Bnewable raises €40M to expand operations and boost energy transition efforts in Belgium and Europe

Belgium-based Bnewable, an energy company specialising in battery systems and energy management for businesses, has secured €40M in new growth capital from its existing investors.

Bnewable’s three external investors, RGREEN INVEST, Wallonie Entreprendre, and Dovesco Fund Investments, have invested in this round to help establish Bnewable as a leading player in the Belgian and European energy transition.

Nicolas Rochon, founder and chairman of RGREEN INVEST, says, “Energy management is key to Europe’s independence and competitiveness.”

“RGREEN INVEST’s ambition is based on the conviction that the energy transition will not happen without the support of new business models and entrepreneurs developing essential solutions to accelerate this transition.”

Olivier Bouchat, member of the Executive Committee of Wallonie Entreprendre, adds, “Our investment strategy is to stimulate and grow solutions to accelerate the decarbonisation of industry. Bnewable’s solutions clearly contribute to this.”

“We believe that Bnewable’s offer makes a lot of sense for industrial companies that increasingly have to rely on low-carbon but volatile energy sources such as solar panels and wind turbines.”

Accelerating energy transition to net-zero

Founded in 2022 by Christophe Degrez and Kristof Vereenooghe, Bnewable is an independent energy company specialising in on-site “behind the meter” battery systems and energy management. It helps businesses reduce energy costs and adopt sustainable practices.

The company finances battery investments and optimises their use through its proprietary Energy Management Platform, Voltana. This platform balances local energy consumption, trades surplus electricity, and provides grid support services.

Bnewable uses Voltana to intelligently control batteries with data-driven algorithms and machine learning for optimal use. By trading excess energy and leveraging an in-house team, the company maximises solar production returns for its customers while supporting grid stability. 

It helps companies, including those with significant renewable energy production or those undergoing electrification, optimise energy usage, especially during peak consumption times. This includes sectors like logistics, where heavy transport electrification is a key focus.

Bnewable aims to transform Belgium’s renewable energy sector by managing one gigawatt-hour of flexible capacity by 2030.

Co-founder Degrez says, “Our ambition is to manage one gigawatt-hour of storage capacity in Belgium by 2030, which is equivalent to the capacity of two gas-fired power stations. Thanks to smart control, we can bundle the generated energy via battery systems at our customers.”

“By deploying this capacity flexibly, we not only create added value for the electricity grid, but we also let a large part of the income flow back to our customers. In this way, we are building together with our customers a sustainable and value-driven energy company that wants to provide an answer to the energy challenges of the future.”

“With the new capital commitment, Bnewable is well positioned to play a key role in the Belgian and European energy transition.”

Capital utilisation

The funds will enable Bnewable to accelerate its operations in Belgium, expand battery storage investments for customers, and advance its Belgian and European energy transition goals.

Co-founder Kristof Vereenooghe stated that the new €40M investment will accelerate the company’s growth in Belgium and improve service in the complex electricity market.

While focused on Belgium, the company is exploring expansion into other European countries to support international customers. 

Vereenooghe adds, “Studies, such as those by Solar Power Europe, show that the European market for “behind the meter” energy storage will grow to 50 gigawatt hours by 2030. We want to have a significant part of that under our own management with Bnewable.”