Eneco invests in Energyworx
Eneco announces its investment in Energyworx, the market leader in cloud-based data management solutions for energy companies. In the most recent 5.1 million investment round, Eneco is the main investor next to existing shareholders SET Ventures, EDP ventures, ENGIE Ventures and the management of Energyworx. In recent years, a lot of effort was put in the development of the platform. This round of funding will enable the company to expand internationally and connect more customers to the platform.
Eneco is looking forward to contributing to the growth of Energyworx as shareholder. As energy supply and demand is becoming more and more volatile, data management is becoming increasingly important for energy companies. However, in many cases the quality of this data is not sufficient as a basis for making rapid and effective decisions. This is an obstacle for energy companies during the energy transition.
The Energyworx platform enables energy companies such as Eneco to manage the increasing volumes of data and use them to carry out analyses. As a result, insight into supply and demand is more precise and available at shorter intervals, and the quality of predictions improves. This is becoming increasingly important and valuable for energy companies as energy production is more and more weather dependent and, therefore, volatile. This investment is in line with Eneco’s vision of using new techniques for scaling up and optimising the deployment of sustainable energy sources.
Energyworx is based in the USA and the Netherlands. In recent years, the company has achieved strong growth with its Software as a Service (SaaS) Energy Data Management platform and has proven its ability to transform traditional solutions within the energy sector.
The platform includes several solutions, such as Cloud Meter Data Management and Energy Deal Analytics, that allow energy companies to make better use of their data, thus improving the speed and precision of their predictions and their ability to act on them. This can lead to optimisation of energy production and consumption and better trading results.
Eneco will be joining Energyworx’s Supervisory Board and will support the company’s plans for expansion by means of its international network and expertise. Other companies that have invested in Energyworx in addition to Eneco are SET Ventures, EDP Ventures, ENGIE New Ventures and henQ Ventures.