Tibo Energy, an Eindhoven-based startup, has successfully raised €3 million in seed funding to tackle the growing challenge of energy grid congestion. The funding round was led by SET Ventures, with participation from Speedinvest and Tibo Energy’s founding team members.
The global demand for intelligent energy management is increasing, as the strain on energy grids causes limitations for businesses, industrial parks, and residential areas. Grid operators and experts predict that this capacity shortage will persist for another decade, presenting a significant challenge to the industry.
Tibo Energy’s Innovative Solution
Founded in 2022 by Remco Eikhout and Jeroen Althusius, Tibo Energy has developed a software-only platform powered by machine learning to optimize the use of renewable energy and improve balance on the grid. This platform gives companies control of smart energy networks, helping them transition to local smart energy grids and move away from fossil fuel-based sources. The solution enables every energy professional to simulate complex systems and every installation company to create an energy hub.
Utilizing the Funding
The funds will be used to grow Tibo Energy‘s sales, marketing, and development teams. This expansion aims to enhance the product and drive growth in the Netherlands and global markets.
Statements from Founders and Investors
Remco Eikhout, co-founder and CEO of Tibo Energy, expressed pride in achieving the funding and the commercial potential of their software. Rene Savelsberg, co-founder and Partner of SET Ventures, highlighted Tibo Energy’s ability to turn energy assets into a local smart grid, enabling companies to electrify quicker and optimize for price and CO2 impact. Namratha Kothapalli, Principal at Speedinvest, praised the team’s entrepreneurial, energy, and technical backgrounds, positioning the company as a key player in advancing toward a more resilient and sustainable energy future.
Paving the Way for Smarter Grids
The seed funding marks a crucial step in addressing the pressing need for tackling grid congestion and empowering smarter grids. The company is well-positioned to lead the way in intelligent energy management, contributing to a more sustainable and efficient energy future.