Energy startup Fusebox has raised €1.3 million to grow its team and expand into new markets. The company balances energy markets through its virtual power plant platform.

Fusebox’s main product is a virtual power plant that balances power generation and consumption. It helps companies contribute to a greener environment, earn income from their buildings without disrupting core operations, and save on energy costs. The technology automatically reduces a company’s energy consumption when the system is under strain, and increases it when there’s excess energy available. Fusebox’s clients are medium-sized and large production, industrial, property management, and retail companies.

“We plan to use the investment for growing our team and developing new services in existing and new markets over the next two years,” said Tarvo Õng, CEO at Fusebox.

At the time, active trading took place on the Estonian and Lithuanian markets. “Our clear plan is to use the investment to enter and start providing the virtual power plant service on markets where we see potential, such as Finland, Sweden, Germany, and the Netherlands,” Õng added.

The round was led by German venture capital investor Fly Ventures, joined by a group of well-known Estonian angel investors.

How far has Fusebox come since?

Quite a distance — from one seed round in the Baltics to a platform now live across many more European markets. See the 10-year story →