Fuergy raises €16 million to bring intelligent energy storage to more Slovakians.

Fuergy's brAIn energy storage and management system uses AI to gauge real electricity demand to adjust energy management intelligently.
Fuergy raises €16 million to bring intelligent energy storage to more Slovakians.

Energy usage algorithms are increasingly working under the hood in consumer-side consumption grids, bringing clean tech efficiencies that also spare their operator a penny or two. The squeeze on global energy supplies is giving rise to further demand for smart energy tech products.

Based out of Bratislava, Slovakia's Fuergy Industries is responding to greater domestic demand for smart energy storage. Putting AI to work with the latest commercial battery products can help more households access cleaner sources  of power, for instance by drawing solar electricity automatically into reserve for use when radiation energy is unavailable.

Fuergy recently clinched a €16 million funding from Bratislava real estate investor Pro Partners Holding. The 2018 startup, which specialises in AI deployment to scale smart energy management systems, is currently ramping up commercialisation of its battery storage technology underpinned by smart algorithms to gauge energy supply and demand and adjust battery storage accordingly.

It's been a big couple of years for Fuergy's brAIn energy storage and management product. Two years ago the company was commissioned to deliver a huge 432KWh Slovakian smart battery storage, and it followed that up with a 7MWh deployment for a major Slovak power producer.

Fuergy is pitching as Slovakia's first fully automated flexible energy service stack, and it's offer is all about regulating how much electricity is used. Prior to the new fundraise, Fuergy batteries were already lessening the carbon footprint of Slovakian steel foundries and football stadiums.

That's no surprise given smarter ways of managing energy are a key pillar of construction's efforts to clean up emissions, as developers can weave demand-side AI and IoT into new buildings. Last year was another milestone for green construction projects. And, unsurprisingly, the waitlist for Fuergy's smart battery system contains several property developers, and quite a few of them from Pro Partners' portfolio.

So what about the competition? Fuergy is touting a 15-year battery life as setting it apart from the crowd, along with a 2+ year payback pledge after which customers should have saved enough on energy bills to fully recoup the initial outlay. 

The core kernel of its tech stems from using AI to replace unreliable utility demand forecasts, which often result in supplied power verging north of what the customer actually requires. So while using solar more efficiently is a big use case, there's nothing preventing brAIn customers from making energy savings beyond just solar. 

Pro Partners' funding should provide additional runway for Fuergy to continue the ball rolling in Slovakia for another three years. According to the investor's managing partner, Tomáš Zedníček, the brAIn smart battery platform presented clear advantages over alternatives.

Zedníček concluded: "The decisive factors in favour of investing in Fuergy were primarily the innovativeness of its products and energy management, the complexity of the provided energy optimisation solutions, as well as the high level of expertise of the company's founders and management."

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