Tallinn-based startup Fusebox, a leading flexibility provider in the Baltic states, has raised €2.6 million in funding to accelerate its European expansion. The investment round was led by Soulmates Ventures, with participation from SmartCap, Eneco Ventures, and PKO Bank. The funds will support the company’s growth by enhancing its SaaS solutions, hiring talent, and scaling its operations in the EU energy market.
This latest funding builds on a successful round in December 2022, led by Dutch sustainable energy supplier Eneco and Poland’s largest bank, PKO Bank Polski.
A Milestone for Fusebox
Fusebox Founder and CEO Tarvo Õng emphasized the importance of the investment:
“This investment marks a major milestone for Fusebox. In just two years, we’ve expanded to 13 global markets, showing the strong demand for our solution. What makes us unique is that we don’t compete with our clients in the ancillary market. Instead, we offer a modular toolkit to build their own flexibility business. With this funding, we’re ready to scale quickly and strengthen our presence across Europe.”
Founded in 2014, Fusebox offers modular SaaS solutions that enable power utilities, commercial, and industrial companies to integrate renewable energy, manage storage, and optimize consumption. Its platform is designed for global use, supporting hybrid site management and full Virtual Power Plant (VPP) operations.
Driving a Sustainable Energy Industry
Michal Sikyta, Investment Director at Soulmates Ventures, praised Fusebox’s innovative approach:
“The Fusebox team is transforming energy production and distribution with its cutting-edge technology of Virtual Power Plants and Energy Management Systems. They deliver tangible results – from reducing energy costs to stabilizing grids and integrating renewable resources. With over 3,600 connected assets and proven success in the Nordics and Baltics, Fusebox is poised for expansion across Europe and beyond.”
Sille Pettai, CEO of SmartCap, highlighted the platform’s impact:
“Fusebox offers a fully integrated SaaS product for power utilities and behind-the-meter clients to optimize energy asset management. Their solution enables CO2 reduction, greater energy efficiency, and helps clients achieve sustainability goals.”
Addressing Energy Sector Challenges
Fusebox’s cloud-based platform enables power utilities and companies to integrate and manage flexible energy resources, including PV parks, energy storage systems, and consumption patterns. Clients can reduce energy imbalances by up to 95%, while industrial and commercial users can save up to 35% on energy costs and boost revenue by up to 40%.
With this funding, Fusebox is well-positioned to expand its footprint across Europe, driving the integration of renewable energy and fostering a sustainable energy industry.