Fusebox, a Tallinn-based startup and a leading flexibility provider in the Baltic states, has secured €2.6 million in funding to accelerate its expansion across Europe.
The investment, led by Soulmates Ventures with participation from SmartCap and existing shareholders Eneco Ventures and PKO Bank, will fuel Fusebox’s growth, enabling the company to enhance its SaaS offering, hire new talent, and scale its presence in the EU energy market.
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.
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.”
Founded in 2014 by Tarvo Õng, Fusebox provides modular SaaS solutions that help power utilities, commercial, and industrial companies integrate renewable energy, storage, and consumption while reducing energy imbalances and generating revenue from ancillary markets.
Designed for global use, the platform integrates with existing systems, offering tailored solutions for hybrid site management or scaling into a full Virtual Power Plant (VPP).
“The Fusebox team is transforming energy production and distribution with its cutting-edge technology of Virtual Power Plants and Energy Management Systems 4 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 optimising 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.”
According to Fusebox, they are well positioned to address key challenges in the energy sector. 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% – according to data supplied by Fusebox.
Read the orginal article: https://www.eu-startups.com/2025/01/320639/
