Belgium’s Companion.energy raises €2.1M to help industries cut energy costs and emissions

|

|

Last update:

Ghent-based Companion.energy, a startup specialising in energy software for industrial enterprises, has secured €2.1M in funding from investors, including Übermorgen Ventures and Cavalry Ventures.

Entourage, led by Pieterjan Bouten, and Imec.istart Future Fund also participated in this round.

The proceeds will help Companion.energy assist European industries in transitioning to sustainability while managing energy expenses effectively. “The need is high: there is a lot of potential for a frontrunner like us,” says Thomas Vyncke, co-founder of Companion.energy.

Pieterjan Bouten of Entourage adds, “Thomas and Jonas are pioneers with a vision to create software products for the pressing challenge that industrial companies face in combining their financial and technological needs.”

“With Companion.energy, these companies can control their own energy demand. Thus, Companion.energy has all the potential to become an international player.”

Sustainable solutions can be cost-effective

Companion.energy addresses the challenges faced by industrial companies dealing with energy price fluctuations due to the rise of renewables and shifting to electric alternatives.

- A message from our partner -

The company’s platform utilises machine learning to analyse energy contracts and operational data, enabling real-time control over energy demand. 

By accurately predicting energy needs and costs, Companion.energy facilitates cost savings and supports sustainability goals for industrial players.

Jonas Verstraeten, co-founder of Companion.energy, says, “Energy prices for most large consumers don’t change just once a day but continuously.”

“With our software, we help companies reduce energy costs during times of abundance, such as sunny periods or when there is a lot of wind. This is comparable to a household where the washing machine runs at night to benefit from a cheaper night rate.”

Co-founder Vyncke, adds, “We offer two advantages: sustainability and cost savings. We prove that sustainability doesn’t always mean that energy becomes more expensive.”

Smart Energy Europe’s research highlights the potential of demand-side flexibility in the energy sector. By 2030, it could save tens of billions of euros and reduce greenhouse gas emissions by 37.5 million tons annually, representing an 8 per cent decrease.

Brief about Companion.energy

Companion.energy was founded in 2022 by two Belgian engineers with expertise in energy, Thomas Vyncke and Jonas Verstraeten. The company aims to accelerate the Net Zero journey of large energy-consuming companies.

The company’s software translates each customer’s operational context and contract mix into a precise energy model, generating optimisation signals for flexible energy asset management. This helps customers to reduce energy costs, stabilise cost fluctuations, and cut energy-related emissions.

Companion.energy claims that it enables industrial players to save 10-30 per cent on electricity costs on average. 

Co-founder Vyncke says, “Our product, at the intersection of financial and technological needs for energy demand management, comes at the right time. There is currently a high demand among industrial players in Europe to remain competitive, and energy cost is a significant factor in that.”

“As pioneers in this field, there are plenty of opportunities for us. That’s also the reason why we’re raising external capital: we feel that we need to act now.”

“This need is not only present in Belgium but internationally as well. That’s why we were able to convince investors, both domestic and international, to invest in Companion.energy,” adds co-founder Verstraeten.

Despite being in its early stages, Companion.energy’s platform has already secured clients such as Proximus in Belgium, Equans in the Netherlands, and VERBUND in Austria.

What did the investors have to say?

Übermorgen Ventures specialises in energy tech and climate transition, and Cavalry Ventures is known for investments in B2B software.

Alexander Langguth, Partner at Übermorgen Ventures, says, “Companion.energy has the innovative spirit needed to drive the climate transition forward. Their approach not only promises significant cost reductions for industrial players but also aligns perfectly with our mission as investors to support technologies that can substantially mitigate environmental impacts.”

“As the industry transitions to more renewable energy use, we believe Companion.energy’s software will play a crucial role in facilitating a smooth transition to renewable energy sources.”

Björn Loose, Partner at Cavalry Ventures, adds, “At Cavalry, we recognise the critical intersection between innovation and pragmatism in software solutions that address significant industry challenges.”

“Companion.energy’s product offers a compelling example of how advanced technology can be deployed efficiently to better manage energy consumption. This investment underscores our commitment to backing startups that are building software products to make a measurable difference in sustainability for large enterprises.”

Topics:

Follow us:

Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

Featured events | Browse events

June

20junAll Day21TNW Conference 2024The next web is now. 20% with SILICONCANALS20

Share to...