Companion.energy Raises €2.1 Million To Reduce Energy Costs For Industry And Accelerate The Transition To Sustainable Energy
Companion.energy, the Ghent-based startup developing energy software for major industrial players, announced today that it has successfully completed a capital round of €2.1 million from international investors.
The funding round is led by Übermorgen Ventures and Cavalry Ventures, investing in climate startups and innovative software products respectively. On the Belgian side, Entourage, led by Pieterjan Bouten, and Imec.istart Future fund are joining.
“Sustainable doesn't have to be expensive”:
Industrial companies are finding it increasingly difficult to manage price fluctuations for energy. Renewable energy (mainly solar and wind in Belgium) is on the rise, leading to these variations. At the same time, more companies are switching their processes from fossil fuel consumption to electric alternatives, driven by sustainability ambitions and stricter legislation. Companies that fail to proactively align their consumption with these price fluctuations are more exposed to financial risks.
Companion.energy has developed a platform that allows industrial companies to control their own energy demand in real-time. Its platform is based on machine learning and analyses a company’s various energy contracts,combining them with operational data, to predict the energy needs and costs of the company for the next hours and days.
In this way, Companion.energy not only delivers significant cost savings on the energy consumption of industrial players but also helps them to become more sustainable.
“Energy prices for most large consumers don't change just once a day but continuously,” says Jonas Verstraeten, co-founder of Companion.energy. “With our software,we help companies reduce energy costs during times of abundance, such as sunny periods or when there is a lot of wind. This is comparable to a household where the washing machine runs at night to benefit from a cheaper night rate.”
Thomas Vyncke, co-founder of Companion.energy: 'We offer two advantages: sustainability and cost savings. We prove that sustainability doesn't always mean that energy becomes more expensive.”
This is further evidenced by independent, international studies. SmartEnergy Europe has investigated the potential benefits of demand-side flexibility for energy by 2030. In that scenario, tens of billions of euros are saved across the entire value chain. And, on annual greenhouse gas emissions, 37.5 million tons would be saved, accounting for an 8% reduction in emissions.
“Opportunity is Now": Companion.energy Attracts International Customers:
With Companion.energy, industrial players can save an average of 10-30%on electricity costs. Despite its very early stage, Companion.energy has already gathered some impressive customers including the Belgian Proximus, Equans in the Netherlands, and the Austrian VERBUND.
“Our product, at the intersection of financial and technological needs for energy demand management, comes at the right time. There is currently a high demand among industrial players in Europe to remain competitive, and energy cost is a significant factor in that. As pioneers in this field, there are plenty of opportunities for us. That's also the reason why we're raising external capital: we feel that we need to actnow," says Thomas Vyncke.
“This need is not only present in Belgium but internationally as well. That's why we were able to convince investors, both domestic and international, to invest in Companion.energy,” adds Jonas Verstraeten.
Investors
The lead investors in Companion.energy are Übermorgen Ventures and Cavalry Ventures, respectively investing in energy tech & climate transition and B2B software.
Alexander Langguth,Partner at Übermorgen Ventures: “Companion.energy has the innovative spirit needed to drive the climate transition forward. Their approach not only promises significant cost reductions for industrial players but also aligns perfectly with our mission as investors to support technologies that can substantially mitigate environmental impacts. As the industry transitions to more renewable energy use, we believe Companion.energy's software will play a crucial role in facilitating a smooth transition to renewable energy sources."
Björn Loose, Partner at Cavalry Ventures: "At Cavalry, we recognise the critical intersection between innovation and pragmatism in software solutions that address significant industry challenges. Companion.energy's product offers a compelling example of how advanced technology can be deployed efficiently to better manage energy consumption. This investment underscores our commitment tobacking startups that are building software products to make a measurable difference in sustainability for large enterprises."
Belgian-based Entourage led by Pieterjan Bouten, and Imec.istart Future fund also participated in this capital round of Companion.energy.
“Sustainable energy consumption will become a necessity for industrial companies in the coming years. We see the right momentum combined with a high-quality founders' team and are therefore very excited about this investment,” says Kris Vandenberk, Partner of the recently launched imec.istart future fund.
Pieterjan Bouten of Entourage: “Thomas and Jonas are pioneers with a vision to create software products for the pressing challenge that industrial companies face in combining their financial and technological needs. With Companion.energy, these companies can control their own energy demand. Thus, Companion.energy has all the potential to become an international player.”
About Companion.energy:
Companion.energy builds software to manage industrial energy flexibility in the age of renewables. Founded in 2022 by two Belgian engineers with an extensive background in energy, Companion.energy’s mission is to accelerate the Net Zero journey of large energy-consuming companies. Their software translates customers’ unique operational context and contract mix into an accurate energy model that calculates optimisation signals for steering flexible energy assets. By doing so, customers can cut energy costs, limit energy cost fluctuations, and eliminate energy-related emissions. For more information: https://www.companion.energy/.