Eneco and PKO VC invest in green tech company Fusebox
Ellex in Estonia advised Eneco Ventures and PKO VC in venture capital financing into Fusebox, a pioneer in the field of developing software for demand-side response, in a 2.5 MEUR investment round.
Fusebox is an Estonian green tech company with a mission to enable a sustainable and affordable energy transition. Their core business is providing ancillary services such as demand response to business customers through fully automated Software as a Service (SaaS). It’s becoming increasingly important to balance consumption and generation as weather-dependent solar and wind power production grows. Fusebox’s software helps provide flexibility to the electric grid by actively controlling electrical appliances and energy storage systems for business customers. Fusebox’s software helps to avoid peak price hours, reduce CO2 emissions, and earn passive revenue by providing their “flexibility” to the grid.
The software is already used by such segments as batteries, industrial sites, cold storage warehouses, EV chargers, commercial buildings, water treatment plants, heating systems, and renewables. Fusebox is actively trading in Estonia, Lithuania, and Finland with the aim set at entering the Nordic markets.
“We are very proud of our latest investment in Fusebox,” says Robert Blom, Investment Director at Eneco Ventures. “We are impressed by what this company achieved and are excited to help them enter Eneco’s core markets. Demand response is a key tool to avoid grid congestion and allow for the adoption of renewable energy generation. Fusebox will therefore help us achieve the goals we set out in our One Planet ambition to be climate neutral by 2035.”
“We are thrilled to onboard Eneco as the mission and vision of our companies about a greener future coincide,” mentioned Tarvo Õng, the founder and CEO of Fusebox. “The plan is to use the investment and the new cooperation opportunity to grow our team and also to enter the Western European market as a white-label SaaS solution.”
Ellex team who advised Eneco Ventures and PKO VC was led by Partner Antti Perli and included Counsel Rudy Rimal and Jaanus Ikla, and Senior Associates Hanna Pahk and Merlin Liis-Toomela.