Finnish storage tech provider Capalo AI raises €500,000 in funding round

October 16, 2023

Finnish energy tech startup Capalo AI has raised €500,000 in pre-seed funding, with the proceeds to be used for the further development of its AI for optimising the usage of flexible energy assets, such as energy storage systems and electric vehicle (EV) charging stations. 

The funding round was led by Innovestor Tech Fund, with Inventure also participating. Capalo AI will also use the funding to further develop its virtual power plant optimisation AI and scale up its team with “talented mathematicians and cloud service professionals”.

Capalo AI’s technology “allows the commissioning of weather-dependent renewable energy sources to grow rapidly by optimising the flexibility of the energy grid to adjust to production and demand fluctuations”, a statement said.

Henri Taskinen, CEO and Co-founder of Capalo AI, said: “Our solution simultaneously maximises the value for our customers and accelerates the green transition. In addition, with multi-market optimisation, national grids are able to sustain a steady electricity frequency. This means less of a need for reserve power plants that mostly use fossil fuels to produce electricity, which then leads to less carbon dioxide emissions.”

Capalo AI is already working with Exilion Tuuli, a Finnish investment company and one of the largest wind energy producers in Finland, which currently owns and operates thirteen wind farms around Finland and one 6.6 MWh battery storage facility.