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The rapidly changing landscape of the energy sector requires embracing innovative technologies in order to create more efficient and sustainable solutions. Estonian technology company Fusebox is at the forefront of the transformation with advanced energy flexibility management software. €2.6m funding is an important milestone towards achieving the objective of expanding Fusebox services to other parts of Europe, and making scalable offerings to energy utilities and industrial customers.
Company Information
Established in 2014 by CEO Tarvo Õng, Fusebox specializes in modular SaaS development, which makes possible the building of Virtual Power Plants (VPPs) and full Energy Management Systems. This technology can combine renewable sources with efficient storage management and active participation in ancillary markets. It provides clients with a cloud-based platform, thus allowing the flexible management of their energy resources as per business requirements without actually participating in the ancillary market.
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Funding Round
The funding round of €2.6 million was led by Soulmates Ventures, an investment firm based in the Czech Republic, focusing on sustainable and innovative technologies. SmartCap, Eneco Ventures, and PKO Bank made additional investments in the company, which reflects the collective confidence of investors in the vision and technological capabilities of Fusebox.
Investor Views
Michal Sikyta, Investment Director at Soulmates Ventures, said: “Fusebox is revolutionizing energy production and distribution with Virtual Power Plants and Energy Management Systems, bringing real-life benefits like savings in energy consumption and stabilization of the grid. The company has shown success in the Nordics and Baltics and is ready to expand across Europe.”
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Application of Funds
The funds acquired will be applied to the following strategic activities:
- Product Development: The SaaS offerings will be refined and advanced to cater to the various needs of energy utilities and industrial clients.
- Talent Acquisition: Hire experienced professionals to fuel innovation and drive the company’s growth curve.
- Market Scale-up: Operations will be scaled up to enhance Fusebox’s market penetration in Europe, thus allowing more clients to build their own flexibility businesses using the modular toolkit from the company.
Technological Advancements
Fusebox’s platform can aggregate and manage distributed energy resources, creating Virtual Power Plants that can optimize energy consumption and help the grid achieve stability through flexibility services. It offers clients the savings of cheaper energy and a potential ancillary market to create revenue streams beyond those of regular sales.
Effects on the Energy Industry
There are great advantages in using the technology offered by Fusebox:
- For Energy Utilities: Improved asset management capabilities and better integration of renewable energy sources.
- For Industrial Clients: Optimized energy usage, cost savings, and monetization of flexibility through market participation.
By enabling these benefits, Fusebox contributes to a more resilient and sustainable energy infrastructure.
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Future Outlook
Infusing it with €2.6 million, Fusebox is now poised to accelerate its European expansion and continue innovating in the energy flexibility domain. The company is focused on modular, client-centric solutions that align with the growing demand for adaptable and efficient energy management systems. Scaling up its operations, Fusebox will be in a good position to influence the future of energy production and distribution across Europe.
Summary
Estonian energy tech company Fusebox has raised €2.6 million in a funding round led by Soulmates Ventures, with participation from SmartCap, Eneco Ventures, and PKO Bank. The investment will support the expansion of Fusebox’s SaaS-based Virtual Power Plants (VPPs) and Energy Management Systems across Europe
