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[Funding alert] Finnish Energy Tech Startup Capalo AI Secures €500k Pre-Seed Funding

Oct 11, 2023 | By Startup Rise EU

Capalo AI, a startup in the energy technology industry in Finland, receives €500k in pre-seed funding from Innovestor Tech Fund, with support from Inventure. Capalo AI will grow its staff with gifted mathematicians and cloud service professionals and use the funds to further develop its virtual power plant (VPP) and multi-market optimization AI.
Team - Capalo AI

Capalo AI, a startup in the energy technology industry in Finland, receives €500k in pre-seed funding from Innovestor Tech Fund, with support from Inventure. Capalo AI will grow its staff with gifted mathematicians and cloud service professionals and use the funds to further develop its virtual power plant (VPP) and multi-market optimization AI.

Energy storage and flexible consumption will play a key part in the green transition as the use of renewable energy sources grows internationally. A functioning grid requires constant equilibrium in electricity generation and demand.

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Because it is difficult to predict how much electricity can be produced with all accuracy, weather circumstances make the generation of renewable energy unstable. Capalo AI, a cutting-edge AI platform, can optimize the use of flexible energy assets like energy storage systems and electric vehicle charging stations.

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Henri Taskinen, CEO and Co-founder of Capalo AI said, “Our solution simultaneously maximizes the value for our customers and accelerates the green transition. In addition, with multi-market optimization, 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,”.

Tommi Riski, Investment Manager at Exilion said, “As one of Capalo AI’s first customers, we are happy to use AI-powered optimization services. With Capalo AI’s platform solution, we have managed to significantly increase the profitability of flexible assets in a complex operating environment,”.

Read also - UK IoT Startup FourJaw Raises £1.8 Million in Funding

About Capalo AI

Capalo AI, a 2022 beginning, has previously worked with Exilion Tuuli, a major Finnish wind energy producer and finance firm.

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The company now owns and runs thirteen wind farms spread throughout Finland as well as one 6,6 MWh battery storage establishment, and it plans to keep making investments in expanding the use of green power in Finland.

Read also - Paris-based Insurtech Startup Orus Raises €11 million Series A Round Funding

Future customers have shown a lot of curiosity in Capalo AI in the Nordic region, and the business will shortly begin working with its first Swedish partner.

Read also - Berlin-based Vireo Ventures Secures €20 Million in Funding

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