🇸🇪 Eliq Secures €10 Million in financing

Gothenburg, Sweden, November 2023 –Swedish software company Eliq has successfully raised a €10 million growth round. The funding round combines capital from existing investor Inven Capital with new investors, Axpo and Valkea (Fortum’s investment arm for early-stage companies). Axpo and Valkea are existing CVCs of Eliq’s current customers. Along with additional debt financing, this investment is focused on expanding Eliq’s home energy efficiency platform across Europe.

Eliq, a Home Energy Efficiency platform, empowers utilities, banks, and smart home providers to provide customers with energy data to make smarter, more sustainable decisions in household energy usage, ultimately reducing their carbon footprint. Founded in 2016 by energy experts and software entrepreneurs, Eliq’s platform focuses on home energy efficiency, expediting the transition towards more sustainable home energy use and making sense of energy data. The platform allows utilities, banks, smart home providers, and other businesses to offer their customers solutions to interpret energy data, provide guidance on energy-efficient usage, and facilitate upgrades and green financing.

“We need to talk about Open Energy Data,” says Håkan Ludvigson, CEO and co-founder of Eliq.
“We want to empower 1 billion individuals to be part of the home energy transition for a greener and more affordable energy future. We see immense potential in the wealth of energy data at our disposal, and with the transformative force of digitalisation, along with the recent EU directive underlining the importance of this, we’re changing the way we understand home energy usage.”

Household energy savings are of paramount importance, especially when considering that households account for a substantial 27% of final energy consumption. At Eliq, we’re proud to offer a solution that can make a significant impact. Based on the results we’ve witnessed within our current client base, our platform can achieve remarkable savings of up to 9%. This isn’t just a theoretical projection; it’s a practical and proven outcome, demonstrating the genuine potential of our technology to drive energy efficiency and cost reduction in homes across the globe.

This recent funding brings Eliq’s total funding since its inception to €19 million, enabling the company to aggressively expand its sales and marketing efforts while accelerating product development. There are no anticipated changes to the board.

“Since we invested, Eliq has grown into a European wide API-energy platform with 10 million contracted end consumers of businesses such as top European utilities, banks and global smart home providers and is managing 100bn+ energy data points. This most recent investment will be used to roll out the platform within the already contracted corporate customers, expand further and therefore capture hundreds of millions of end users across multiple verticals and creating a huge impact in terms of significant reduction of energy costs and carbon emissions.”

– Petr Míkovec, Managing Director, Inven Capital

This financing round builds on an exceptional year for Eliq, marked by a growing list of clients, product- and market momentum in the rapidly changing European energy landscape. The company has partnered with leading firms like TotalEnergies, Schneider Electric, Fortum and KBC, and has received top recognition from industry analysts.

About Eliq

Eliq is driven by the purpose of making sense of the world’s energy data to enable businesses to create sustainable living and financial empowerment for customers. Founded in 2016 by energy experts and software entrepreneurs, Eliq’s energy intelligence platform focuses on home energy efficiency, expediting the transition towards more sustainable home energy use by making sense of energy data. The platform allows utilities, banks, and smart home providers to offer their customers solutions to interpret energy data, provide guidance on energy-efficient usage, and facilitate upgrades and green financing. Eliq is currently active in 15 European countries with 30+ live customers.

Access the Eliq media kit here. 

About Inven Capital

Inven Capital is a EUR 500m European VC fund focused on later-stage climate tech investments in Europe & Israel, backed by CEZ Group and the European Investment Bank (EIB). Inven Capital’s strategy is to invest in innovative in fast fast-growing climate tech startups, with a focus on CO2 footprint reduction. It primarily focuses on later-stage growth investment opportunities with a sound business model proven by realized revenues and long-term growth potential. Since 2015, INVEN CAPITAL has selectively invested in seventeen companies including sonnen, Sunfire, tado, Driivz, Forto & Zolar, with successful exits from four of them.
For more information, visit www.invencapital.cz

About Axpo

Axpo is driven by a single purpose – to enable a sustainable future through innovative energy solutions.  Axpo is Switzerland’s largest producer of renewable energy and an international leader in energy trading and the marketing of solar and wind power. Axpo combines the experience and expertise of more than 6,000 employees who are driven by a passion for innovation, collaboration and impactful change.  Using cutting-edge technologies, Axpo innovates to meet the evolving needs of its customers in over 30 countries across Europe, North America and Asia.
For more information, visit axpo.com

Originally published on 21 November by Eliq.

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