Fusebox Secures €2.6 Million Investment to Expand Renewable Energy Solutions Across Europe

Tallinn-based Fusebox, a prominent provider of flexibility solutions in the Baltic region, has successfully raised €2.6 million in funding to support its plans for European expansion. The investment round was led by Soulmates Ventures, with contributions from SmartCap and existing investors Eneco Ventures and PKO Bank. The funding will enable the company to enhance its software offerings, recruit additional talent, and further establish itself in the European energy market.

Fusebox Secures €2.6 Million Investment to Expand Renewable Energy Solutions Across Europe
Fusebox Secures €2.6 Million Investment to Expand Renewable Energy Solutions Across Europe

This latest investment follows a successful funding round in December 2022, which was spearheaded by the venture arm of Dutch energy supplier Eneco and Poland’s largest bank, PKO Bank Polski. With these additional resources, Fusebox aims to accelerate its mission of providing advanced SaaS solutions tailored for the energy industry.

Fusebox’s Founder and CEO, Tarvo Ong, emphasized the importance of this milestone, stating: “This investment marks a major milestone for Fusebox. In just two years, we’ve expanded to 13 global markets, showing the strong demand for our solution. What makes us unique is that we don’t compete with our clients in the ancillary market. Instead, we offer them a modular toolkit to build their own flexibility business. With this funding, we’re ready to scale quickly and strengthen our presence across Europe.”

Established in 2014, Fusebox specializes in modular SaaS platforms designed to assist energy utilities, commercial businesses, and industrial clients in integrating renewable energy sources, managing energy consumption, and leveraging storage solutions. The company’s solutions help clients reduce energy imbalances and tap into ancillary markets for additional revenue, offering tools that are compatible with hybrid site management or the development of a full Virtual Power Plant (VPP).

Michal Sikyta, Investment Director at Soulmates Ventures, highlighted the transformative potential of the company’s offerings, saying that Fusebox provides innovative solutions such as Virtual Power Plants and Energy Management Systems, enabling customers to reduce energy costs, stabilize grids, and incorporate renewable energy sources into their operations. He also pointed to the company’s success in the Nordics and Baltics, where it has connected over 3,600 assets, as evidence of its scalable business model.

Sille Pettai, CEO of SmartCap, which is funded by the European Union’s NextGenerationEU initiative, noted: “Fusebox offers a fully integrated SaaS product for power utilities and behind-the-meter clients to optimize energy asset management. Their solution enables CO2 reduction by optimizing energy use and integrating renewable energy assets, energy storage, and demand response, which gives consumers greater control over their energy usage and helps them meet sustainability goals.”

The cloud-based solution provided by Fusebox is designed to address critical challenges in the energy sector. By managing assets such as solar parks, energy storage systems, and consumption patterns, the platform helps utilities reduce energy imbalances by up to 95%. Meanwhile, commercial and industrial clients have reported savings of up to 35% on energy costs and revenue increases of up to 40%.

With this latest funding, Fusebox is poised to expand its presence across Europe, offering advanced technology to support the transition to a more sustainable and efficient energy industry. The company continues to focus on providing tools that empower clients to optimize their energy management strategies and navigate the evolving landscape of renewable energy.