Finnish energy tech startup Capalo AI has raised €500,000 in Pre-Seed funding this week.
The company aims to make energy storage investments more desirable by optimising their usage to the most profitable markets using AI, forecasts, and real-time data.
Weather conditions make renewable energy production volatile, as it is never possible to completely accurately forecast how much electricity can be produced.
Using advanced AI, Capalo AI can optimise the usage of flexible energy assets, such as energy storage systems and electric vehicle (EV) charging stations. The technology allows the commissioning of weather-dependent renewable energy sources to grow rapidly by optimising the flexibility of the energy grid to adjust to production and demand fluctuations.
This benefits national grids and Capalo AI's customers, as the optimal bidding strategies maintain grid balance better and maximise the revenues of customers' assets by stacking different revenue streams.
Capalo AI will use the funding to develop further its virtual power plant (VPP) and multi-market optimisation AI and scale up its team with talented mathematicians and cloud service professionals.
Henri Taskinen, CEO and co-founder of Capalo AI shared:
"Our solution simultaneously maximises the value for our customers and accelerates the green transition. In addition, with multi-market optimisation, national grids can sustain a steady electricity frequency.
This means less of a need for reserve power plants that mostly use fossil fuels to produce electricity, leading to less carbon dioxide emissions."
"Armed with an excellent can-do attitude, robust educational backgrounds, and a passion for bridging the gaps between today's grid challenges and tomorrow's green aspirations, the team at Capalo AI truly impressed us. Having achieved such impressive results in a short time, we're convinced the team is on the brink of something remarkable.
Our investment in Capalo AI is not just a financial decision; it signifies our commitment to a brighter, sustainable future. Together, we're not merely participants in the green transition; we're setting the pace," states Petri Laine, Partner at Innovestor Venture Capital.
Lead image: Capalo AI. Photo: Uncredited.