In a seed round, software company encentive has raised 6.3 million euros in fresh capital. The round was led by renowned global investor General Catalyst and other existing investors. encentive’s AI-driven platform helps industrials automatically cut energy costs by up to 20% and reduce CO₂ emissions – a billion-euro market opportunity as industries face rising costs and climate pressure. The funding will be used to expand their AI-driven platform to connect to even more industrial assets,unlock new markets, and strengthen its technological leadership. Earlier in2024, the company had already secured €2.7 million from investors such as Summiteer, SI Ventures, Vireo Ventures, Interface Capital (Christian Reber), OMA Ventures, as well as well-known business angels including Mario Götze and Stefan Müller.

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Flexibility: Using AI to counter rising energy costs and emissions

“Rising energy costs and mounting decarbonisation pressure are challenges faced by almost every industrial company today. Businesses unable to flexibly and intelligently manage their energy flows and adapt to the volatility and fluctuating prices of renewables are already putting their competitiveness at risk. Our solution enables companies to harness the economic potential of flexibility without interfering with existing processes. In doing so, our clients safeguard themselves against economic uncertainty and location disadvantages in the long term,” explains Torge Lahrsen, COO of encentive.

With flexOn, encentive has developed an AI-driven software solution that enables industrial companies to manage their energy consumption flexibly, cutting electricity costs by up to 20% and significantly reducing CO₂emissions. The platform leverages latent flexibility in refrigeration, heating processes, batteries and production lines, generating intelligent schedules and automatically controlling these assets.

Through AI-driven data analysis and optimisation algorithms, energy flows are aligned in real time with the availability of renewable energy. This allows companies to draw on on-site generation or tap into the intraday spot market exactly when wind and solar power are abundant and low-cost. flexOn is primarily used by medium-sized and large industrial players with annual consumption of at least two gigawatt hours (GWh).

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Scaling the platform – new industries, new markets

The solution is already in use at leading companies such as Metro Logistics, Dachser and Klingele, and is now also being deployed by well-known utilities as a flexibility platform. To expand into further sectors and markets, encentive will invest the additional funds in new talent as well as in scaling core areas of the platform. This will enable major customers and partners to integrate flexOn independently via a dedicated onboarding suite.

“With the fresh capital, we are investing specifically in further developing our platform and expanding our team. Together, we are driving forward the only AI to date that is directly integrated into industrial machine rooms to actively control systems, thereby setting technological standards. Our vision is to become the leading address for controlling energy flows in industry. The seven-figure order volume from our core industries underscores the success of our solution and confirms our commitment to establishing flexOn as the standard for intelligent energy management – scalable and deeply integrated,” adds Nicolás Juhl, CEO of encentive.

“Energy has become one of the most decisive levers for competitiveness in European industry. It is no longer a background cost but a strategic factor in an era of volatility and sustainable transformation,” said Robin Dechant, Partner at General Catalyst. “encentive turns this pressure point into an opportunity: its AI-driven platform helps industrials cut costs while enabling them to thrive on renewable power. What convinced us was what we believe is the team’s rare ability to bridge cutting-edge AI with the realities of factory floors, a capability that can strengthen Europe’s industrial backbone and accelerate the energy transition.”

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Connecting  AI to industrial hardware: A billion-euro market

Industry is the world’s largest energy consumer and therefore a decisive lever for achieving a climate-neutral future.The electrification of industrial processes, which is essential for this transition, is further driving up electricity demand. At the same time, the expansion of renewables is making power supply and prices increasingly volatile. In this environment, the ability to actively harness flexibility is becoming a key lever for the future of industry.

Vireo Ventures, the Berlin-based early-stage venture capital firm, today announced the final closing of its Electrification Fund I at €50 million. In an era defined by resource scarcity and fragile supply chains, the fund underscores investors’ strong desire to invest in solutions that accelerate an all-electrified future that will secure Europe’s energy independence and competitiveness.  

Vireo Ventures is backed by six leading European energy utilities, including Encevo, Verbund X, and EnBW New Ventures, as well as the European Investment Fund and NRW.BANK and over 80 seasoned entrepreneurs, sector veterans, and energytech enthusiasts. 

