Estonian Fusebox raises €2.5M to bring energy flexibility software to Europe
Tallinn-based technology company Fusebox has raised €2.5 million as part of its European expansion funding round. The investment came from the Dutch energy giant Eneco and the largest Polish bank PKO.
- Founded in 2014 by Tarvo Ong, Fusebox develops fully automatic energy management software. It makes electricity consumption flexible for business customers and helps balance the electricity grid. As a result, customers can get up to 20% lower electricity bills, avoid peak price hours, and earn passive income from the balancing market. In addition, their CO2 emissions decrease by an average of 20 tons per year.
- Fusebox software is already used by various energy storage technologies, industrial companies, commercial buildings, and so on. The company trades actively in Estonia, Lithuania, and Finland with the aim of entering the Nordic and Western European markets.
“We are very proud of our latest investment in Fusebox. 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,”Robert Blom, CIO of Eneco Ventures, comments on the investment.
- Eneco Ventures is one of the main investors in this round. It is the investment arm of the Netherlands-based energy innovator, Eneco. PKO VC also backed Fusebox. It is a corporate venture capital fund established by the largest bank in Poland PKO Bank Polski. Recently, the fund made its first exit by selling Applica.ai’s shares.
- According to Crunchbase, Fusebox previously completed several rounds. In 2021, it received €1.3 million from Fly Ventures for the seed round, which opened with a €200,000 funding from Contrarian Ventures in 2020. The fund also invested €50,000 for the company’s pre-seed round in 2018.
- Fusebox will use the fresh funding to fuel further European expansion.