Fever, a Stockholm-based power technology company, has raised €10 million in seed funding from General Catalyst, with participation from previous investors La Famiglia and Norrsken VC. The company is focused on building an API-centric platform for virtual power plants, which aims to make the power grid more flexible and enable the transition to renewable energy sources. The funding will be used to accelerate Fever’s expansion plans, deepen product development, and expand collaborations across Europe, with the goal of transforming energy assets and the power grid with software.
Fever operates as a powertech company, offering a platform tailored for aggregators aiming to participate efficiently in balancing markets. The platform optimizes flexibility and additional energy services to enhance the value of energy resources, thereby supporting the transition to renewable energy sources and enabling the creation of new revenue streams. Fever’s team brings together extensive experience from companies such as iZettle, Spotify, Volvo On Demand, PayPal, and Einride, ensuring the development of secure, stable, and globally scalable platforms. As a member of ENEFF, Power Circle, and SmartEn, Fever is actively involved in advancing sustainable practices in the energy sector. Supported by investors who share a commitment to a greener future, Fever is positioned to contribute significantly to the evolution of the energy industry.
Fabian Erici of Norrsken VC states: “From day one, the Fever team has impressed us with their clear impact-focus and swift product delivery—a true reflection of the urgency required to transform the power grid. This new fundraise is a clear testament to the team’s work and the strong momentum surrounding them. We’re excited to be along for the ride!”
With the surge in renewable energy sources alongside electrification, the variability in energy generation and consumption is putting stress on traditional grids. While solar and wind are pivotal to achieving our global emissions targets, a resilient grid demands advanced software orchestration and optimisation. Fever’s platform enhances grid resilience by integrating distributed energy assets with advanced software and machine learning capabilities. This comprehensive platform predicts, adapts, and optimises energy distribution with unprecedented precision, making the grid highly flexible and reducing reliance on foreign gas, all while also improving energy efficiency.
Fever’s innovative API-centric platform further empowers energy asset installers and operators, including leading utility companies, EV fleets, and Battery Energy Storage Operators, to run and monetize their own virtual power plants by unlocking the full potential of market participation, capacity modelling, orchestration, reporting and settlements.
“We’re thrilled that General Catalyst joins us on our mission to both accelerate the transition to a world powered by clean energy and to ensure that the European power grid remains secure and resilient,” said Klas Johansson, Founder and CEO of Fever.
This financing brings the company’s total amount of funding to €11.6 million. Its four founders have extensive experience in building secure, stable, and future-proof platforms at scale. Klas Johansson, Ron Stolero, and Ruben Flam notably held leadership roles at the Swedish fintech Zettle (formerly iZettle), acquired by PayPal for $2.2 billion in 2018, while Jonatan Raber spent several years in senior positions at Spotify.
In tandem with this financing Niek den Hollander, former Chief Commercial Officer at Uniper and former Senior Vice President and Head of Vattenfall’s Business Area Markets, and Holger Lichtschläger, Managing Director and Founder of Global Experts-Energy Consulting with prior executive positions at E.ON and Uniper, will be joining Fever’s Board of Directors.
“We see Fever as a key player transforming the global energy markets. The deep technical knowledge of the founding team, complemented by Niek and Holger’s leadership at some of the most consequential energy companies in Europe, reflects our belief in the power of radical collaboration” said Genevieve Kinney, partner at General Catalyst. “Our dedication to a clean energy future is fundamental to General Catalyst’s Global Resilience thesis, and we’re thrilled about our partnership with Fever to democratise the European energy market.”
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