Slovak Fuergy receives €16M for its smart energy storage systems

The Bratislava-based startup Fuergy which provides solutions for energy optimization has announced the receiving of €16 million of investment from Pro Partners Holding investment group. The proceeds will be spent on new product development and expansion into markets.

• Founded in 2018 by Branislav Safarik, Radoslav Stompf, Rastislav Kuba, and Vladimir Miskovsky, Fuergy develops automated and highly predictive energy solutions for the management of energy production and consumption that save costs and maximize the use of energy resources, especially renewable ones.
• Fuergy claims that it is the only company in Slovakia that provides all-in-one energy solutions from smart battery storage, through software for the management of electricity production and consumption, to electricity trading.
• Fuergy’s aim is to change the way people use and share electricity and thus accelerate the transition to energy decentralization with a high share of renewables. Among its clients are Zeleziarne Podbrezova and the National Football Stadium. 
• The fresh funding was led by Slovak Pro Partners Holding, a major investment group operating in the CEE region, mainly in the private equity, real-estate, and finance sectors. It has been on the market for more than 25 years and manages assets worth more than €1.5 billion.

“The decisive factors in favour of investing in FUERGY were primarily the innovativeness of its products and energy management, the complexity of the provided energy optimization solutions, as well as the high level of expertise of the company’s founders and management,” 

Tomas Zednicek, senior partner at Pro Partners Holding says.

• Fuergy plans to use the investment to provide smart battery systems brAIn to companies that can’t afford them, to expand the development and sales team, and to invest in new product development. The startup also plans to expand to the Czech and Polish markets. The investment will be implemented within the next three years.