In a latest development, Finnish energy technology startup, Capalo AI, has secured €500,000 in early-stage funding. The primary investor in this funding round is Innovestor Tech Fund, with additional support from Inventure. Capalo AI intends to utilise the funds to enhance its virtual power plant (VPP) and the smart AI that optimizes it across multiple markets. They also have plans to expand their team by adding skilled mathematicians and cloud service experts.
“Our solution simultaneously maximises the value for our customers and accelerates the green transition. In addition, with multi-market optimisation, national grids are able to sustain a steady electricity frequency. This means less of a need for reserve power plants that mostly use fossil fuels to produce electricity, which then leads to less carbon dioxide emissions,” said Henri Taskinen, CEO and Co-founder of Capalo AI.
“Armed with an excellent can-do attitude, robust educational backgrounds, and a passion for bridging the gaps between today’s grid challenges and tomorrow’s green aspirations, the team at Capalo AI truly impressed us. Having achieved such impressive results in a short time, we’re convinced the team is on the brink of something remarkable. Our investment in Capalo AI is not just a financial decision; it signifies our commitment to a brighter, sustainable future. Together, we’re not merely participants in the green transition; we’re setting the pace,” stated Petri Laine, Partner at Innovestor Venture Capital.
Accelerates green energy transition
With the popularity and commissioning of renewable energy sources rising globally, the role of energy storage and flexible demand will be crucial in the green transition. The consumption and production of electricity have to be balanced at all times for a functioning grid. Weather conditions make renewable energy production volatile, as it is never possible to completely accurately forecast how much electricity can be produced.
By deploying advanced AI, Capalo AI can optimise the usage of flexible energy assets, such as energy storage systems and EV charging stations. Its technology allows the commissioning of weather-dependent renewable energy sources to grow rapidly by optimising the flexibility of the energy grid to adjust to production and demand fluctuations.
Founded by Henri Taskinen, Teemu Lappalainen, Riku Kukkonen and Eerik Jauhiainen in 2022, Capalo AI is a sustainable tech company that maximises the value of flexible assets and energy storage systems across multiple markets. It combines the most accurate forecast data with AI models.
This benefits national grids and its customers, as the optimal bidding strategies maintain grid balance better and maximise the revenues of customers’ assets by stacking different revenue streams.
Strategic partnerships
Capalo AI is already working with Exilion Tuuli, a Finnish investment company and one of the largest wind energy producers in the country. Currently, the company owns and operates thirteen wind farms around Finland and one 6,6 MWh battery storage. It intends to continue to invest in increasing renewable energy production in Finland. Capalo AI has gotten significant traction in the whole Nordic area from future customers, and the company will soon start cooperating with its first Swedish partner.
“As one of Capalo AI’s first customers, we are happy to use AI-powered optimisation services. With Capalo AI’s platform solution, we have managed to significantly increase the profitability of flexible assets in a complex operating environment,” added Tommi Riski, Investment Manager at Exilion.
