iwell, a provider of smart energy management and battery storage system solutions, closed a €27 million (~$31 million) funding round led by Meridiam, an independent investment Benefit Corporation and asset manager, through its Green Impact Growth Fund (GIGF).
Invest-NL and Rabobank also participated as co-investors in this funding round, along with existing investors.
The company develops modular, software-driven Energy Management Systems and Battery Energy Storage Systems solutions for the commercial and industrial sectors. According to the company, its systems store energy, such as solar power, when it’s cheap and deploy it when demand and costs peak, lowering energy bills, reducing strain on the grid, and maximizing on-site use of renewables.
The funding will help the company expand into new markets across Europe and globally. In addition to international expansion, a portion of the funds will also be invested in software development, data analytics, and AI capabilities.
“We are proud to support iwell in its ambitious development plan. It is clear to us that iwell has the potential to become a pan-European powerhouse, leveraging their demonstrated expertise in complex projects. Following several investments into pioneering solutions across the smart grid value chain, Meridiam continues to strive to support a sustainable electrification path in Europe and contribute to reaching net-zero and energy independency,” said Eric Rey, Managing Director of GIGF.
According to Mercom’s recently released Q1 2025 Funding and M&A Report for Energy Storage, VC funding in the sector fell 8% YoY, with $1.1 billion raised in 18 deals, down from $1.2 billion in 23 deals during the same quarter last year.
In February, Tyba, a company that provides an optimization platform for energy storage projects, secured $13.9 million in Series A funding, raising its total funding to $18.15 million. Energize Capital led the funding round, with new investments from Pear VC, Mobilize Climate Capital, and Borusan Ventures, and follow-on investments from Powerhouse, Wireframe, Virta, and Lorimer.
