FION Energy, a cleantech startup based in Berlin, has secured €1.4 million in pre-seed funding.The round was led by HTGF and Norrsken Evolve, with additional support from experienced business angels. The company believes its solution can help mitigate the pressures currently facing Europe’s manufacturing sector.
FION’s AI-driven industrial battery storage platform intends to effectively turn battery storage, otherwise a simple asset, into a significant competitive advantage through its proprietary AI optimization. It also intends to reduce electricity expenses for manufacturers.
European factories are currently subject to electricity prices approximately 50% higher than those in the US or China, placing significant economic strain on production sites. This challenge is further complicated by the volatile output from renewable sources (wind and solar) and a general lack of flexible energy consumption strategies within industrial facilities.
