
Fusebox helps companies integrate renewable energy solutions and reduce energy imbalances. Photo: Fusebox
Estonian cleantech startup Fusebox, the 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.
The company expanded to 13 markets
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.”
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 effortlessly integrates with existing systems, offering tailored solutions for hybrid site management or scaling into a full Virtual Power Plant (VPP).
“In just two years, we’ve expanded to 13 global markets, showing the strong demand for our solution.”
Tarvo Õng, Fusebox’s Founder and CEO
“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,” shared Sille Pettai, CEO of SmartCap.
Fusebox helps companies integrate renewable energy solutions
“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,” added Michal Sikyta, Investment Director at Soulmates Ventures.
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%.
This content is funded by the European Union – NextGenerationEU
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