Tether Funding News -Spanish Clean Energy Startup Tether Secures €1.3 Million In Pre-Seed Round

The funding round was led by Draper B1 and K Fund, with support from Enzo Ventures, Inclimo Climate Tech Fund, Zero4Climate, and COREangels Climate.

Founder and CEO Luis Medina Rivas said: “The recent blackout in Spain put front and centre the growing need for flexibility in Europe. Without urgent action, grid instability could cost EU economies up to €135 billion annually by 2050 – driven by rising energy costs, disrupted industry, and emergency energy measures.

“This funding round helps us seise the momentum, so we can expand our team and launch our product across the Nordic markets. This will help us accelerate the green energy transition without threatening the reliability of the grid.”

Founded in 2023 at Norrsken Barcelona by Luis Medina Rivas, Tether has created a technology that transforms electric vehicles into a large-scale, AI-managed battery network. By learning and coordinating the charging behavior of millions of EVs, Tether turns them into what it calls the “world’s largest and cleanest distributed battery,” helping to strengthen the power grid.

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This approach can reportedly cut CO2 emissions by up to 7,300 tonnes per megawatt over a car’s lifetime. Tether also enables vehicle flexibility to be traded in balancing markets, creating new revenue streams for partner OEMs and charging station operators, while enhancing grid stability with clean energy.

Rivas brings experience in electrical and renewable energy engineering, with past roles at Florida Power & Light, GE Power, GE Solar, and Northvolt. The rest of the Tether team includes engineers, mathematicians, and data scientists from companies like Amazon and EIT InnoEnergy—all united by a mission to drive the green energy transition.

Raquel Bernal, Partner at Draper B1, added: “We are thrilled to join Tether in its mission to facilitate the energy transition by bridging electric vehicles and the energy market. From the beginning, we were impressed with the synergies between Luis and the team, their international vision, and their ability to open new paths in transforming markets.”

Tether will use the new funding to grow its partnerships across the Nordics, Germany, and Belgium, expand its engineering and commercial teams, and strengthen its integrations with automakers and grid operators.

The company is already running pilot programs with major carmakers and charge point operators in these regions. It is currently working directly with EV manufacturers like Audi and Zeekr.

About Tether

At Tether, our mission is to transform parked electric vehicles into the world’s largest battery. Using advanced AI, we predict EV charging patterns, optimize their available power and turn them into flexible energy sources that support the grid and reduce dependence on fossil fuels.