€27m to expand European AI smart battery tech
Dutch energy technology company iwell has raised €27m to expand the roll out of smart battery storage systems across the UK and Germany.
The funding round was led by Meridiam, with Invest-NL and Rabobank participating alongside existing investors.
The company, based in Utrecht, is targeting the UK and Germany which have increasing grid congestion and rising demand for smart energy. In the Netherlands alone, 12,000 companies are currently waiting for a grid connection, highlighting the urgency and scale of the challenge across Europe. The power outage in Spain and Portugal yesterday also shows the need for the AI-enabled smart energy management (EMS) and battery storage systems (BESS).
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“Electricity grids are already under strain in many markets due to the increased share of non-dispatchable renewable generation. Electrification of heat and transport creates challenges with the power demand only expected to accelerate due to the growth of AI and datacentres,” said Jan Willem de Jong, founder and CEO of iwell.
“Hardware alone is not enough to keep the lights on. Without a smart EMS platform, a battery is just an expensive dumb box with limited financial returns. There are so many ways to make money with a battery but you really have to understand the specific customer situation,” he said.
a significant portion of the funds will be invested in software development, data-analytics and AI capabilities. “In a world where increased pricing volatility, unpredictable demand and a growing share of renewables have become the norm, intelligent controls are key to optimize energy flows,” said de Jong.
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The iwell system stores excess energy from solar farms and deploys it back at times of demand to reduce the strain on the grid and maximize on-site use of renewables.
iwell’s smart battery technology is particularly relevant for sectors where a stable power supply is mission-critical, such as logistics, transportation, and manufacturing. For example, DAF Trucks has partnered with iwell to offer customers in Europe’s key e-truck markets to invest in the electrification of trucks.
“This landmark investment fuels our ambition to build a pan-European powerhouse. Energy independence has never been more relevant to our continent. It’s all about reinforcing energy security for European businesses and simultaneously making sure the cleanest kWh will also be the cheapest,” said de Jong.
“Our hands-on experience in both software and hardware, our AI-driven energy platform, international track record and investable business cases for over 400 partners form the foundation of our success.”
Eric Rey, Managing Director of Green Impact Growth Fund (GIGF at Meridiam said: “We are proud to support iwell in its ambitious development plan. It is clear to us that iwell has the potential to become a pan-European powerhouse, leveraging their demonstrated expertise in complex projects. Following several investments into pioneering solutions across the smart grid value chain, Meridiam continues to strive to support a sustainable electrification path in Europe and contribute to reaching net-zero and energy independency.”
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