The Hamburg-based battery energy trading software and services company has raised €3 million ($3.27 million) seed funding to expand its software-driven trading services across Europe. The capital will be used to introduce its software, dubbed Autopilot, and its trading services to new European markets.
Suena, which develops trading and optimization software to be able to deliver services to battery storage and renewable energy asset owners and operators, raised €3 million ($3.27 million) in capital from European clean energy investors.
The financing will be used to further develop its Autopilot software and grow its trading services in European markets, such as Germany, the UK, Belgium, Netherlands and Spain.
Suena’s technology supports trading for both stand-alone battery systems and systems co-located with solar or wind projects. “In Germany, we also have customers like EnBW and Prokon that have solar plus storage projects,” Suena CEO, Lennard Wilkening, told pv magazine.
Suena said it will also invest in further development of its novel artificial intelligence functionality and expand the team.
To offer trading services to battery storage and renewable energy asset owners, Suena develops optimization and trading software. Its latest software, dubbed Autopilot, is designed to handle the “immense complexity of efficient and strategic power trading on multiple markets”, according to the company.
It is reportedly able to process large amounts of data, optimize trading strategies, and react in real time to fluctuations in renewable energy production and market prices.
Aspects of pricing and market forecasts, dispatch schedule of the energy storage, and when to buy and sell energy at which market are also optimized across various power and balancing markets.
The platform supports connectivity to the customers’ battery management system, the so-called energy management system (EMS), but according to Wilkening it is more common to collaborate with virtual power plant (VPP) providers, such as Spain-based Cellect Energy, or Germany-based Energiekoppler and emsys VPP. “These partners specialize in managing the technical communication between the trading software and the battery assets,” said Wilkening.
The seed round was co-led by Smart Energy Innovationsfonds, the corporate venture capital fund of Energie 360, a Swiss energy supplier, and Spain-based Santander InnoEnergy Climate Fund. They were joined by early investors Vireo Ventures and Raakwark Kaptaal, both based in Germany, and Netherlands-based EIT InnoEnergy.
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