The growth in world electricity demand is expected to triple by the year 2050, according to Mckinsey’s Global Energy Perspective 2022 report. At the same time, a meaningful amount of energy is wasted to heat due to power losses of conversion.
Finnish energy tech startup Vensum has developed a solution that can save over 50% of the wasted energy by improving conversion losses from 7-10% to 3–5%, creating a robust solution to drive down energy usage on a scale.
Vensum announces a €3.8 million Seed funding round to develop their power converter technology further. The round was led by Lifeline Ventures, and joined by Grid.vc, Harjavalta Oy, and Business Finland.
The new funding will be used to further the development and testing of Vensum Power’s technology, in addition to new pilot projects and product development. Furthermore, the company will expand its research and engineering resources. The €3.8 million funding includes a €1.7 million R&D loan and a 400k€ deep tech funding from Business Finland.
“We are thrilled to secure this funding and advance our technology to enable a revolution in power conversion,” says Peter Nisula, the CEO of Vensum Power. “Our holistic approach to understanding and redefining power conversion technology sets us apart, and we are excited to work with our investors to bring our novel solution to market soon.”
Founded in 2018, Vensum’s software-controlled power converters are a new groundbreaking approach to power conversion, delivering up to three times more power from the same footprint and giving the same power output in up to 65% smaller packages.
“Vensum Power has a unique advantage in the power conversion industry due to their revolutionary technology and the team’s expertise in this field. We are excited to support their cutting-edge research and development work. The market opportunity for Vensum’s technology is significant, and we believe that their innovative approach to power conversion has the potential to revolutionize the industry, leading to higher profitability and making it more efficient and sustainable, while setting them apart from conventional power conversion technologies”, says Petteri Koponen, Founding Partner at Lifeline Ventures.
The technology’s peak efficiency and minimal energy losses are valuable in a wide range of conditions, such as renewable energy systems, where power conversion can vary greatly due to fluctuating sunlight and varying input/output voltage ranges and load currents. Vensum’s technology has a wide range of applications in the power industry from electric vehicle charging stations to efficient energy storages, DC microgrid architectures, and improving wind and solar power systems.
Vensum’s cutting-edge technology is the result of long-term, highly focused research and development efforts. Their innovative technology offers faster switching speeds, lower energy losses, better scalability and reliability, longer service life, and significantly smaller device size.
Read the orginal article: https://www.eu-startups.com/2023/05/helsinki-based-vensum-raises-e3-8-million-in-seed-funding-to-redefine-power-conversion-technology/
