By ET Bureau - October 07, 2022 2 Mins Read
Frequency, the Berlin-based startup behind the revolutionary AI-based solution to reduce corporate grid consumption and electricity costs, has closed a successful €13 million Series A funding round.
The Amsterdam -based venture fund SET Ventures, which has been investing in digital technologies for CO2-free energy systems since 2007, is coming on board as a new investor.
Other participants in the round are Payback founder Alexander Rittweger and existing investor 468 Capital.
The frequency founding team, which has already set up and very successfully sold a real-time trading company with Sociomantic, is also investing millions of euros in their own company.
Frequency’s business model: a significant (> 30%) reduction in grid purchases and electricity costs through AI-based forecasts of offer prices and individual electricity consumption as well as the clever integration of assets such as battery storage in the optimization.
The proof-of-concept has been implemented over the past 18 months with major partners such as the supermarket chains Edeka and Netto, and will continue to be implemented with German medium-sized companies such as Freudenberg and Göing. In some cases, the targeted savings were even exceeded, which confirms the potential of the frequency business model.
The Series A funds are being used to accelerate the roll-out now. Frequency’s product comes at the right time because it compensates for the fluctuation of PV and wind systems with storage capacities, increases security of supply and independence from the grid, and enables cost and emission savings of more than 30%.
“We have the expertise to build a world market leader. We did it once, we can do it again. We have a strong team that can make a difference and overcome the biggest obstacles,” emphasizes Thomas Nicolai , co-founder and managing director of frequency.
dr Till Stenzel , Venture Partner at SET Ventures and future member of the Frequency Advisory Board, is convinced: “Frequenz has developed a rapidly scalable solution that bundles the enormous complexity of operating microgrids into an easy-to-understand and extremely competitive commercial product. We look forward to working with the team. It brings a fresh and pragmatic approach, bringing its know-how and experience in analyzing and processing big data to the energy world.”
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