Bnewable funding news – Belgium-based Bnewable has Raised €40Million in New Growth Funding

Funding Utilisation

This new financing will be used to accelerate activities in Belgium, make further investments in battery storage at customers and realize both its Belgian and European ambitions in the context of the energy transition.

The three current external investors – RGREEN INVEST, which invests in companies that want to play a prominent role in the energy transition, Wallonie Entreprendre , the Walloon investment fund and Dovesco Fund Investments, which invests in scale-ups with a focus on technology and sustainability, among other things – confirm their confidence in Bnewable with this new capital commitment.

In this way, they support the commitment of the founders, management and employees to make Bnewable a leading player in the Belgian and European energy transition.

Nicolas Rochon, founder and chairman of RGREEN INVEST said, “Energy management is key to Europe’s independence and competitiveness. RGREEN INVEST’s ambition is based on the conviction that the energy transition will not happen without the support of new business models and entrepreneurs developing essential solutions to accelerate this transition ,”.

Olivier Bouchat, member of the Executive Committee of Wallonie Entreprendre adds: “Our investment strategy is focused on stimulating and growing solutions to accelerate the decarbonisation of industry. Bnewable’s solutions clearly contribute to this. We believe that Bnewable’s offering makes a lot of sense for industrial companies that increasingly have to rely on low-carbon but volatile energy sources such as solar panels and wind turbines.”

Valorization of 'behind the meter' battery storage

Bnewable is a Belgian pioneer in energy storage and exploitation with a focus on 'behind the meter' battery solutions. This means that the battery is installed on-site, at companies themselves.

For example, this could involve companies that already produce a significant amount of renewable energy, but do not always use it optimally despite regular peaks in their consumption. Or companies that are electrifying strongly, such as in the logistics sector, where the focus in the coming years will be on the electrification of heavy transport.

Thanks to the self-developed Energy Management Platform 'Voltana', the battery is intelligently controlled by means of data-driven algorithms and machine learning for optimal use. In combination with additional control and trading of excess energy by an in-house team of energy experts, at the times when it is most profitable, Bnewable maximizes the return of solar production for its customers with the help of that battery.

And at the same time it contributes to the stability of the electricity grid, which is increasingly under stress due to increasing electrification. In this way it helps companies to reduce their energy costs and to make them more sustainable.

Bnewable not only provides the technology and management, but also the investment in the battery itself. The objective of this 'battery-as-a-service' model is to completely unburden companies in the field of energy management, so that they can focus on their core business.

Sustainable growth and European vision

Kristof Vereenooghe, co-founder of Bnewable said, “With the new investment of 40 million euros, we will accelerate our growth strategy in Belgium and serve our customers even better in an increasingly complex electricity market, We want to help companies in a concrete way to optimize the yield of installed renewable capacity and to reduce the impact of price volatility on the electricity market. Although our focus is on the Belgian market, we are currently also investigating the options to implement our model in other European countries. This will also enable us to further support our international customers in their activities abroad. Studies, such as those by Solar Power Europe, show that the European market for 'behind the meter' energy storage will grow to 50 gigawatt hours by 2030. We want to have a significant part of that under our own management with Bnewable.”

Social impact as a driving force

With a view to the energy transition, Bnewable's mission is clear: to contribute to the stability of the electricity grid and the further development of renewable energy in Belgium, and in a next phase also in Europe. Battery storage plays a crucial role in this, especially with the increasing electrification of mobility, buildings and industry, as well as the growth of volatile energy generation such as wind and solar energy.

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Christophe Degrez, CEO and co-founder of Bnewable said, “Our ambition is to manage one gigawatt hour of storage capacity in Belgium by 2030, which is equivalent to the capacity of two gas-fired power stations, Thanks to smart control, we can bundle the generated energy via battery systems at our customers. By deploying this capacity flexibly, we not only create added value for the electricity grid, but we also let a large part of the income flow back to our customers. In this way, we are building together with our customers a sustainable and value-driven energy company that wants to provide an answer to the energy challenges of the future. With the new capital commitment, Bnewable is well positioned to play a key role in the Belgian and European energy transition.”

About Bnewable

Bnewable is a pioneering, Belgian renewable energy company based in the Brussels area, Belgium. The company is committed to supporting its customers in their energy transition journey, by investing, developing, and operating sustainable and decentralised energy sources at the client site.