Swedish PowerTech startup Fever raises €10 Million for grid optimization solutions

Fever, a Swedish PowerTech startup, raised €10 million in a seed fundraising round for grid optimization solutions.

The round was led by General Catalyst along with participation from past investors La Famiglia and Norrsken VC. Fever is developing an API-centric platform for virtual power plants. The money will strengthen product development, quicken Fever’s expansion goals, and broaden partnerships throughout Europe. With this funding, the company now has €11.6 million in total funding.

By enabling the full potential of market participation, capacity modeling, orchestration, reporting, and settlements, Fever’s cutting-edge API-centric platform further empowers energy asset installers and operators, including top utility companies, electric vehicle fleets, and battery energy storage operators, to run and monetize their virtual power plants.

Klas Johansson, the founder, and CEO of Fever, said:

“We’re thrilled that General Catalyst joins us on our mission to accelerate the transition to a world powered by clean energy, ensuring grid optimization and resilience.”

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Traditional grids are under strain due to the fluctuation in energy generation and consumption resulting from the increase in renewable energy sources and electrification. While wind and solar power are essential to meeting our global emissions targets, sophisticated software orchestration and optimization are needed for a robust system. Moreover, by combining distributed energy assets with cutting-edge software and machine learning capabilities, Fever’s platform improves grid resilience. This all-inclusive platform increases energy efficiency while predicting, adapting, and optimizing energy distribution with previously unheard-of precision. This increases grid flexibility and lowers dependency on imported gas.

Fabian Erici of Norrsken VC said:

“The Fever team has impressed us with their clear impact-focus and swift product delivery—a true reflection of the urgency required to transform the power grid. Further, this new fundraising effort is a direct result of the team’s efforts and the tremendous enthusiasm that surrounds them. We can’t wait to follow the journey together!”

Genevieve Kinney, partner at General Catalyst, stated:

“We believe that Fever is a major force changing the world energy markets. Our belief in the power of radical collaboration is reflected in the deep technical knowledge of the founding team and Niek and Holger’s leadership at some of the most significant energy companies in Europe. Additionally, the core of General Catalyst’s Global Resilience thesis is our commitment to a clean energy future, and we’re excited about our partnership with Fever to democratize the European energy market.”

Holger Lichtschläger, MD & Founder of Global Experts-Energy Consulting with previous executive positions at E.ON and Uniper, and Niek den Hollander, former Chief Commercial Officer at Uniper and former SVP & Head of Vattenfall’s Business Area Markets, will be joining Fever’s BODs concurrently with this financing.

Image Credit: Fever