Podero is a Vienna-based start-up that intends to turn challenges into opportunities using an innovative software platform designed to optimize energy management for utilities. The company recently announced it had successfully closed a €5.5 million seed funding round, which it believes signals strong investor confidence in its mission and technology.

Podero is an independent, US-based startup launched in July 2022 by software engineers Chris Bernkopf and Moritz Schrader. Its core objective is the reduction of electricity prices and emissions of CO2 by utilities.

Bernkopf, an experienced serial entrepreneur, alumnus of Y Combinator, and former entrepreneur in various areas, such as data and web security, coupled with the unique skills of an ex-Volkswagen electrician in developing software for autonomous driving, is quite the expertise this company carries around.

Podero’s core focus is upon the optimization usage of Distributed Energy Resources, meaning heat pumps, electric vehicles and chargers, inverters and home batteries as examples. Thus, it offers the ability of utilities to realize savings over 25% when aggregated and controlled. 

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The application allows for this due to an intelligent steering in the trading environment of flexible consumers, and such aggregation can give the ability for utilities to enable trading on those energy markets based on the summed up power through devices, allowing for benefits by both sides.

The European electricity market is in the throws of rapid change as solar and wind-powered energy plus electric appliances flood the home environment. This has led to utilities struggling to manage fluctuating energy consumption from all this distributed energy. 

On the other hand, Octopus, Tibber, and Greenly are also changing the game around market design, while 1Komma5, Enpal, and Soly are equipping customers with heat pumps, EVs, and batteries. Since German dynamics tariffs have now been imposed on utilities, the players must invest in smart flexibility solutions to stay competitive and hold onto their customers, writes 

This funding round was worth €5.5 million through seed funding from Planet A Ventures, with existing investors Pale Blue Dot and Push Ventures co-investing during the round. The oversubscription of this round reflects positive investor confidence that Podero brings a new solution to the vision of the business and the way its technology influences the energy market.

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Podero would utilize the just-acquired capital to form an entire sales and customer success team for the Europe region in a bid to propel the uptake of its platform across the continent. Marketing would be intensified as part of brand visibility to target diverse customers. 

For the products, Podero has proposed upgrading the platform with a view to incorporating more integrations, ensuring further optimization of the algorithms to maximize savings on many electricity markets and the integration of utility-product optimization features.

While their peers 1Komma5, Enpal, Tibber, Greenly, and Viessmann exclusively work on device integration, Podero offers both device control and trading.

This all-encompassing strategy allows utilities to introduce the best electricity contracts, trade on the energy markets, and maintain strong relationships with end-users. According to co-founder and CEO Chris Bernkopf, “Podero’s model lets utilities roll out the best electricity contracts. Utilities are allowed to trade on the markets, and they already own the end-user relationship and have massive amounts of funds to deploy.” 

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Utilities using Podero’s platform have received many benefits.

Tobias Övall, Manager of Digitalization and Transformation, Retail at E.ON Nordics, a Podero customer for 1.5 years, states, “We are seeing rapidly increasing volatility in electricity markets and new competitors. Utilities must innovate to offer products that help customers save costs and give them control over their energy usage.” Podero’s platform has enabled E.ON Nordics to offer innovative products that meet these evolving market demands. 

Podero is strategically well-positioned to play a pivotal role in the transition towards green energy and enhancing grid stability. The company is contributing towards a more sustainable and efficient energy ecosystem by giving utilities the tools to manage their energy consumption more effectively. This funding round will accelerate Podero’s efforts toward expanding its market presence and further developing its platform to meet the evolving needs of the energy sector.