🇸🇪 Fever raises €10m from General Catalyst to expand Its platform for virtual power plants

• After a successful launch in Sweden with a surge in demand from leading energy asset operators within utility and infrastructure, the company seeks to expand its business and accelerate partnerships across Europe.

•  By making the power grid more flexible, Fever’s platform enables the transition to a world more fully powered by renewables

Stockholm, Sweden, February 15th, 2024 – Fever, the Swedish powertech company building an API-centric platform for virtual power plants, raised €10m in a seed funding round led by General Catalyst, with participation from previous investors, including La Famiglia and Norrsken VC. The funding will accelerate Fever’s expansion plans, deepen product development, and expand collaborations across Europe.

Fabian Erici of Norrsken VC states: “From day one, the Fever team has impressed us with their clear impact-focus and swift product delivery—a true reflection of the urgency required to transform the power grid. This new fundraise is a clear testament to the team’s work and the strong momentum surrounding them. We’re excited to be along for the ride!”

With the surge in renewable energy sources alongside electrification, the variability in energy generation and consumption is putting stress on traditional grids. While solar and wind are pivotal to achieving our global emissions targets, a resilient grid demands advanced software orchestration and optimisation. Fever’s platform enhances grid resilience by integrating distributed energy assets with advanced software and machine learning capabilities. This comprehensive platform predicts, adapts, and optimises energy distribution with unprecedented precision, making the grid highly flexible and reducing reliance on foreign gas, all while also improving energy efficiency.

Fever’s innovative API-centric platform further empowers energy asset installers and operators, including leading utility companies, EV fleets, and Battery Energy Storage Operators, to run and monetize their own virtual power plants by unlocking the full potential of market participation, capacity modelling, orchestration, reporting and settlements.

“We’re thrilled that General Catalyst joins us on our mission to both accelerate the transition to a world powered by clean energy and to ensure that the European power grid remains secure and resilient,” said Klas Johansson, Founder and CEO of Fever.

This financing brings the company’s total amount of funding to €11.6 million. Its four founders have extensive experience in building secure, stable, and future-proof platforms at scale. Klas Johansson, Ron Stolero, and Ruben Flam notably held leadership roles at the Swedish fintech Zettle (formerly iZettle), acquired by PayPal for $2.2 billion in 2018, while Jonatan Raber spent several years in senior positions at Spotify.

In tandem with this financing Niek den Hollander, former Chief Commercial Officer at Uniper and former Senior Vice President and Head of Vattenfall’s Business Area Markets, and Holger Lichtschläger, Managing Director and Founder of Global Experts-Energy Consulting with prior executive positions at E.ON and Uniper, will be joining Fever’s Board of Directors.

“We see Fever as a key player transforming the global energy markets. The deep technical knowledge of the founding team, complemented by Niek and Holger’s leadership at some of the most consequential energy companies in Europe, reflects our belief in the power of radical collaboration” said Genevieve Kinney, partner at General Catalyst. “Our dedication to a clean energy future is fundamental to General Catalyst’s Global Resilience thesis, and we’re thrilled about our partnership with Fever to democratise the European energy market.”

ENDS

For press inquiries, please email: Wilhelmina Douglas, [email protected]

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About Fever 

Fever is a power technology company with a mission to transform energy assets and the power grid with software. By bringing the most advanced technology and machine learning capabilities to the power industry, Fever is changing how energy assets are utilised, powered, secured and monetised. Read more www.fever.energy

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About General Catalyst

General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society.  We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, London, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker. For more: www.generalcatalyst.com.

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About Norrsken VC

Norrsken VC is Europe’s leading early-stage fund investing in impact. Headquartered in Stockholm with an investment philosophy framed around the UN’s 17 SDGs, Norrsken VC backs startups solving the world’s biggest problems while building massive businesses. The 50+ portfolio companies include “impact unicorns” – Einride, Northvolt and 1KOMMA5°.

For more information visit www.norrsken.vc

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Originally published on 15 February by Fever.

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