From day one, Vireo Ventures has focused on creating a community for the next generation of founders driving Europe’s electrification and energy transition. The team has built a trusted network of industry partners who actively share knowledge, open doors, and pilot new technologies. What began as a small angel investment network among friends and peers has now grown into a dedicated venture fund, closed above target despite one of the toughest fundraising environments. This closing is a clear signal that electrification has become the defining investment theme of this decade.

The closing comes as Europe faces unprecedented pressure to electrify. In 2024, clean electricity supplied 40% of global power. Yet electricity currently accounts for just 23% of the EU’s final energy consumption. To meet climate and energy targets, that share must increase to 35% by 2030 and 61% by 2050. Recent analysis shows that electrifying heating, transport, and industry could halve household energy bills, reduce fossil fuel imports by tens of billions, and strengthen Europe’s strategic autonomy.

Investing in the Electrified Future

With the new fund, Vireo is investing in European early-stage companies that are orchestrating and synchronizing generation, grids, storage, and downstream applications in mobility, industry, and real estate.

“Grid investments are central to Europe’s future security and competitiveness. Europe’s electrification push is not just a climate imperative but a geostrategic necessity,” said Felix Krause, Managing Partner at Vireo Ventures. “Startups are uniquely positioned to deliver the speed, innovation, and scalability needed to meet this challenge.”

A New Model for LP/VC Collaboration in EnergyTech

Vireo Ventures’ approach goes beyond capital. The firm fosters a different kind of relationship, where LPs aren’t just passive investors but collaborators, bringing decades of industry expertise, operational experience, and strategic depth. With investors spanning Europe and the United States, Vireo’s base of utilities, corporates, and entrepreneurs offers startups unique opportunities to test and scale their solutions. Early collaborations have already seen portfolio companies pilot technologies with LPs, from grid intelligence applications to decarbonized heating solutions.

“Our LPs are not just investors. They are experts, allies, and partners,” said Felix Krause. “The majority of our 90+ limited partners have a direct connection to the energy industry. They provide critical insights, help shape due diligence, and often join forces with startups in pilot projects or co-investments. This hands-on collaboration is what sets our model apart and accelerates both commercial success and climate impact.”

„Our focus is on direct investments in start-ups“ explains Crispin Leick, Managing Director EnBW New Ventures. „We have known vireo’s team for a long time and value their experience in the energy and utitlity sector and our shared vision of an all-electrified world. Thanks to Vireo, we are even closer to startup seed investments and their further development. We are already co-investors in FLEXECHARGE.“

“The closing of the Vireo Ventures Fund is a powerful confirmation to the trust the market places in the team and its mission. From day one, our partnership has been shaped by a shared commitment to accelerating the energy transition through innovation. Vireo’s deep expertise, entrepreneurial mindset, and sharp focus on early-stage energy startups in Europe make them an exceptional partner. Their ability to identify and support breakthrough technologies has already created tangible value. We are proud to be part of this journey and look forward to scaling our impact together.”

—  Dr. Franz Zöchbauer, Director Corporate Innovation & New Business Managing Director VERBUND Ventures

„We want to strengthen our approach as a partner to our ecosystems and access further opportunities for us and our customers. Whilst we remain primarily focused on direct investments, we have found that Vireo Ventures could be a very good add-on, offering us to access further startups in selected jurisdictions and a complementary focus on seed stage. With a prior co-investment in AmpereCloud, the process was obviously very smooth and straightforward. Looking forward to getting our teams working closely with their startups as well as with the other LPs.”

—  Nicolas Milerioux, Head of Venture Capital –  Encevo

“In view of the increasing share of renewable energy sources and the volatility of energy production and energy prices, investments in innovative technologies and business models play a crucial role in building a reliable energy system of the future and ensuring affordable prices for all market participants. NRW.Venture’s investment in Vireo Electrification Fund I is therefore dedicated to boosting investment activities and driving the technological transition in North Rhine-Westphalia,” 

—  Philipp Leidig, Director at NRW.Ventures

“As a proud Limited Partner in the Vireo Electrification Fund, I deeply value the team’s strategic clarity, their strong network across the clean energy ecosystem, and the quality of their portfolio companies. Collaborating with the Vireo team goes beyond capital – it’s an active partnership built on shared conviction and access to some of the most exciting founders in electrification.”

