Cloudtech to balance energy demand secures €4.2m

A developer of a cloud-based package to optimise energy demand has secured €4.2 million (£3.5m) in funding. Enervalis plans to use the finance to support the development of its SMARTPOWER […]

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By Jonny Bairstow

A developer of a cloud-based package to optimise energy demand has secured €4.2 million (£3.5m) in funding.

Enervalis plans to use the finance to support the development of its SMARTPOWER suite, which helps energy producers, storage providers and consumers manage electricity use depending on available supply.

The money will come from a consortium which includes ABB Technology Ventures (ATV), a member of the InnoEnergy venture capital (VC) group.

InnoEnergy, the innovation engine for sustainable energy across Europe, is the continent’s largest industry accelerator.

Enervalis is also collaborating to develop a flexible smart home device using its software and ATV’s hardware to provide users with energy savings of up to 15%.

Dr Kurt Kaltenegger, Group Vice President and Head of Technology at ATV, said: “Being a part of InnoEnergy’s VC community provides us with opportunities to learn from, access and partner with the organisation’s exciting portfolio of emerging and disruptive technologies in early stage development.

“Enervalis’ innovation provides value to all stakeholders in the energy system – we are extremely excited to be supporting their growth and partnering with them on this new product.”