Energy management startup tibo energy raises €3 million seed round

By Team IO

Dutch startup, tibo energy, is pleased to announce today that it has closed €3M million in seed funding to grow its team and focus on international expansion. SET Ventures led the round with participation from Speedinvest and tibo energy founding team members. tibo allows commercial and industrial customers to electrify more easily while avoiding costly grid expansion, writes the startup in a press release.

The demand for smart energy management is growing worldwide. Many commercial and industrial (C&I) companies are responding to the limitation of national energy grids by increasing their ability to generate electricity on-site via assets like solar panels, heat pumps, and batteries.

Energy management is becoming more complicated

However, as the amount of these assets increases, the energy system becomes more difficult to manage, often becoming so complex that many companies hire energy consultants to help manage it. Though these consultants often have the same knowledge of the customer, they lack the applications to provide an efficient and cost-effective solution from a “system” perspective.

tibo energy has built energy management software to solve these issues. With this solution, every energy professional can simulate complex systems, and every installation technical company can create an energy hub. tibo’s software-only platform, powered by machine learning, gives companies control of smart energy networks. Helping them transition to local smart energy grids and move away from fossil fuel-based sources. Allowing them to de-risk their energy supply and transform it into a more sustainable operating model.

“We are proud to have achieved this funding as a team. The impact and commercial potential of our software is huge, and we’re glad to have a pair of world-renowned investors on board who understand that potential and will help us drive it forward. We’re greatly looking forward to the future,” says Tibo Energy co-founder and CEO Remco Eikhout.

G&A Award winner Tibo Energy wants a future without grid congestion

Manage network congestion, manage contract limits, reduce CO2 emissions, and reduce energy costs: Tibo Energy’s goals are as clear as they are desirable.

Huge opportunity

“The opportunity for tibo is huge,” says Rene Savelsberg, co-founder and Partner of SET Ventures. “We’ve seen the rate of electrification accelerate in recent years. Since 2019, 167 GW of distributed solar panels has been added to the energy mix, with the majority coming from installations at C&I customers like those tibo is targeting. Their ability to turn energy assets into a local smart grid will enable these companies to electrify quicker and optimize for price and CO₂ impact. Their easily deployable cutting-edge technology is a real game-changer.”

The sector and its difficulties are indeed growing. Energy storage capacity in Europe is expected to increase by 400 GWh, enough to power approximately 4,200 factories for one year. At the same time, many industrial processes are becoming electrified, leading to a change in the energy demand of these companies. With tibo, complex modeling, simulation, and control becomes much simpler, allowing companies to create digital versions of their network to simulate scenarios and visualize a smarter grid. This means they can go electric and install renewable assets while avoiding costly grid expansion.

“Since the soft product launch in 2023, the strong demand for tibo’s product underscores the pressing need for tackling grid congestion and (em)powering smarter grids. We’ve been very impressed by Remco Eikhout and the team’s entrepreneurial, energy, and technical backgrounds. Coupled with their unique market insights, the company is positioned as a key player in advancing toward a more resilient and sustainable energy future,” says Namratha Kothapalli, Principal at Speedinvest.