— Dr. Lars Hoffmann, Clean Energy Entrepreneur & Investor

“I have known the Vireo team since early 2021 and have always valued their perspective on the market and how closely they collaborate with their portfolio companies. As co-investors in PIONIX, I’ve already experienced the value they bring, and I’m excited to continue building the electrified future together.”

— Jan Rabe, Co-Founder & CEO, Rabot Energy

Vireo Ventures Early Investments 

Since its inception, Vireo has backed startups such as Encentive, Atmen, Green Fusion, and About:Energy, all pioneering scalable solutions in areas like grid optimization, heat decarbonization, and EV infrastructure. Several portfolio companies have already secured follow-on funding, strategic partnerships, or industry awards, strengthening Vireo’s reputation as a high-conviction early-stage investor.

“For us, ESG is embedded in our DNA. Every portfolio company we back contributes directly to decarbonizing critical infrastructure. Their economic success amplifies their impact,” said Matthias Engel, Managing Partner at Vireo Ventures.

Amid geopolitical tensions and volatile fossil fuel prices, digital-first solutions that enhance electrification and resilience are increasingly attractive to investors. Vireo Ventures’ focus on software-enabled, scalable technologies positions the fund to capture this momentum.

As the adoption of electric vehicles (EVs) accelerates across Europe, the pressure on charging infrastructure grows. Grid volatility and fluctuations in electricity markets are emerging as the most critical bottlenecks for the continent’s transition to electric mobility. Yet, despite this challenge, most commercial charging stations continue to operate as passive, inflexible assets — missing out on the opportunity to support the grid and optimise operational costs.

FLEXECHARGE, a Danish Energy-Tech pioneer, is changing that. The company empowers Charge Point Operators (CPOs) to transform their networks into reliable, grid-integrated, revenue-generating assets, helping them reduce costs by up to 60%. Today, FLEXECHARGE announced a successful €5 million funding round, led by Eneco Ventures and EnBW New Ventures. The round also saw participation from Greencode Ventures and us at Vireo Ventures.

Building the Infrastructure for Smart Charging

The FLEXECHARGE team — Max Brandt, Jan Köster, and Robert Brehm — has developed a comprehensive infrastructure stack designed to help CPOs thrive in the energy transition. Their key solutions include:

• HARMON-E: A vendor-independent load and energy management platform that allows operators to intelligently control energy flows.

• GATEWAY: An on-site controller that ensures local reliability and resilience at charging locations.

• Aggregate: A virtual power plant module that enables participation in flexibility markets, creating new revenue streams.

Already, FLEXECHARGE technology powers over 95 MW of EV charging capacity across Europe, with leading operators such as Electra and Bump relying on their solutions.

Driving the Transition to Resilient, Future-Ready Networks

Max Brandt, CEO of FLEXECHARGE, summarises the company’s mission:

“We want to become the leading provider of load, energy, and grid management — empowering commercial charging operators to reduce costs and build resilient, future-ready networks.”

At Vireo Ventures, we are proud to support FLEXECHARGE in building exactly the kind of solution Europe needs to accelerate the electric mobility transition.

We extend our congratulations to the entire FLEXECHARGE team — Max, Jan, Robert — and thank our co-investors Ashley Klapwijk, Pascal Beckers-Jaleta, Dr. Terhi (TJ) Vapola, Manuel Heckmann, Christian Rangen, Stine Rolstad Brenna, Crispin Leick, Christophe Lephilibert, and many others who made this milestone possible.

For further details, see the official announcement on electrive.net.

The funding will expand Atmen’s platform, helping industrial producers certify product origins and ensure supply chain integrity.

Munich, Germany – May 03, 2025 – Atmen (atmen.co), the company automating sustainability certification for industry, today announced a €5M seed funding round, led by Project A. Existing investors Revent and Vireo Ventures also participated, alongside notable angel investors including former TÜV SUD CEO Axel Stepken, Former CEO and serial Board member in tech environments including ThyssenKrupp, Martina Merz, and serial founder Christian Vollmann, an early investor in Trivago and SumUp. This brings Atmen’s total funding to €6.3M.

In an era of fierce global competition, European industrial companies face a dual challenge: creating a market advantage through sustainability leadership while ensuring global competitiveness.

