Lisbon-based BM2Solar closes €2M Series A funding round. The company’s mission is to increase the profitability of independent power producers’ (IPPs) solar power plants by integrating battery storage with no upfront investment required.
The current investment was led by Axon Partners, with participation from Inclimo Climate Tech Fund and Black and Blue Investimentos.
BM2Solar mentions in a LinkedIn post, “With this capital, we’ll expand our team and double down on the IT technology that strengthens our customers’ assets.”
New revenues for solar assets
Founded in 2023 by Susana Quintana Plaza and Marko Svetina, BM2Solar focuses on increasing the profitability of independent power producers’ (IPPs) solar power plants by integrating battery storage without requiring upfront investment.
The company co-locates batteries at existing IPP solar sites, which helps reduce permitting timelines and supports project replication and scale.
BM2Solar uses AI-driven systems to identify, in real time, the most profitable markets for solar and battery participation. Its business model aims to improve investor returns and expand market access for IPPs by enabling participation in a wide range of electricity markets and revenue streams.
The model involves full-cycle development, construction, operation, and ownership of co-located battery storage systems.
The company also provides energy management of solar assets using digital battery energy storage system (BESS) solutions. BM2Solar currently operates in Spain, Austria, Portugal, and Slovenia, with plans to expand to additional European countries.
BM2Solar’s strategic vision
BM2Solar installs and finances battery systems without charging customers, requiring only access to an existing grid connection. By integrating technologies such as predictive modelling, forecasting, AI, and custom algorithms, BM2Solar enhances energy output for both independent power producers and the broader electricity system.
Through the use of existing grid infrastructure, BM2Solar enables fast installation timelines. Its battery systems prevent energy loss from solar clipping and curtailment by storing excess energy for sale during peak hours, resulting in higher revenue for plant operators.
The company manages the entire lifecycle of the battery system, from selecting equipment and designing engineering plans to securing permits, ensuring TSO integration, and handling legal and environmental requirements. This eliminates technical, operational, or financial risks for plant owners.
BM2Solar also improves a plant’s financial performance by actively participating in electricity markets and sharing a portion of the resulting revenue. The company currently operates in the intraday, day-ahead, aFRR, and mFRR markets, with plans to expand into imbalance and capacity markets.
While BM2Solar prefers to store electricity directly from the solar plant, it can also draw power from the grid when on-site production is unavailable or fully contracted. The company estimates a 12-year battery life and offers repowering options with new cells and inverters at the end of the service term.
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