Fever, a provider of an API-centric platform for virtual power plants, raised €10 million (~$10.7 million) in a seed funding round led by General Catalyst, with participation from previous investors, including La Famiglia and Norrsken VC.
The funding will be used to accelerate Fever’s expansion plans, deepen product development, and expand collaborations across Europe. This round brings the company’s total amount of funding to €11.6 million (~$12.4 million).
With the surge in renewable energy sources alongside electrification, the variability in energy generation and consumption is putting stress on traditional grids. Fever aims to resolve this issue using its platform to enhance grid resilience by integrating distributed energy assets with advanced software and machine learning capabilities.
Fever’s API-centric platform provides energy asset installers and operators, including leading utility companies, EV fleets, and Battery Energy Storage Operators, to run and monetize their virtual power plants by unlocking the potential of market participation, capacity modeling, orchestration, reporting, and settlements.
In tandem with this financing, Niek den Hollander, former Chief Commercial Officer at Uniper and former Senior Vice President and Head of Vattenfall’s Business Area Markets, and Holger Lichtschläger, Managing Director and Founder of Global Experts-Energy Consulting with prior executive positions at E.ON and Uniper, will be joining Fever’s Board of Directors.
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid. VC funding in the Smart Grid sector decreased 55% YoY, with $1.5 billion in 47 deals in 2023 compared to $3.3 billion in 46 deals in 2022.
Camus Energy, a grid orchestration platform, secured over $25 million in Series A funding after closing its $10 million extension. The round was co-led by climate firm Congruent Ventures and marketplace investor Wave Capital, with participation from Align Impact, Remarkable Ventures Climate fund (RVC), and Groundswell Ventures, alongside Congruent and Wave’s Limited Partners.
