Slovakia-based FUERGY, a highly-scalable energy storage solution and AI-powered software platform for smart energy management systems, announced on Monday, January 23, that it has raised €16M in a fresh round of funding.
The financing came from Pro Partners Holding investment group. Pro Partners has operations throughout Central and Eastern Europe, particularly in the finance, real estate, and private equity industries. The firm manages assets worth more than €1.5B.
Tomáš Zedníček, senior partner at Pro Partners Holding, says, “The decisive factors in favour of investing in FUERGY were primarily the innovativeness of its products and energy management, the complexity of the provided energy optimisation solutions, as well as the high level of expertise of the company’s founders and management.”
The investment will be implemented within the next three years.
Making green technologies efficient and affordable
FUERGY claims to be a pioneer in automated and highly predictive energy systems that manage energy production and consumption while minimising costs and maximising the usage of energy resources, particularly renewable ones.
The company was founded in 2018 by Radoslav Stompf, Rastislav Kuba, Tomas Demcak, Branislav Safarik, and Vladimir Miskovsky.
FUERGY installed its first high-capacity battery storage in Slovakia in 2020. While doing business with the energy provider Slovenské elektrárne – energetické služby, FUERGY has already installed more than 7 MWh of intelligent battery storage systems.
FUERGY mentions in a statement, “With our technology and innovative approach to energy management, we have grown in four years to become a leader in smart battery systems and flexibility in Slovakia, a position, which thanks to the new investment, would be much easier to maintain. We are, therefore, truly grateful that Pro Partners Holding group sees the potential in what we do and trusts us, despite not being previously engaged in the energy sector to any greater extent.”
The company’s battery system, brAIn, will be installed in buildings and complexes under its management such as AQUACITY Poprad, OC Laugaricio, TWIN CITY A, and STEINERKA Business Center.
Capital utilisation
FUERGY says it will use the funds in making a new green investment product out of its smart battery storage brAIn and make it more affordable for a wider group of customers. “We believe that this investment will help us deliver on our mission to accelerate the transition to cleaner, cheaper, and decentralised energy.”
The company will invest part of the finance for the production of its high-capacity battery storage systems brAIn by FUERGY, which obtained a 2+ year payback period. Considering a 15-year battery life, brAIn turns into a green investment that easily pays for itself. Under the Energy-as-a-Service model, the company can provide brAIn systems to customers who want to use the benefits of battery storage or its combination with photovoltaics but do not have enough free funds. Know more about how brAIn works and generates revenue here.
The company has also developed FUERGY Control units and other hardware components that are a part of its brAIn systems. FUERGY mentions it has more similar items in its pipeline that are progressing further along every day.
FUERGY will also expand its services in the Czech Republic and Poland in the near future. “We want to work our way up to the market leader in the V4 countries providing complex energy solutions for all types of customers and further expand our reach to other European countries.”
Besides, the company is also looking to expand its development and sales team. Those interested can check out the company’s job opportunities here.
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