Fusebox, a leading flexibility provider in the Baltics, has raised €2.6 million to scale its SaaS platform and strengthen its European presence. The round was led by Soulmates Ventures, with participation from SmartCap, Eneco Ventures, and PKO Bank. Fusebox’s Virtual Power Plant (VPP) technology and Energy Management Systems help utilities and industrial clients reduce energy imbalances, integrate renewables, and optimize asset management. The funding will fuel expansion across global markets, enhance product capabilities, and support new hires.
Fusebox is an Estonian company providing energy flexibility solutions through its Virtual Power Plant (VPP) technology and Energy Management Systems (EMS). The company offers a SaaS platform that allows utilities, industrial, and commercial clients to manage energy consumption, integrate renewable energy, and participate in ancillary markets. Fusebox operates in 13 global markets and has connected over 3,600 energy assets, focusing on reducing energy imbalances and optimizing energy costs. With over 3,600 connected assets, Fusebox aims to reduce energy imbalances by up to 95% and boost client revenues by 40%.
“The Fusebox team is transforming energy production and distribution with its cutting-edge technology of Virtual Power Plants and Energy Management Systems delivering tangible results to its customers – from reducing energy costs to stabilizing grids and integrating renewable resources. Fostering a profitable, sustainable, and future-oriented energy industry, Fusebox has proven success through its scalable model in the Nordics and Baltics with over 3,600 connected assets and is now expanding across Europe and beyond. We are proud to have led this investment round to support a company with an outstanding product and an experienced team that consistently goes the extra mile,” says Michal Sikyta, Investment Director at Soulmates Ventures.
Sille Pettai, CEO of SmartCap, which is financed by the European Union’s NextGenerationEU, also shared her thoughts:
“Fusebox offers a fully integrated SaaS product for power utilities and behind-the-meter clients to optimize energy asset management. Their solution enables CO2 reduction by optimizing energy use and integrating renewable energy assets, energy storage, and demand response, which gives consumers greater control over their energy usage and helps them meet sustainability goals.”
This follows a successful funding round in December 2022, led by the venture arm of Dutch sustainable energy supplier Eneco and Poland’s largest bank, PKO Bank Polski. These strategic investments have been instrumental in Fusebox’s growth and expansion efforts.
Fusebox’s Founder and CEO, Tarvo Õng, highlighted the significance of the funding: “This investment marks a major milestone for Fusebox. In just two years, we’ve expanded to 13 global markets, showing the strong demand for our solution. What makes us unique is that we don’t compete with our clients in the ancillary market. Instead, we offer them a modular toolkit to build their own flexibility business. With this funding, we’re ready to scale quickly and strengthen our presence across Europe.”
With its strong foundation and innovative approach, Fusebox is positioned to address key challenges in the energy sector. The growth of renewables has caused price volatility and imbalance issues for utilities. Fusebox enables power utilities, industrial, and commercial companies to integrate and manage flexible energy resources, tapping into the ancillary market for additional revenue. The cloud-based solution allows clients to manage assets like PV parks, energy storage systems, and consumption patterns based on their business logic. As a result, utilities can reduce energy imbalances by up to 95%, while commercial and industrial clients save as much as 35% on energy costs and increase revenue by as much as 40%.
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Read the orginal article: https://arcticstartup.com/fusebox-raises-e2-6m/
