Russia’s brutal invasion of Ukraine in February 2022 took businesses dependent on oil and gas energy by surprise. Suddenly, renewable energy became vital to survival. But what’s the best way to buy it?
That was the germination of the idea behind travaThe Berlin-based renewable energy supplier recently raised €10 million in a seed round led by Balderton Capital. The funding round brings the startup’s total capital raised to over €12 million.
Trava’s rationale is that it simplifies energy purchasing and management for small and medium-sized enterprises (SMEs) by leveraging two things: an AI-powered platform that lets businesses purchase from renewable energy sources, and Downstream data from customers when they need it. Maximum energy.
Europe has seen electricity prices rise due to the ongoing energy crisis two to three times more Higher prices compared to the US have also impacted manufacturing in the Eurozone decline for more than a year, and German industry expects 1.5% decline This year due to higher energy prices and interest rates.
Renewable energy can help businesses alleviate some of those troubles, but even if many companies want to switch to green energy sources, the complexity of defining green energy and securing a steady supply is problematic.
Trava co-founder and CEO David Budde came up with the idea of using AI to streamline green energy supply while at Bain & Company. He realized that both economic problems and sustainability regulation were affecting businesses at the same time.
“Prices skyrocketed, volatility increased and their core business was being affected. Suddenly, their products were no longer profitable because energy costs were rising so rapidly,” he told TechCrunch.
“At the same time, the European Commission and the German government were pushing for further and stronger regulation. Now, businesses had to deal with both. In years past, if you wanted green electricity, it meant paying a premium. That’s exactly where we come in.”
Budde said Trova gives SMEs, who typically do not have purchasing expertise in energy, the tools to structure their energy purchases. Trava’s AI creates an optimal combination of power from different products to match the buyer’s consumption patterns. The idea is that Trova can buy electricity in installments at different times, leading to significant cost savings.
Trova’s management software also allows companies to add their own rooftop solar systems or batteries. The startup claims that by combining AI-powered purchasing and management software, companies can save up to 30% of their energy costs in a year.
The startup already has some industrial customers in the DACH region, including textile manufacturer SETEX-Textil, Amano Hotel Group, solar energy company Sunmaxx, logistics company Loxxess and automotive supplier Coroplast Group.
“In the face of the climate crisis and volatile energy pricing markets, renewable energy is a way for companies to take control of their energy security. Trava provides companies with a tailored solution for energy procurement, protecting SMEs from price gouging, helping them make the most of investments in assets such as smart batteries and solar power and providing detailed data for ESG reporting,” said James Wise, general partner at Balderton Capital. in a statement.
German climate tech investor AENU also participated in the round, along with previous investors SpeedInvest, Magnetic and TinyVC.
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