SmartCap participates in Fusebox’s €2.6 million funding round
Fusebox, an Estonian startup and the leading flexibility provider in the Baltic states has secured €2.6 million in funding to accelerate its expansion across Europe. The investment, led by Soulmates Ventures with participation from SmartCap and existing shareholders Eneco Ventures and PKO Bank, will fuel Fusebox’s growth, enabling the company to enhance its SaaS offering, hire new talent, and scale its presence in the EU energy market.
The Fusebox team is transforming energy production and distribution with its cutting-edge technology of Virtual Power Plants and Energy Management Systems delivering tangible results to its customers – from reducing energy costs to stabilizing grids and integrating renewable resources. Fostering a profitable, sustainable, and future-oriented energy industry, Fusebox has proven success through its scalable model in the Nordics and Baltics with over 3,600 connected assets. It is now expanding across Europe and beyond.
We are proud to have led this investment round to support a company with an outstanding product and an experienced team that consistently goes the extra mile,” says Michal Sikyta, Investment Director at Soulmates Ventures.
Sille Pettai, CEO of SmartCap, which the European Union’s NextGenerationEU finances, also shared her thoughts: “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.”
Fusebox’s Founder and CEO, Tarvo Õng, highlighted the significance of the funding: “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.”
For more information, visit: https://fusebox.energy/fusebox-secures-2-6-million-to-strengthen-european-energy-market/
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