ETH spinoff Exnaton has secured fresh capital from Silicon Valley investor True Ventures and Zurich-based Übermorgen Ventures to drive the expansion of renewable energies. So far, 15 utility companies in Central Europe use the company’s software for energy sharing. During the next months, the startup plans to advance its technology and expand into new European markets.
From its headquarters in Zurich, Exnaton targets utility companies seeking to integrate the latest technology into their product portfolio to offer new types of renewable energy services to their own customers. Through its software ‘PowerQuartier’ households can trade the solar power they produce directly with their neighbours. In addition to energy sharing, the software also enables energy suppliers to implement participation models for shared investments in renewable energy assets and smart energy tariffs.
"After the events of the last few months, it is now clear to everyone that the energy sector needs to change fundamentally. We contribute to the transition to clean energy by integrating more local renewable energy into the energy system and by making local communities less dependent on other energy sources," says co-founder and COO Anselma Wörner.
The B2B customers can use the solution as a white label and integrate it into the SAP ERP system, for which the company won this year's SAP Innovation Award together with best practice consulting and its Austrian customer Burgenland Energie.
With only two years since its founding, Exnaton has grown its team to 15 people and attracted more than 15 utility companies in Germany, Austria, Switzerland and Luxembourg, many of which have previously worked with the startup during the pilot phase. As part of its growth, the startup plans to grow further in European markets including Italy and Spain.
Thanks to the obtained significant one-digit million seed financing capital, the startup will also advance the functionality of the software and grow its team. Renowned US investor True Ventures led the round. "Since our first meeting in San Francisco last year, we were convinced that Exnaton's technology would fundamentally contribute to the successful energy transition”, said Toni Schneider, partner at True Ventures, and former CEO of Automattic, the company behind WordPress. "Exnaton, today, is in a market niche that will soon offer many business opportunities in the energy sector.”
Übermorgen Ventures, a climate tech VC from Zurich and existing investors also participated in the round. Übermorgen has already invested in European startups in the energy sector from abroad and supports Exnaton with contacts and expertise.
(Press release/RAN)
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