iwell raises €27M to bring smart BESS solutions into new markets
With this investment, the Dutch company will be able to accelerate its growth and international expansion, initially focusing on markets such as Germany and the UK — regions facing increasing grid congestion and rising demand for smart energy solutions.
Utrecht-based iwell, a developer of smart energy management (EMS) and battery storage systems (BESS), has successfully closed a €27 million funding round. The round was led by Meridiam, with Invest-NL and Rabobank participating as co-investor alongside existing investors.
With this investment, iwell will be able to accelerate its growth and international expansion, initially focusing on high-potential markets such as Germany and the UK — regions facing increasing grid congestion and rising demand for smart energy solutions, the company said.
The Dutch company has already established offices in Belgium, Germany and the UK. The new funding will enable the company to significantly grow these beachhead positions into formidable market players in these regions building on its leading position and experience in the Netherlands, one of Europe’s most sophisticated and competitive energy markets, according to a media release.
“Energy independence has never been more relevant to our continent. It’s all about reinforcing energy security for European businesses and simultaneously making sure the cleanest kWh will also be the cheapest,” said Jan Willem de Jong, founder and CEO of iwell. “Our hands-on experience in both software and hardware, our AI-driven energy platform, international track record and investable business cases for over 400 partners form the foundation of our success.”
“People often underestimate the complexity of the energy transition. The future will be decarbonized and decentralized,” said David Tuohy, Chairman of the Supervisory Board. “This is simply not possible without smart storage solutions like iwell’s. We are thrilled to have Meridiam and Invest-NL come on board. They really get what the company is doing.”
In addition to international expansion, a significant portion of the funds will be invested in software development, data-analytics and AI capabilities, the media release said.
“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,” said Eric Rey, Managing Director of Green Impact Growth Fund (GIGF at Meridiam).