Summary:
Capalo AI raised $4.1 million to enhance energy storage efficiency.
Utilizes artificial intelligence for predicting renewable energy generation.
Addresses the key bottleneck in the renewables industry: energy storage.
Employs virtual power plants to optimize battery usage and maximize earnings.
Plans to expand operations into the Baltics with new funding.
Introduction
A Finland-based startup, Capalo AI, has successfully raised $4.1 million in seed funding to enhance energy storage efficiency through innovative technology.
What is Capalo AI?
Capalo AI has developed a platform that leverages artificial intelligence to predict renewable energy generation and consumption. This technology is designed specifically for battery storage providers, enabling them to optimize their operations effectively.
The Problem with Energy Storage
Energy storage presents a key bottleneck in the renewable energy sector. Due to the intermittent nature of wind and solar power, accurately forecasting electricity production can be challenging. When excess energy is generated without sufficient demand, it often goes to waste. To mitigate this, battery storage systems are employed to store energy for later use when demand peaks.
How Does Capalo AI Work?
Capalo AI's model integrates various data points, including weather forecasts and consumer energy usage patterns. CEO Henri Taskinen explains:
"Our model then decides, how do we run and schedule this battery charging so we can provide the right commitments to the grid?"
The startup operates virtual power plants that issue data-driven commands to battery providers, guiding them on when to charge and discharge energy based on real-time conditions.
Maximizing Earnings and Grid Benefits
By optimizing battery usage, Capalo AI helps battery owners enhance their earnings while ensuring the grid benefits from effective energy distribution. The startup also actively places bids in electricity markets, committing to energy outputs that are dispatched from the batteries.
Business Model
Capalo AI collaborates with renewable energy infrastructure investors, such as MW Storage, and operates on a profit-sharing model, taking a portion of the revenue generated from electricity markets.
Future Plans
The recent funding round, led by VentureFriends and PROfounders, will facilitate Capalo AI's expansion into the Baltics.
Exclusive Insight
We got an exclusive look at the 12-slide deck Capalo AI used to secure their funding, showcasing their innovative approach to energy storage efficiency.
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