Lietuvos energija fondas invests in the Estonian company "Fusebox"

The Lithuanian energy-efficient energy fund, managed by venture capital competitions, has invested 50,000 euros in pre-seed for the Estonian startup Fusebox.

Platform and service generated by starters are expected to help electricity users become market players, contribute to network balancing and ensure competitive electricity prices during peak times.

A service developed by Fusebox will enable electricity consumers to respond to market developments. In the hours that the energy consumption of the device and the electric current circulate, for example, I have been informed that it is time to reduce energy consumption. In this way, reducing the demand for electricity does not require the addition of additional electricity generation capacity, and electricity users will benefit directly from the initiative.

The business model is similar to Uber: we make too much use of the customer's capacity. We do not have facilities for electricity production, but we balance the electricity transmission network using back-up facilities for customers, says Tarvo Onga, Chief and CEO of Fusebox.

At the moment Fusebox is planning to create a virtual, fast response of up to 90 MW in 1500 different building designs. The virtual ones that I have used are usually used to balance the power supply instead of connecting the ethanol fuel cell.

In the initial phase of the service, Fusebox partners are energy-intensive companies: dismantling warehouses, supermarkets and administrative buildings. The future of the Fusebox platform is also expected to be used by small electricity producers.

Lithuanian energy places innovation

Fusebox attracts investments and participates in the launch of the accelerator accelerator platform Accelerator One, the Energy One program, which manages Contrarian Ventures with Lithuanian Energy. One of the largest energy companies in the Baltic states, Lietuvos energija and Elering, will try their services.

The energy of Lithuania contributes to these investments in the LE 2030 strategy with the aim of investing in innovation and new technologies.

With the help of his service, Fusebox has helped many energy-consuming companies reduce their electricity needs in the most expensive times. The solution is still at an early stage, but by successfully implementing it, we can save on business and contribute to balancing the entire electricity system, says Dominykas Tukus, member of the Lithuanian Energy Commission and Director of Infrastructure. – and development service.

The Renewable Energy Risk Capital Fund, where it invested in Lietuvos Energija, the owner of Contrarian Ventures, invests in startups that develop new energy technologies. The Fund is also co-sponsor of the AcceleratorOne Accelerator program, which starts and grows starters and Leaseuvos energija. The program tests pilot products and services on the local market, giving it the opportunity to grow internationally. AcceleratorOne is inviting and awaits start-up startups in 2018. program in the Vilnius Tech Park community.

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