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18 Nov 2022

Swiss-Italian Startup Hive Power Announces Series A Round to Support Smart Energy Management App Development

Hive Power Stand: 12.0.F152
Amanda Whitmore
Swiss-Italian Startup Hive Power Announces Series A Round to Support Smart Energy Management  App Development
Co-Founders Gianluca Corbellini, CEO, and Davide Rivola, COO

The Swiss-Italian energy tech company Hive Power has just announced its round of 2.5 million euros. Having already signed commitments for 700 thousand euros in venture capital funding, the founders are now scouting for a strategic lead investor. They plan to dedicate the funds to optimising their smart energy technology and developing business in key European markets. 

Hive Power’s AI engine, FLEXO, enables companies to manage anything connected to the grid, from Energy Communities to Electric Vehicle Charging. FLEXO, named for its ability to adapt flexible and varying energy sources to the grid, has been under development since 2013, before the original research team had spun off from the University of Applied Sciences and Arts in Southern Switzerland (SUPSI) and formed Hive Power in 2017.

According to CEO Gianluca Corbellini, “The technology is particularly relevant in today’s shifting regulatory climate, with the European Union’s requirements for mandatory electric vehicle adoption within 2035 and mandate that one-third of energy be renewable within 2030. The escalation of the Russian conflict in Ukraine and resulting energy security risks have added an even greater sense of urgency to governments and energy companies alike.   

Hive Power’s 17-person team of software engineers and business developers are tackling these global crises by extending FLEXO’s applications to more use cases every day, offering energy management solutions for both automotive and building energy needs. On the automotive side, the software enables smart charging of electric vehicles, much like one sees on smartphones, where charging is automatically staggered and programmed for the least expensive hours of the day. At the same time, with vehicle-2-grid (V2G) technology, it is able to discharge excess energy back to the grid - generating additional income for the driver. On the energy side, Hive Power’s data science team has developed algorithms which analyse weather data and energy markets. Hive Power uses these insights to empower energy community management, enabling solar panel owners to get paid for their contribution to the grid, while simultaneously stabilising that variable resource’s inflow and preventing outages. The same data is also integrated into FLEXO for energy providers to supply their customers with “drain spotting” alerts and energy coaching, which show customers where they are consuming too much and allows them to automatically “peak shave” by programming appliances to be used at the most economical times of day.” 

The scale-up is not alone in these endeavors. With more than 3 million euros in European Commission projects under management, Hive Power continues its research directly with energy companies across the globe, including the likes of Veolia, E.ON, and Centrica. It has also raised more than a half million euros in seed funding, in addition to recurring revenues from SaaS customers and pilot projects. Hive Power is currently operating in the European market, with a focus on Italy, Spain, France, Greece, Portugal, the United Kingdom, the DACH region, and the Nordics. Its global expansion and continued climate impact requires the additional 2.5 million in funding which it is seeking from prospective lead investors. To get in touch with Hive Power about investment or partnership opportunities, visit https://bit.ly/hivepower_investments. 

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