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Energiot secures a pre-seed funding round to boost the digitalization of the electricity grid,
optimizing its operation and maintenance and allowing better integration with renewable
sources.
Barcelona, [23-11-2023] – Energiot, the Spanish startup pioneering the development of self-
powered Internet of Things (“IoT”) devices for the smart management of the electricity grid,
has closed a pre-seed funding round. The funds come from a syndicate of investors specializing in
the climate technology vertical led by Axon Partners Group, EIT InnoEnergy and COREangels
Climate, thus consolidating their commitment to innovation and the sustainable energy
transition.
A significant increase in electricity demand is expected in the coming years. 80 million
kilometers of new lines are expected to be created or replaced by 2040 worldwide. In addition,
increased renewable energy production and electrification, among other things due to the
deployment of electric vehicles, are leading to grid congestion that today costs billions of
euros annually – €3.2 billion in Germany alone in 2022. To meet these challenges, it is
necessary to invest in the modernization and digitalization of power lines, their real-time
monitoring and more predictive maintenance, and equipping it with dynamic management
systems and advanced analytics. The installation of new sensing devices on these lines,
especially overhead lines, will be necessary in the coming years. Unfortunately, using battery-
powered devices is not feasible, not only because of the ecological impact associated with
using millions of them but also because of the maintenance associated with replacing them.
Energiot intends to take on these challenges and, with this investment, seeks to optimize the
operation and maintenance of grid operators (“DSOs” and “TSOs”) through the
implementation of IoT devices that, equipped with multiple sensors that generate new data
and are collected on a cloud platform, significantly improve the maintenance and operation
of grid assets.
Energiot addresses critical challenges and use cases such as Dynamic Line Rating (DLR),
predictive maintenance, intelligent asset monitoring and bird protection on overhead power
lines. thus improving operational efficiency and environmental sustainability for network
operators.
“This round will allow the development of new key pilots with other grid operators, the
scaling up of the manufacture and commercialization of our products and a gradual growth
of our team in order to complement their competencies,” says Gonzalo Murillo, President
and founder of Energiot.
Energiot’s patented technology allows the harvesting of waste energy from the environment,
which is used to power IoT devices sustainably and eliminates reliance on batteries, facilitating
a global and affordable deployment for grid operators. The versatility of Energiot’s devices
allows a wide range of assets, including conductors, towers, insulators, and substations, to be
monitored with a single device.Luis Castañeda, Partner leading Axon’s sustainability and energy transition strategy,
commented: “We must commit to the development of smart grids. The electrification and
decarbonization of the economy bring with them new challenges to distribution and
transmission networks that cannot be addressed with current technology. In this sense, both
Energiot and its technology developed by Gonzalo and his team are positioned as leaders to
face these new challenges.”
Currently, Energiot works with European electricity grid operators and has carried out pilots
with leading companies in the sector, such as Iberdrola (Spain), EDP (Portugal), and Enercal
(France/New Caledonia), among others.
About Energiot
Founded by Gonzalo Murillo, a distinguished researcher from Granada and now an
entrepreneur, Energiot is a spin-off of the Institute of Microelectronics of Barcelona (IMB-
CNM, CSIC) and has had the support of EIT InnoEnergy since its inception. In fact, Energiot
was the winner of its Cleantech Camp program in 2017. On the other hand, Gonzalo was
named Europe’s Newest Innovator Under 35 by the MIT Technological Review in 2016,
Economic Leader of Tomorrow by the Chousiel Institute in 2019 and 2020. He has recently
been awarded the prestigious National Research Award for young people in Technology
Transfer by the Ministry of Science and Innovation. Complementing his entrepreneurial team
is Pablo Ribeiro, a Brazilian with experience in business and product development who worked
at Endeavor, the most significant support network for high-impact entrepreneurs.
About Axon Partners Group
Axon is a global company focused on technology and innovation with a two-dimensional
approach: investment and consulting. Its commitment to innovation and investment in clean
technologies positions it as a strategic partner for companies in search of growth and
development in the field of sustainable energy and digitalization, managing assets of more
than €120 million dedicated exclusively to this strategy. The company employs around 90
experienced professionals covering Europe, the Americas and the Middle East and North
Africa, and is listed on the Madrid Stock Exchange [BME: APG] and manages capital of €685m.
About Innoenergy
EIT InnoEnergy operates at the heart of the energy transition and is the main driver of
innovation in sustainable energy, providing the technology and skills needed to accelerate the
green deal, move towards the European decarbonization target and improve energy security.
Ranked as the most active investor in the energy sector in 2022 by Pitchbook, named by Sifted
in 2023 as one of the top 10 investors in European deeptech, and recognized in 2022 as
Europe’s most impactful cleantech investor, EIT InnoEnergy supports innovation in different
thematic areas including energy storage, transport and mobility, renewable energy, and
sustainable buildings and cities, leveraging its trusted ecosystem of more than 1200 partners
and 29 shareholders.EIT InnoEnergy leads three strategic European initiatives including the European Battery
Alliance (EBA), the European Green Hydrogen Acceleration Centre (EGHAC) and the European
Solar Photovoltaic Industry Alliance (ESIA).
About COREangels Climate
COREangels Climate is the first Italian investment vehicle specialized in climate technology
start-ups located in Southern Europe, including Italy, Spain and Portugal. It is part of the
international group COREangels International, and invests in early-stage technologies with a
strong hardware component, capable of addressing the main climate challenges in the
reduction and elimination of CO2 and other GHGs.
As an active co-investor, COREangels Climate not only provides capital, but also valuable
knowledge and support in networking, expanding the reach and impact of the startups it
supports. With a strong commitment to a greener future, COREangels Climate is at the
forefront of promoting a more resilient and environmentally friendly business ecosystem.
