With an ever-increasing focus on companies’ environmental footprint combined with record-high and volatile electricity prices, the need for solutions that facilitate the green transition while ensuring financial certainty for companies has never been more urgent.
Enter Copenhagen-based climate tech company Reel which has raised €2.3 million to transform electricity procurement and accelerate the renewable energy transition.
The pre-seed round was led by UVC Partners, with participation from The Footprint Firm, North-East Family Office, and a group of energy specialists and experienced founders such as Bo Wase, chairman of InCommodities, Christian Bach, co-founder of Netlify, and Jürgen Mayerhofer, co-founder of enspired. The company will use the capital infusion to scale up its operations and launch its solution in full scale in its initial market, Denmark.
According to Anders Kjemtrup, CCO and co-founder of Reel, changing the way electricity is bought, used, and reported needs to be front and centre in the fight against climate change.
The Danish startup enables companies to buy electricity on commercially attractive terms while contributing to the renewable energy transition. It ties companies’ electricity procurement directly to the construction of new solar and wind parks.
Jon Sigvert, CEO and co-founder of Reel said: “Total electricity demand is expected to double within this decade and consequently, renewable energy generation needs to increase drastically. Governmental subsidies are phased out, and the renewable energy transition is now driven by consumer demand. At the same time, the current energy crisis has emphasised the urgency for companies to ensure financial certainty through their electricity procurement. Reel empowers companies to drive the transition in an easy and financially attractive way.