Austria-based eFriends, an energy company, announces after just over three years that it has completed the second round of funding. The funding amount was undisclosed.
The funds will help eFriends further develop the open energy-sharing platform and position it in the longer term.
The investment was led by Wienerberger and VERBUND X Ventures, with venture capital fund Rockstart and Raiffeisen Ware Austria (RWA) also participating in the round.
Decentralised energy for a sustainable future
eFriends believes in a decentralised energy future where diverse actors collaborate in real-time energy production and consumption, from industries to small businesses and private users.
The platform promotes self-sufficiency, reducing reliance on traditional energy models and offering stability amidst market fluctuations and crises.
Investment is crucial for eFriends’ energy transition vision. Wienerberger, a construction industry leader, and VERBUND X Ventures, an experienced energy company, are valuable partners. Together, eFriends aims to integrate energy considerations into every construction, renovation, or conversion project.
eFriends mentions in a statement, “Together we will achieve a lot. Our strong community is the foundation for our positive development so far. We are convinced that we will continue on this path with the new partners and that we will successfully scale our platform nationally and internationally. Together for a better world!”
Currently, eFriends serves all households, whether equipped with personal solar power or residing in places where solar installations aren’t feasible.
This service empowers customers to access genuine green energy, predominantly sourced from solar power, through their personalised eFriends network.
How was eFriends born?
The company was founded in 2015 by Matthias Katt, Fritz Dimmel, Klara Dimmel and Gerd Bader.
The original eFriends, before realising they’d be pioneers, installed a community solar system. Frustrated by the uncontrolled flow of excess electricity into the grid, they recognised the value of domestically produced, clean solar power. Little did they know, this frustration would pave the way for the birth of the first eFriends community.
Recognising a better way, the first eFriends developed technology for real-time, location-independent electricity sharing. They understood that diverse consumption patterns could be optimised by connecting households and making better use of PV systems.
Initial 2018 tests equipping 100 households proved successful even under challenging conditions. Subsequently, eFriends Energy GmbH officially became an energy provider. The first eFriends were on their way to pioneering a transformative energy-sharing model.
Just one year later, the first eFriends grew to over 400 households, becoming Austria’s largest energy community.
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