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London Tech Week

Dutch startup tibo energy pulls in €3M funding to tackle energy grid congestion

tibo energy team
Picture credits: tibo energy

The global demand for intelligent energy management is on the rise. The strain on the energy grid is causing 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 our industry.

Consequently, Dutch startup tibo energy has built energy management software to solve this issue. Now, the startup has snapped €3 million in seed funding led by SET Ventures (backed HYDROGRID and Sensorfact in the past) alongside participation from Speedinvest and the tibo energy founding team members.

The Eindhoven-based firm will use the funds to grow its sales, marketing, and development teams to enhance its product and drive its growth in the Netherlands and the global markets. 

Smart energy management software

Founded by Remco Eikhout and Jeroen Althusius in 2022, tibo energy allows commercial and industrial customers to electrify more easily while avoiding costly grid expansion. With its solution, every energy professional can simulate complex systems, and every installation company can create an energy hub. 

tibo energy aims to optimise the use of renewable energy and improve balance on the grid. Powered by machine learning, its software-only platform gives companies control of smart energy networks. It helps them transition to local smart energy grids and move away from fossil fuel-based sources, thereby letting them de-risk their energy supply and opt for a sustainable operating model.  

“We are proud to have achieved this funding as a team.” stated tibo energy co-founder and CEO, Remco Eikhout. “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.” 

“The opportunity for tibo is huge,” added 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 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 optimise for price and CO2 impact. Their easily deployable cutting-edge technology is a real game-changer.” 

“Since the soft product launch in 2023, the strong demand for tibo’s product underscores the pressing need for tackling grid congestion and empowering smarter grids. We’ve been very impressed by Remco 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.” noted Namratha Kothapalli, Principal at Speedinvest.

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