Energy software company Companion.energy, has raised €2.1 million from international investors.
The Ghent-based startup 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 a company for the next hours and days.
In this way, Companion Energy not only delivers significant cost savings on industrial players' energy consumption but also helps them become more sustainable.
According to Jonas Verstraeten, co-founder of Companion.energy:
“Energy prices for most large consumers don't change just once a day but continuously.
“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.”
With Companion.energy, industrial players can save an average of 10-30 per cent 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.
The lead investors in Companion.energy are Übermorgen Ventures and Cavalry Ventures. Belgian-based Entourage led by Pieterjan Bouten, and Imec.istart Future fund also participated.
According to 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."
Lead image: Companion.energy's co-founders, Thomas Vyncke and Jonas Verstraeten. Photo: uncredited.
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