable technology that reduces emissions without requiring structural changes to the industry or its users.
With over 200 million compatible vehicles already on the road and the world’s most extensive ethanol distribution network, the U.S. offers an exceptional opportunity for rapid growth. Even during their pilot marketing phase, eFlexFuel has delivered five consecutive years of sales growth in the U.S.—with 2024 sales surpassing €500,000.
The company has done the groundwork. eFlexFuel has successfully passed a series of rigorous emissions laboratory tests, ensuring wide market compliance across U.S. states. As eFlexFuel enters their next growth phase, the company is ready to scale into this vast and untapped customer segment. To support this expansion, eFlexFuel has forged strategic partnerships with key players in the renewable fuels ecosystem—including the Renewable Fuels Association, the American Coalition for Ethanol, and the U.S. Grains Council. These relationships not only open doors, but also guide our path in a complex and evolving market.
eFlexFuel has also secured a Letter of Intent with a major ethanol distributor and added multiple new distribution partners—laying the groundwork for mass commercialization once full compliance processes are finalized. Among all current solutions, eFlexFuel now holds the leading position to capture the U.S. retrofit market at scale. The company's initial U.S. customer base of tuning and off-road enthusiasts has embraced eFlexFuel enthusiastically. In fact, this segment is larger in the U.S. than anywhere else in the world. The reason is clear: ethanol is a high-octane fuel—always over 100 octane—unlocking significant performance gains when combined with eFlexFuel’s technology.
The stage is set. The partners are in place. The product is ready.
Now is the time to join eFlexFuel’s U.S. growth journey—invest in real an impact and scalable opportunity.
Additional links:
RFA Study on eFlexFuel
eFlexFuel's Instagram (U.S.)
eFlexFuel enables petrol and hybrid vehicles to run on low-carbon ethanol (such as E85), offering a practical and affordable alternative to rising fuel costs and costly vehicle replacement. The conversion systems start at €499 up to €899 and can be installed quickly by one of over 300 certified partners across the USA, Finland, France, and Sweden. eFlexFuel prices differ from market to market, as some governments subsidize installations of the conversion system.
The value for drivers is clear:
In addition to cost savings, the technology reduces CO₂ emissions by up to 80% and increases engine performance, with no major vehicle modifications required. eFlexFuel is both lean and fast way to reduce fleet emissions and to produce cost savings for company fleets as well.
With proven product-market fit, international rollout underway, and a scalable business model supported by future digital services, eFlexFuel is well positioned for rapid growth. For investors, this presents a compelling opportunity in the global shift toward cleaner and more economical mobility solutions.
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