The Estonian technology company Fusebox raised €2.5 million in investment, with plans to expand into new markets with its electricity flexibility management software. The investment came from 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 help us achieve the goals we’ve set in One Planet, our ambitious plan to be climate neutral by 2035.”

Tarvo Õng, CEO and founder of Fusebox, commented on the deal: “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 investment to grow our team and enter the Nordic and Western European markets as a software-as-a-service (SaaS) solution.”

What does Fusebox’s software actually do?

Fusebox has developed fully automatic software that makes electricity consumption flexible for business customers and helps balance the electricity grid. Customers get up to 20% lower electricity bills, avoid peak price hours, earn passive income from the balancing market, and cut their CO2 (carbon dioxide) emissions by an average of 20 tons a year. Fusebox offers the platform to consumers either directly or through various service providers as a SaaS solution.

Fusebox’s software was already used by a range of energy storage technologies, industrial companies, cold storage facilities, electric car chargers, commercial buildings, water treatment plants, heating systems, and renewable energy assets. At the time, business customers in the Fusebox portfolio made up more than 10% of total electricity consumption in Estonia, with active trading in Estonia, Lithuania, and Finland ahead of planned expansion into the Nordics and Western Europe.

Fusebox was among the first electricity consumption management providers in the Baltics, helping balance electricity grid loads since 2019. The company has always focused on helping customers reduce their electricity bills through smarter usage, while earning them additional income from the balancing market.

See how Fusebox’s platform and pricing work today. Explore the cost model →