Energiot, a pioneering Spanish startup in the creation of self-powered Internet of Things (“IoT”) devices for smart grid management, has closed a round of seed funding. The funding is provided by a climate technology-focused syndicate of investors led by Axon Partners Group, EIT InnoEnergy and COREangels Climate, consolidating its commitment to innovation and sustainable energy transition.
A substantial increase in electricity demand is expected in the coming years, requiring a tripling of current grid connections. An estimated 80 million kilometres of new lines are projected to be established globally by 2040. Furthermore, increased renewable energy production and further electrification, including the introduction of electric vehicles, are already causing grid overloads costing billions of euros a year – €3.2 billion in Germany alone by 2022. To overcome these challenges, it’s crucial to modernise and digitise the power grid, monitor it in real-time with predictive maintenance, and empower it with dynamic management systems and advanced analytics. Furthermore, the installation of new sensors on the lines, particularly overhead ones, will be necessary in the upcoming years. Unfortunately, the use of battery-powered devices is impractical, not only due to the ecological impact linked with the use of millions of batteries, but also due to the maintenance associated with their replacement.
Energiot aims to tackle these challenges through this investment by optimising the operation and maintenance of grid operators (DSO and TSO) by deploying IoT devices equipped with multiple sensors that generate new data, collected on a cloud platform, to significantly improve the maintenance and operation of grid assets.
Energiot addresses critical challenges and use cases such as Dynamic Line Rating (“DLR”) to mitigate potential grid congestion associated with the integration of renewable energy, predictive maintenance, smart asset monitoring, and bird protection on overhead power lines, thereby improving operational efficiency and environmental sustainability for grid operators.
`This funding round will allow us to develop new key pilots with other grid operators, scale up the manufacturing and commercialisation of our products, and gradually grow our team to complement their competencies,´ said Gonzalo Murillo, President and Founder of Energiot.
Energiot’s patented technology enables the harvesting of waste energy from the environment, facilitating sustainable power for its IoT devices and eliminating the need for batteries. This allows for a global and cost-effective deployment for network operators. Additionally, the versatility of Energiot’s devices allows a wide range of assets to be monitored with a single device, including conductors, towers, insulators and substations.
Luis Castañeda, Partner leading Axon’s sustainability and energy transition strategy, commented: `the development of smart grids is a must. The electrification and decarbonisation of the economy present fresh challenges to distribution and transmission grids that cannot be addressed with current technology. Therefore, Energiot and its technology, which were developed by Gonzalo and his team, are in a leading position to meet these new challenges´.
Energiot currently collaborates with European grid operators and has completed trial projects with prominent firms in the industry, such as Iberdrola (Spain), EDP (Portugal), and Enercal (France), among others.