Energiot, a pioneering Spanish startup in the creation of self-powered Internet of Things ("IoT") devices for smart grid management, has closed a round of seed funding. The funding is provided by a climate technology-focused syndicate of investors led by Axon Partners Group, EIT InnoEnergy and COREangels Climate, consolidating its commitment to innovation and sustainable energy transition.
A substantial increase in electricity demand is expected in the coming years, requiring a tripling of current grid connections. An estimated 80 million kilometres of new lines are projected to be established globally by 2040. Furthermore, increased renewable energy production and further electrification, including the introduction of electric vehicles, are already causing grid overloads costing billions of euros a year - €3.2 billion in Germany alone by 2022. To overcome these challenges, it's crucial to modernise and digitise the power grid, monitor it in real-time with predictive maintenance, and empower it with dynamic management systems and advanced analytics. Furthermore, the installation of new sensors on the lines, particularly overhead ones, will be necessary in the upcoming years. Unfortunately, the use of battery-powered devices is impractical, not only due to the ecological impact linked with the use of millions of batteries, but also due to the maintenance associated with their replacement.
Energiot aims to tackle these challenges through this investment by optimising the operation and maintenance of grid operators (DSO and TSO) by deploying IoT devices equipped with multiple sensors that generate new data, collected on a cloud platform, to significantly improve the maintenance and operation of grid assets.
Energiot addresses critical challenges and use cases such as Dynamic Line Rating (DLR) to mitigate potential grid congestion associated with the integration of renewable energy, predictive maintenance, smart asset monitoring, and bird protection on overhead power lines, thereby improving operational efficiency and environmental sustainability for grid operators.
`This funding round will allow us to develop new key pilots with other grid operators, scale up the manufacturing and commercialisation of our products, and gradually grow our team to complement their competencies,´ said Gonzalo Murillo, President and Founder of Energiot.
Energiot's patented technology enables the harvesting of waste energy from the environment, facilitating sustainable power for its IoT devices and eliminating the need for batteries. This allows for a global and cost-effective deployment for network operators. Additionally, the versatility of Energiot's devices allows a wide range of assets to be monitored with a single device, including conductors, towers, insulators and substations.
Luis Castañeda, Partner leading Axon's sustainability and energy transition strategy, commented: `the development of smart grids is a must. The electricification and decarbonisation of the economy present fresh challenges to distribution and transmission grids that cannot be addressed with current technology. Therefore, Energiot and its technology, which were developed by Gonzalo and his team, are in a leading position to meet these new challenges´.
Energiot currently collaborates with European grid operators and has completed trial projects with prominent firms in the industry, such as Iberdrola (Spain), EDP (Portugal), and Enercal (France), among others.
About Energiot:
Energiot is a spin-off from the Barcelona Microelectronics Institute (IMB-CNM, CSIC), founded by Gonzalo Murillo, a renowned researcher from Granada and now an entrepreneur. Since its inception, EIT InnoEnergy has supported Energiot, and it was the winner of its Cleantech Camp programme in 2017. On the other hand, Gonzalo was named Europe's most innovative innovator under 35 by the MIT Technological Review in 2016 and Tomorrow's Economic Leader by the Chousiel Institute in 2019 and 2020. He has recently received the prestigious National Research Award for Young People in Technology Transfer from the Ministry of Science and Innovation. His entrepreneurial team is enhanced by Brazilian Pablo Ribeiro, who has extensive experience in business and product development. Ribeiro previously worked at Endeavor, the biggest support network for high-impact entrepreneurs.
About Axon Partners Group:
Axon is a global firm focused on technology and innovation with a two-dimensional approach: investing and consulting. Its commitment to innovation and investment in cleantech positions it as a strategic partner for companies seeking to grow and develop in sustainable energy and digitalisation, managing over €120 million of assets dedicated exclusively to this strategy. The company has circa 90 seasoned professionals covering Europe, Americas and MENA. It is listed in the Madrid Stock Exchange [BME: APG] and manages capital of €685 million.
About InnoEnergy:
EIT InnoEnergy operates at the centre of the energy transition as the primary driver of innovation in sustainable energy. Concerning InnoEnergy, EIT InnoEnergy operates at the centre of the energy transition as the primary driver of innovation in sustainable energy. It supplies the technology and expertise necessary to accelerate the Green Deal, make progress towards Europe's decarbonisation target and improve energy security.
Ranked as the most active investor in the energy sector in 2022 by Pitchbook, named by Sifted in 2023 as one of the top 10 investors in European deeptech and recognised in 2022 as the highest impact investor in cleantech in Europe, EIT InnoEnergy supports innovation in several thematic areas including energy storage, transport and mobility, renewable energy and sustainable buildings and cities, leveraging its trusted ecosystem of more than 1200 partners and 29 shareholders.
EIT InnoEnergy is leading three strategic European initiatives, including the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Centre (EGHAC) and the European Solar Photovoltaic Industry Alliance (ESIA).
About COREangels Climate:
COREangels Climate, situated in Southern Europe, covering Italy, Spain, and Portugal, is the first Italian investment vehicle dedicated to climate technology start-ups. Part of the international group COREangels International, COREangels Climate invests in early-stage technologies with robust hardware, capable of addressing the main climate challenges of CO2 and other GHG reduction and mitigation.
As a proactive co-investor, COREangels Climate provides invaluable capital, knowledge, and networking support, extending the reach and impact of the start-ups it supports. With a strong dedication to a greener future, COREangels Climate leads in advocating for a more sustainable and eco-friendly entrepreneurial ecosystem.
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