Frequenz – the energy costs AI solutions company, expands with a €13 million Series A investment

The Berlin based AI powered energy costs solutions company Frequenz has just closed its Series A investment round totalling €13M after SET Ventures took a seat at the table.
 
Investment from the founding team, Payback founder Alexander Rittweger and Frequenz previous investor 468 Capital make up the rest of the round. 
 
SET Ventures, the Amsterdam based venture fund joins the board bringing with them previous expertise in the area of ‘carbon free energy’, digital solutions – they invested in portable battery storage firm Instagrid earlier this year.
 
“Frequenz has developed a highly scalable solution that distils the huge complexity of operating microgrids into an easily understood and highly competitive commercial product. We are looking forward to working with the Frequenz team, which brings a fresh and pragmatic approach to the industry, transferring the learnings from managing and processing large data volumes in a separate industry to Dr. Till Stenzel, Venture Partner at SET Ventures, who will join the Frequenz advisory board.
 
Funds will be used to accelerate Frequenz’s European roll out – it claims to save corporate users over 30% in energy pricing with AI tech which predicts market prices, energy consumption and brings batteries and solar arrays in to reduce costs from the grid. Customers secure a drop in CO2 emissions and have more control over future energy costs.
 
Frequenz clients include Edeka, Netto, Freudenberg and Göing.
 
“We have got the expertise to develop a global market leader. We did it once, we can do it again. We believe that we as a team can make a difference and overcome the biggest obstacles,” added Thomas Nicolai, co-founder and managing director of Frequenz.