Kuopio-based energy tech startup Capalo AI has successfully raised €500k in a pre-seed funding round led by Innovestor Tech Fund, with participation from Inventure. The funds will be utilized to advance the development of its virtual power plant (VPP) and multi-market optimization AI. Additionally, Capalo AI aims to expand its team, recruiting skilled mathematicians and cloud service professionals.
In a world increasingly embracing renewable energy sources, the importance of energy storage and flexible demand cannot be overstated. Capalo AI addresses this need by leveraging its advanced AI to optimize the utilization of flexible energy assets, including energy storage systems and electric vehicle (EV) charging stations.
Capalo AI’s technology plays a vital role in mitigating the volatility of renewable energy production, driven by unpredictable weather conditions. The platform optimizes the flexibility of the energy grid to adapt to fluctuations in both production and demand, facilitating the rapid growth of weather-dependent renewable energy sources.
Henri Taskinen, CEO and Co-founder of Capalo AI, highlighted the broader benefits of their solution: “Our solution simultaneously maximizes the value for our customers and accelerates the green transition. With multi-market optimization, national grids can sustain a steady electricity frequency, reducing the need for reserve power plants and subsequently lowering carbon dioxide emissions.”
Established in 2022, Capalo AI has already formed partnerships with major players in the energy sector, such as Exilion Tuuli, a Finnish investment company and one of the largest wind energy producers in Finland. The company plans to continue investing in increasing renewable energy production in Finland.
Taskinen shared insights into the potential impact of Capalo AI’s technology on the industry: “To enable the commissioning of new renewable capacity, we need all the available flexibility on the grid. Our platform taps into these new revenue streams for unutilized assets and simultaneously accelerates the green transition.”
Both Innovestor Techfund and Inventure recognize the immense potential in investing in AI-powered energy asset optimization. Capalo AI’s innovative approach not only enhances the profitability of flexible assets but also contributes to a more sustainable future.
Petri Laine, Partner at Innovestor Venture Capital, expressed confidence in Capalo AI’s potential: “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.”
As Capalo AI continues to make strides in optimizing energy assets, its funding injection positions it for further growth and impact in the evolving landscape of renewable energy solutions.