The Estonian technology company Fusebox raised 2.5 mln euros as an investment, with which it plans to expand to new markets with its electricity flexibility management software. The investments came from the Dutch energy giant Eneco and the largest Polish bank PKO.
“We are very proud of our latest investment in Fusebox,” said Robert Blom, Chief Investment Officer of Eneco Ventures. “We are impressed by the company’s achievements to date and are excited to help them enter Eneco’s core markets. Demand response is an important tool to avoid grid overload and enable renewable energy generation. Fusebox will therefore help us achieve the goals we have set in One Planet’s ambitious plan to be climate neutral by 2035.”
CEO and founder of Fusebox, Tarvo Õng, commented on the transaction: “We are very happy about the involvement of Eneco. It was already clear from the first meeting that we share a vision of a greener future. We plan to use the investments to grow our team and to enter the Nordic and Western European markets as a software as a service (SaaS) solution.”
Fusebox has developed fully automatic software that makes electricity consumption flexible for business customers and helps balance the electricity grid. As a result, customers get up to 20% lower electricity bills, avoid peak price hours, earn passive income from the balancing market, and their CO2 emissions decrease by an average of 20 tons per year. The free software is offered by Fusebox to consumers either directly or through various service providers as a software as a service (SaaS) solution.
Fusebox software is already used by various energy storage technologies, industrial companies, cold storages, electric car chargers, commercial buildings, water treatment plants, heating systems and renewable energy. Today, the business customers in the Fusebox portfolio make up more than 10% of the total electricity consumption in Estonia. Fusebox trades actively in Estonia, Lithuania and Finland with the aim of entering the Nordic and Western European markets.
Fusebox is the largest electricity consumption management provider in the Baltics, which has been helping to balance electricity grid loads since 2019. The company helps its customers reduce electricity bills by optimizing usage, while earning them additional income from the balancing market. Fusebox’s software is free to use, and the company never charges its customers for it.