2.7 million euros to revolutionize AI-based energy management
At the beginning of 2024, we secured 2.7 million euros in pre-seed funding for our AI-based energy management solution. Find out why energy management is so important right now and who has invested in our technology.
The energy transition – both a challenge and an opportunity for companies
The collective goal of transforming to a green economy presents major challenges and questions for many industrial companies. On one hand, the energy transition and electrification are driving up electricity costs and in some cases even leading to local supply bottlenecks. At the same time, the pressure to reduce CO₂ emissions continues to grow.
On the other hand, more and more renewable energy from solar and wind power is being generated. This shift makes sense on multiple levels: renewable energy production is more environmentally friendly and significantly cheaper – the generation costs of wind and solar power are lower than those of coal-based electricity. However, as renewable energy expands, the energy system becomes more decentralised, dynamic and volatile. The availability and price of electricity can fluctuate considerably. Industrial companies can benefit from this by making their energy consumption more flexible. Our AI-based energy management platform flexOn helps them achieve exactly that.
AI-based energy management significantly reduces energy costs
The flexOn platform integrates seamlessly into the existing infrastructure of industrial customers – no additional hardware is required. It serves as a central operating system for energy management. Through AI-driven analysis and automation, flexOn enables industries to consume electricity specifically and automatically when it is green and inexpensive.
Currently, customers are saving between 15% and 20% in energy costs while avoiding hundreds of tonnes of CO₂ emissions. Our AI-based energy management platform is already being used by clients in the food industry, such as Wernsing Food Family, as well as leading logistics companies. It intelligently controls the consumption of thermodynamic systems such as cooling units and heat pumps.
Recognised potential by leading venture capital firms
The potential of AI-based energy management has also been recognised by investors in our pre-seed funding round. Matthias Engel, Partner at Vireo Ventures, affirms:
“In the future, we will need to consume energy primarily when it is available from renewable sources. Energy flexibility is a key component of a successful energy transition. Encentive offers an impressive technology for industrial energy management and is far ahead of other solutions.”
The round was led by Summiteer, the investment firm of serial entrepreneur and e-mobility pioneer Sven Schulz, who has also invested in Enpal and neoom. Other investors include Vireo Ventures, Smart Infrastructure Ventures, Interface Capital, OMA Ventures, and prominent business angels such as Enerparc founder Stefan Müller and professional footballer and investor Mario Götze. Together, they are investing €2.7 million in our vision to decarbonise industry and revolutionise energy management.
“A significant milestone”
“This funding round marks an important milestone for encentive,” says our Co-Founder and Managing Director Daniel Ehnes. “We are now in a position to make our outstanding solution available to a broader range of industrial customers and to significantly advance the energy transition. We are grateful for the support of our esteemed investors, who truly understand what matters in the industrial energy transition. We look forward to what lies ahead!”
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