Fusebox Raises €2.6M
Fusebox Raises €2.6M to Scale Its Virtual Power Plant Technology Across Europe
Estonian energy tech company Fusebox has secured €2.6 million in funding to expand its operations and strengthen its position as a leading provider of Virtual Power Plant (VPP) and energy flexibility solutions across Europe. The round was led by Soulmates Ventures, with participation from SmartCap, Eneco Ventures, and PKO Bank Polski.
The funding will support Fusebox in expanding its SaaS-based platform, hiring new talent, and scaling its presence across European energy markets. This milestone follows a successful investment round in December 2022 that laid the groundwork for the company’s rapid growth into 13 global markets.
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Empowering the Energy Transition
Fusebox develops and delivers modular software tools that help utilities and businesses integrate renewable energy, manage energy storage, and reduce grid imbalances. With over 3,600 connected energy assets and proven success in the Nordics and Baltics, Fusebox is now focused on entering larger energy markets in Western and Central Europe.
“Our technology supports a profitable and sustainable energy system by enabling customers to build their own flexibility business without competition from us,” said Tarvo Õng, CEO and founder of Fusebox. “This investment allows us to move faster, scale smarter, and provide utilities and enterprises the tools they need for the next generation of energy management.”
Addressing the Energy Market’s Biggest Challenges
As Europe increasingly depends on renewable energy sources, the grid faces new challenges including supply volatility and imbalance risks. Fusebox provides power companies, industrial operators, and commercial buildings with real-time, cloud-based control of energy consumption and generation assets—from solar parks to battery storage and HVAC systems.
Clients using Fusebox’s software can reduce grid imbalances by up to 95%, cut energy costs by 35%, and generate up to 40% more revenue from ancillary service markets—the mechanisms used by grid operators to stabilize electricity supply and demand.
The platform is fully modular, allowing clients to start small with asset optimization and scale up into full-fledged Virtual Power Plants that respond dynamically to market signals.
Investor Perspectives
Soulmates Ventures, a Czech VC firm focused on impact-driven startups, praised the company’s growth and team execution.
“Fusebox is reshaping energy production and grid management across Europe. Their team delivers measurable results, from stabilizing local grids to reducing emissions,” said Michal Sikyta, Investment Director at Soulmates Ventures.
SmartCap, a fund backed by the EU’s NextGenerationEU program, emphasized the technology’s environmental impact.
“Fusebox empowers clients to optimize energy usage, integrate renewables, and actively participate in sustainability initiatives,” said Sille Pettai, CEO of SmartCap.
The continued backing from Eneco Ventures, the VC arm of Dutch energy giant Eneco, and PKO Bank Polski, Poland’s largest financial institution, reflects sustained confidence in Fusebox’s scalable and market-ready solution.
A Clear Path Forward
With mounting pressure on European grids to balance renewables, Fusebox’s growth trajectory is aligned with the continent’s green transition goals. Its virtual power plant technology represents a crucial building block in future energy systems—where flexibility, automation, and decentralization are key.
By equipping energy stakeholders with the tools to monetize flexibility and improve sustainability, Fusebox is not just enabling smarter energy management—it’s actively helping to design the resilient, carbon-neutral grid of the future.
