Energy startup Fusebox, which engages in balancing the energy market and developing a virtual power plant, raised 1.3 million euros for growing its team and expending to new markets.
The company’s main product is a virtual power plant, which balances power generation and consumption, helps companies contribute to a greener environment, makes buildings earn income without interfering the core activities and offers savings on energy cost. The innovative technological solution of Fusebox helps companies automatically reduce consumption during a deficit in the energy system and increases it at the time when excessive energy is available. The company’s clients are medium-sized and large production, industrial, property management and retail companies.
“Our plan is to use the investment for growing our team and developing new services on existing and new markets in the next two years,” said CEO at Fusebox Tarvo Õng.
Fusebox is currently the only company in the Baltic states that offers an energy system balancing and trading platform, where active trading takes place on the Estonian and Lithuanian markets. The company also has representatives in Latvia, Finland, Poland, Malaysia, Sri Lanka, Australia and Brazil. “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,” added Õng.
The leading investor of the financing round was German venture capital investor Fly Ventures and the investment was joined by well-known Estonian angel investors. The company has raised 2.2 million euros in total.