Utrecht-based iwell, an energy tech company developing energy management and battery storage systems, has closed a €27M funding round.
The round was led by Meridiam, with Invest-NL and Rabobank also participating. Existing investors took part as well.
Meridiam, through its Green Impact Growth Fund (GIGF), and Invest-NL will support iwell’s management in carrying out its expansion strategy and building its market position.
Eric Rey, MD of GIGF at Meridiam, says, “We are proud to support iwell in its ambitious development plan. It is clear to us that iwell has the potential to become a pan-European powerhouse, leveraging their demonstrated expertise in complex projects.”
“Following several investments into pioneering solutions across the smart grid value chain, Meridiam continues to strive to support a sustainable electrification path in Europe and contribute to reaching net-zero and energy independency.”
Invest-NL backs smart energy systems to support a climate-neutral economy. Wouter van Westenbrugge, senior investment manager at Invest-NL, mentions, “iwell plays a key role in building a more flexible and future-proof energy system. Their innovative technology enables companies to actively drive the energy transition, while strengthening grid reliability and keeping energy affordable.”
iwell: Harmonising clean energy
iwell develops modular, software-based energy management and battery storage systems for the commercial and industrial sector. Its systems store energy when supply is high and prices are low, and release it during periods of high demand and cost.
This approach lowers energy costs, eases grid load, and increases the use of on-site renewable energy.
These systems are used in sectors that require reliable power, such as logistics, transportation, and manufacturing. DAF Trucks, for example, works with iwell to help customers in major European markets invest in fleet electrification despite challenges in the energy system.
Jan Willem de Jong, founder and CEO of iwell, says, “This landmark investment fuels our ambition to build a pan-European powerhouse. Energy independence has never been more relevant to our continent. It’s all about reinforcing energy security for European businesses and simultaneously making sure the cleanest kWh will also be the cheapest.”
“Our hands-on experience in both software and hardware, our AI-driven energy platform, international track record and investable business cases for over 400 partners form the foundation of our success.”
He further adds, “Electricity grids are already under strain in many markets due to the increased share of non-dispatchable renewable generation. Electrification of heat and transport creates challenges with the power demand only expected to accelerate due to the growth of AI and data centers.”
Capital utilisation
iwell will use the funds to expand internationally, develop its software, and increase its operational capacity. The company will focus first on Germany and the UK, where grid congestion and demand for energy solutions are growing.
Offices already established in Belgium, Germany, and the UK will serve as bases for further expansion.
According to the Landelijk Actieprogramma Netcongestie, in the Netherlands, where iwell is already active, 12,000 companies are waiting for a grid connection. This situation reflects wider energy challenges across Europe.
David Tuohy, Chairman of the Supervisory Board, says, “People often underestimate the complexity of the energy transition. The future will be decarbonised and decentralised. This is simply not possible without smart storage solutions like iwell’s. We are thrilled to have Meridiam and Invest-NL come on board. They really get what the company is doing.”
Founder De Jong, adds, “In a world where increased pricing volatility, unpredictable demand and a growing share of renewables have become the norm, intelligent controls are key to optimise energy flows.”
“Hardware alone is not enough to keep the lights on. Without a smart EMS platform, a battery is just an expensive dumb box with limited financial returns. There are so many ways to make money with a battery, but you really have to understand the specific customer situation.”
Brief about the lead investors
Meridiam, founded in 2005 by Thierry Déau, focuses on aligning public and private sector interests to address community needs. The company is an independent investment Benefit Corporation and asset manager, specialising in sustainable public infrastructure in mobility, public services, and low-carbon solutions. With offices in various global cities, Meridiam manages over €23B across 130 projects.
Invest-NL is the Dutch National Promotional Institution focused on providing financial solutions to businesses and projects with a positive societal impact that struggle to secure funding from traditional sources.
The institution aims to support the development of technologies, innovations, and social enterprises that advance sustainability and innovation in the Netherlands, including efforts in carbon-neutral and circular economies, affordable healthcare, and deep tech.
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