Lithuanian Green Genius raises €6.9M for its energy-as-a-service solution

Green Genius, a green energy company has announced the raising of €6.9 million from a financing agreement with Citadele Bank of Lithuania. The company will use the funding for constructing an energy-as-a-service solution-based power plant.

Project of Green Genius:

The InnoSolveGreen project by Green Genius aims to showcase a sustainable business model that allows business customers to maximise local energy production capacities and complement them with distant production capacities. It consists of two elements:

• a novel, zero-investment energy-as-a-service business model for industrial customers that would fulfill 100% of their annual energy needs with cost-effective and locally produced renewable electricity.
• an innovative utility-scale PV-plus-storage system design that combines Direct Current (DC)- and Alternating Current (AC)-connected battery storage systems.

Green Genius uses the setup to integrate at least 30% extra renewable energy into existing electrical grids and expand the general use of green electricity in Europe and beyond.

Green Genius’ plans for the future

With the fresh investment the company plans to build an energy-as-a-service solution-based power plant:

• During the first stage, Green Genius will install a 1.5MW solar power plant and a 2MWh capacity accumulator on the roof of the brewery in Utena, North Lithuania;
• In the second stage, a 5MW remote solar power plant and a 4MWh capacity accumulator in Butrimonys, South Lithuania, will be installed.

Green Genius claims these power plants, together, will satisfy up to 100% of the electricity demand of the brewery with PV-plus-storage.

“With the implementation of this project, the one of the first batteries integrated into both industrial enterprises and solar parks will appear in the Baltic States. This will create opportunities to fully employ the market’s potential to trade, provide flexibility and other services to energy system operators”,

Nerijus Virbickas, Head of Innovation at Green Genius, says.

• The project has raised €2.6 million from the Innovation Fund, financed by revenues from the EU Emissions Trading System and managed by the European Climate, Infrastructure and Environment Executive Agency (CINEA).