Reportedly, it is predicted that the world’s electricity demand will triple by 2050. However, a significant amount of energy is wasted due to power losses during conversion. The challenge is to find a solution that can save over 50% of this wasted energy by improving conversion losses from 7-10% to 3-5%.
Vensum, a startup founded in Finland in 2019 by Mika Marjalaakso, has developed a groundbreaking technology that addresses the energy conversion losses issue. It delivers up to three times more power from the same footprint and gives the same power output in up to 65% smaller packages.
VC-led seed funding
With the objective of developing its power converter technology further, Vensum just snapped €3.8 million in seed funding. The investment round was led by Lifeline Ventures, Finnish unicorn producer that recently closed €150 million in fifth fund and backed Hyperion Robotics, Oura, and other startups.
It was joined by Grid.vc, Harjavalta Oy, and Business Finland. The round also includes a €1.7 million R&D loan and a €400k deep tech funding from Business Finland.
The new funding will be used to further the development and testing of Vensum Power’s technology, in addition to new pilot projects and product development. Furthermore, the company will expand its research and engineering resources.
“We are thrilled to secure this funding and advance our technology to enable a revolution in power conversion,” stated Peter Nisula, the CEO of Vensum Power. “With this investment, Vensum can continue to push the limits of what is possible in the power conversion industry and help accelerate green transition on a scale.”
“Vensum Power has a unique advantage in the power conversion industry due to their revolutionary technology and the team’s expertise in this field. We are excited to support their cutting-edge research and development work. The market opportunity for Vensum’s technology is significant, and we believe that their innovative approach to power conversion has the potential to revolutionize the industry, leading to higher profitability and making it more efficient and sustainable, while setting them apart from conventional power conversion technologies”, added Petteri Koponen, Founding Partner at Lifeline Ventures.
“We are a company with over 100 years of history and value both continuity and renewal. Investing in promising growth companies and innovative technologies is an essential part of our commitment to renew Harjavalta Oy. We see the green transition and the electrification of society as one of the key drivers of this transformation”, explained Jussi Aine, CEO of Harjavalta Oy.
What does Vensum’s technology do?
Vensum’s technology is the result of long-term, highly focused research and development efforts. Their innovative technology offers faster switching speeds, lower energy losses, better scalability and reliability, longer service life, and significantly smaller device size.
The technology’s peak efficiency and minimal energy losses are valuable in a wide range of conditions, such as renewable energy systems, where power conversion can vary greatly due to fluctuating sunlight and varying input/output voltage ranges and load currents. Vensum’s technology has a wide range of applications in the power industry from electric vehicle charging stations to efficient energy storages, DC microgrid architectures, and improving wind and solar power systems.
With their solution, it is possible to reduce conversion losses from 7-10% to an impressive 3-5%.