Start-up attracts 2.4m euros to finance ‘next generation of power plants’
A series of European and Belgian investment companies are together putting 2.4 million euros into Ghent-based software company Powernaut, a start-up that develops software to balance the power grid.
The company, founded in January, aims to create “the next generation of power plants”. Millions of decentralised devices such as solar panels, batteries, electric cars and heat pumps generate and consume electricity locally. This poses a challenge for energy suppliers and grid operators, as electricity grids are not designed for this.
Powernaut’s software is intended to help them manage this turnaround in energy use.
"To effectively add more renewables and keep costs low for everyone, we need to coordinate these smart connected devices effectively - and software and AI are essential in doing so," says Florentijn Degroote, co-founder and CEO of Powernaut.
Investors include Germany’s Revent, the UK’s Seedcamp and Belgian investment firms Pitchdrive and Syndicate One.
#FlandersNewsService | Workers install solar panels on the Berlaymont building in Brussels © PHOTO BOGDAN HOYAUX / HANS LUCAS COLLECTION
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