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Technology Today - Energyworx Announces €5.1M Investment Led by Eneco Ventures

Technology Today

SaaS-based energy data management platform supports utility companies with the energy transition; investment will be used to scale platform and accelerate international growth.

Energyworx a company of cloud-based Energy Data Management (EDM) solutions, has  announced a strategic investment of €5.1M euros ($6M USD) by Eneco Ventures, the investment arm of Netherlands-based energy innovator, Eneco. Based in the United States and the Netherlands, Energyworx enables leading U.S. and European energy companies to unlock valuable insights in their massive granular supply, demand and contextual energy data sets. Eneco was joined in the latest round of funding by current existing Energyworx investors, SET Ventures, ENGIE New Ventures and EDP Ventures — all leading investors in smart energy solutions. Energyworx will leverage the new funds to scale its platform and accelerate international expansion.

"Eneco is known for being extremely innovative and very focused on a sustainable world. Everything we do is designed to accelerate the world's transition to clean energy," said Marcel E. Smit, CEO of Energyworx. "Eneco Ventures' knowledge and network will be a boost for Energyworx' global ambition to support utilities all over the world with technology innovation that helps them navigate and accelerate the energy transition."

Digital platform to help energy retailers and grid operators manage the energy transition

The meteoric growth in the sheer volume of data, insufficient quality of data and expanding data silos are among the emerging obstacles global utilities face as the world transitions to decentralized low-carbon energy. The amount of generated data utilities have to contend with today is tens of thousands of times more than it was just a few years ago and continues to expand. Hundreds of billions of data points from smart meters, IoT devices, EV chargers, solar panels and more, are generating high frequency data and utility companies are struggling to get a grip on their data. Energyworx is the only EDM solution provider with the ability to serve both energy retailers and grid operators. With a transparent platform and typical release cycle of just a few weeks, Energyworx provides unparalleled flexibility with a platform that is easy to adjust, configure or complement and enables a much broader set of functionality. Current EDM solutions are typically black box solutions and focus either on energy data management or grid management, with release cycles typically nine months or longer.

Energyworx has achieved strong growth in recent years with its Software-as-a-Service (SaaS) Energy Data Management platform and its proven ability to transform traditional solutions within the energy and utilities market. The Energyworx platform includes a solid data foundation and several solutions, like Cloud Meter Data Management, Load Forecasting, Predictive Maintenance and Energy Deal Analytics.

The Energyworx Energy Data Management platform can contribute to more sustainability. By providing businesses and households with better insight regarding consumption, Energyworx helps to create more efficiency. Supporting flexibility trading and demand response management with more precise data management, means that renewable energy can be balanced much easier within existing networks. 

Responding to shifting market demands

Being able to quickly adapt to changing market conditions is crucial. Energyworx' rules-based platform enables its customers to adapt to abrupt and significant changes in energy consumption. Closures of restaurants, hotels, schools, airports and businesses during the COVID-19 pandemic caused big drops in energy consumption, for example, while consumption rose for healthcare and certain manufacturing customers. A global Energyworx customer was able to rapidly adapt its algorithms and pricing analytics to adjust for the consumption anomalies to continue to accurately predict and price energy supply without interruption.

"Energy companies worldwide face a great challenge. As the world moves away from fossil fuels to renewables, we shift to a more intermittent electricity supply. Consumers' electricity demand will increase as they become prosumers due to the adoption of residential solar and electric vehicles. These trends are leading to an increased volatility in supply and demand, and the competitiveness of a utility will depend on its ability to manage this volatility. Managing and using large amounts of real-time data will be one of the key drivers to stay ahead of the curve," said Robert Blom, Senior Investment Manager at Eneco Ventures. "Eneco Ventures invests in promising scale-ups contributing to the energy transition. We are excited to invest in Energyworx, a platform that provides a unique solution to manage data and a capability that is increasingly important for companies in our changing world." 

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