{"id":143678,"date":"2024-12-16T11:56:55","date_gmt":"2024-12-16T10:56:55","guid":{"rendered":"https:\/\/www.startupbusiness.it\/eur-3-5-million-round-for-italian-swiss-hive-power\/143678\/"},"modified":"2024-12-16T12:04:45","modified_gmt":"2024-12-16T11:04:45","slug":"eur-3-5-million-round-for-italian-swiss-hive-power","status":"publish","type":"post","link":"https:\/\/www.startupbusiness.it\/en\/eur-3-5-million-round-for-italian-swiss-hive-power\/143678\/","title":{"rendered":"EUR 3.5 million round for Italian-Swiss Hive Power"},"content":{"rendered":"\n

Hive Power, a Swiss-Italian start-up providing innovative solutions for smart grids, announces that it has closed the EUR 3.5 million Seed+ funding round, which includes funds from venture capital investors such as Axpo and Creadd Ventures, together with the Swiss Technological Fund,<\/strong> which offers surety to start-ups tackling the climate crisis.<\/p>\n\n

The funding will support Hive Power’s European expansion by expanding its AI-based software to optimise electric vehicle (EV) charging. The company has already received validation from the market and is operational with projects in Switzerland, Italy, Austria, Belgium, Spain and Portugal. <\/p>\n\n

“2025 will be the year of Flexo,” says Gianluca Corbellini, founder and CEO of Hive Power (pictured with the start-up team), in a note. “Our flexibility optimisation tool schedules electric vehicle charging based on the availability of renewable energy, what we call ‘solar charging’, and based on the prediction of the lowest prices for the next day.<\/strong> While many companies offer basic smart charging solutions, Flexo goes further by including ancillary services to balance the network. This can help EV owners save up to one thousand euros per year for cars and up to 13 thousand euros for heavy vehicles. <\/p>\n\n

Recently, Ford CEO Jim Farley emphasised that the real key to the widespread adoption of electric vehicles is to create a model that costs less than $30,000 (about EUR 28,000). Flexo helps achieve this by reducing the overall cost for those who own one of these cars, through intelligent interactions with the grid. Incentives can also be effective, not just aiming to reduce production costs. <\/p>\n\n

Hive Power is collaborating with Axpo and Clyde Mobility, a popular Swiss car subscription service that is part of the Amag Group, where Flexo, using the capacity of over a thousand electric vehicles, provides a grid support service for the national grid operator. Many grid operators, due to grid saturation, have to surprisingly reduce the production of sustainable energy, such as solar. <\/p>\n\n

Flexo addresses this challenge by using electric vehicles as ‘energy absorbers’ when renewable production is high, ensuring that excess renewable energy is not wasted. This innovative approach helps keep clean energy production going and supports the energy transition. Conversely, during peak demand, charging stops, minimising the risk of blackouts. <\/p>\n\n

“Hive Power SA is a highly innovative climate-tech start-up based in Ticino, which is enjoying good success with both local and international customers,” adds Simone Riedel Riley, Managing Director of the Technology Fund.<\/strong><\/p>\n\n

‘As a fund focused on deep tech and SaaS, Creadd is very happy to participate in the current round of Hive Power,’ says Lorenzo Leoni, founder of Creadd.<\/strong><\/p>\n\n

“We are excited to see how our investment in Hive Power expands the capacity of the grids, enabling the integration of renewables, accelerating the energy transition and reducing the cost of operating electric vehicles for users,” comments Georg Schumacher, senior manager, partnering and investing at Axpo.<\/strong> “In addition, as an international player in Europe and the US, we are excited to see how this innovation is spreading to other countries where we are active.<\/p>\n","protected":false},"excerpt":{"rendered":"

Start-up develops Flexo, intelligent solution for charging electric vehicles from renewable sources<\/p>\n","protected":false},"author":125,"featured_media":143675,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1317],"tags":[1403,2236,1143,1137,1136,2202],"companies":[2341],"journalist":[1518],"class_list":["post-143678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-funding-news","tag-energytech-en","tag-europa-en","tag-investments","tag-italy-en","tag-startup-en-2","tag-svizzera-en","companies-hive-power-en","journalist-editorial-staff-en"],"featured_sizes_urls":{"thumbnail":{"src":"https:\/\/www.startupbusiness.it\/wp-content\/uploads\/2024\/12\/Official-Hive-Power-Team-Picture.webp","width":150,"height":113,"crop":false,"srcset":false,"alt":"energia rinnovabile 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