The critical need for Atmen’s solution becomes clear when examining Europe’s fertiliser supply chain. Ammonia, an essential component for food security across the continent, is a prime example. While the EU imported approximately 25% of its fertilisers from Russia in 2024, valued at over €2.2 billion, the transition to low-carbon ammonia faces a fundamental verification challenge. Since a molecule of ammonia looks identical regardless of production method, this transition requires robust certification systems that can process over 70,000 data points annually to verify product origins and environmental credentials. This is precisely where Atmen comes in.

While traditional approaches rely on periodic sampling and yearly estimates, Atmen’s platform ingests granular, real-time operational data directly from industrial processes. This integration into industrial workflows streamlines compliance for energy-intensive products like hydrogen and renewable fuels, enabling companies to prove product composition and material origins with unprecedented certainty. By digitising certification processes, Atmen enhances traceability while reducing complexity, a crucial advantage for European industry navigating the energy transition.

Industry expertise drives practical solutions

Atmen was founded in January 2023 by Flore de Durfort, Quentin Cangelosi, and Erika Degoute, who met working at the renowned energy company E.ON. They identified a critical problem: despite its growing importance for market access, product certification still relied on outdated, manual processes – error-prone paperwork and scattered spreadsheets that couldn’t handle today’s complex supply chains and data requirements.

The team combines energy market expertise with robust technical capabilities. Atmen’s flagship product, ‚Automate,‘ is already in use across industrial sites in 9 countries and working with five leading certification bodies, including TÜV NORD.

Building European competitiveness in a changing world

As Europe navigates complex trade tensions with the US, energy dependency on Russia, and manufacturing competition from China, traditional certification methods are failing due to their paper-based, labour-intensive processes. Cross-border transactions now require detailed certification of product origins and sustainability credentials, overwhelming systems designed for simpler supply networks. Atmen connects everyone involved, from producers and traders to auditors and certification labels, in a single system. This replaces scattered spreadsheets and siloed audits with continuous data monitoring and tracking tools that validate each product’s specifications and origins. Atmen’s approach also aligns with the EU Clean Industrial Deal, which outlines concrete actions to turn decarbonisation into a driver of growth for European industries.

With this €5 million funding, Atmen plans to expand beyond hydrogen, renewable and low-carbon fuels to certify a wider range of energy-intensive goods, including steel, chemicals, and fertilisers – sectors where proving product characteristics is essential for market access and decarbonisation. The team will also strengthen connections with regulators and certification schemes while launching tools that help companies track environmental impact and meet evolving regulations, which are increasing scrutiny on product sustainability claims.

Strengthening industry through transparency

As supply chains face growing pressure from geopolitical shifts and energy transitions, reliable product certification becomes essential for European businesses. Atmen’s platform builds trust in product claims by raising the standard from periodic sampling to comprehensive data analysis – all while simplifying the process for manufacturers.

The platform helps companies navigate certification requirements, optimising their supply chains for both compliance and commercial goals. Atmen achieves this through advanced modelling tools that clarify decision-making and provide supply chain visibility.

Atmen is already working with industry leaders, including Lhyfe, Schneider Electric, and Energy & Regulation Partners. The team, currently at 11 employees, will expand to support the company’s ambitious growth trajectory.

„European industries need reliable ways to verify products across borders and supply chains,“ says Flore de Durfort, CEO and co-founder of Atmen. „We’re simplifying and scaling product certification, turning a traditional bottleneck into a competitive advantage. Our platform acts as a data infrastructure layer on top of industrial supply chains, processing complete operational datasets while reducing complexity. With Europe’s limited access to fossil fuels, the transition to renewable energy requires stronger systems to verify clean energy products – that’s precisely what we’re building.”

„In a world where industrial competitiveness depends on traceable, low-carbon supply chains, Atmen is building the digital backbone that turns complex production inputs into compliant, market- and export-ready products,“ says Mila Cramer, Principal at Project A.

This milestone supports metiundo’s mission to accelerate the rollout of smart submetering solutions for the housing industry – empowering property owners and tenants alike to manage energy more transparently and efficiently.

We’re proud to back the team on their journey to digitize energy infrastructure in multi-tenant buildings.

➡️ Full article via PV Magazine (in German).