Only have 1 minute? Here are 3 key takeaways from the article:
• Bulgarian SaaS platform TokWise raised €3M in an equity investment round led by German renewable energy producer Encavis.
• Vitosha Venture Partners, InnoEnergy KIC and Innovation Capital also participate in the round.
• Their AI-powered solution serves as a bridge between physical assets and complex electricity markets.
Founded in 2018, the TokWise platform serves renewable producers, green energy suppliers, commercial and industrial prosumers, aggregators, and traders.
Between lower average prices and higher peak prices, energy markets experience increased levels of volatility as the share of renewable energy supply increases.
To solve this challenge, TokWise’s platform allows power producers to link their assets directly to the power exchanges. This enables them to take control of the purchase and sale of electricity, while reducing the risk in the volatile energy market.
“We’re thrilled to continually support TokWise on their mission to solve one of the fundamental issues of renewable energy – matching production and consumption. Having a strategic investor and partner like Encavis specifically share that mission is a big and important step forward. Their wealth of industry knowledge and market access will further fuel TokWise growth trajectory. We congratulate the team on the important milestone and are looking forward to what’s ahead,” Kamen Bankovski, founding member of Vitosha Venture Partners, tells The Recursive.
In addition, the company has built a data science team and expertise focused on energy markets to develop algorithms that enable complete automation of power trading decisions.
The latest investment will allow the Bulgarian startup to have increased access to new markets and expand its exposure in the EU.
“The strategic investment from Encavis will open new opportunities for us by giving TokWise exposure to pan-European platforms, industry expertise, and access to new markets,” TokWise’s CEO and co-founder Krasimir Kolev said in a previous statement.
For German powerhouse Encavis, the investment also means having bigger access to the company’s expertise in algorithm-based power trading.
“The investment in TokWise enables us to jointly develop completely new software solutions aiming to adapt the production, consumption, and storage of our electricity to the constantly changing market environment,” added Mario Schirru, CIO/COO of Encavis.
