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Swedish Eliq gets €10M to expand home energy platform across Europe

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Eliq, a Gothenburg-based software company specializing in home energy efficiency, recently secured a €10 million growth round involving existing investor Inven Capital, alongside new investors Axpo and Valkea. Their platform empowers utilities, banks, and smart home providers by interpreting energy data, guiding efficient energy usage, and facilitating upgrades and green financing for customers. With this funding, coupled with additional debt financing, Eliq aims to expand its home energy efficiency platform across Europe. The investment will primarily fuel the company’s sales and marketing efforts, accelerate product development, and enable the platform to reach a larger customer base, aiming to impact millions of end users across various industries by promoting significant energy cost reduction and carbon emissions reduction.

Eliq, a Home Energy Efficiency platform, empowers utilities, banks, and smart home providers to provide customers with energy data to make smarter, more sustainable decisions in household energy usage, ultimately reducing their carbon footprint. Founded in 2016 by energy experts and software entrepreneurs, Eliq’s platform focuses on home energy efficiency, expediting the transition towards more sustainable home energy use and making sense of energy data. The platform allows utilities, banks, smart home providers, and other businesses to offer their customers solutions to interpret energy data, provide guidance on energy-efficient usage, and facilitate upgrades and green financing.

“We need to talk about Open Energy Data,” says Håkan Ludvigson, CEO and co-founder of Eliq. “We want to empower 1 billion individuals to be part of the home energy transition for a greener and more affordable energy future. We see immense potential in the wealth of energy data at our disposal, and with the transformative force of digitalisation, along with the recent EU directive underlining the importance of this, we’re changing the way we understand home energy usage.”

Household energy savings are of paramount importance, especially when considering that households account for a substantial 27% of final energy consumption. At Eliq, we’re proud to offer a solution that can make a significant impact. Based on the results we’ve witnessed within our current client base, our platform can achieve remarkable savings of up to 9%. This isn’t just a theoretical projection; it’s a practical and proven outcome, demonstrating the genuine potential of our technology to drive energy efficiency and cost reduction in homes across the globe.

This recent funding brings Eliq’s total funding since its inception to €19 million, enabling the company to aggressively expand its sales and marketing efforts while accelerating product development. There are no anticipated changes to the board.

“Since we invested, Eliq has grown into a European wide API-energy platform with 10 million contracted end consumers of businesses such as top European utilities, banks and global smart home providers and is managing 100bn+ energy data points. This most recent investment will be used to roll out the platform within the already contracted corporate customers, expand further and therefore capture hundreds of millions of end users across multiple verticals and creating a huge impact in terms of significant reduction of energy costs and carbon emissions,” says Petr Míkovec, Managing Director, Inven Capital.

This financing round builds on an exceptional year for Eliq, marked by a growing list of clients, product- and market momentum in the rapidly changing European energy landscape. The company has partnered with leading firms like TotalEnergies, Schneider Electric, Fortum and KBC, and has received top recognition from industry analysts.

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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