Press Release | Independent Belgian energy company Bnewable, specializing in energy storage at companies, raises 40 million euros from existing investors

Belgian energy director Bnewable, founded in 2022 and specializing in battery systems and energy management for businesses, announces a €40 million commitment of fresh growth capital by its existing investors.

This new funding will be used to accelerate operations in Belgium, make further investments in battery storage at customer sites, and fulfill both its Belgian and European ambitions as part of the energy transition.

The three current external investors – RGREEN INVEST, which invests in companies wishing to play a prominent role in energy transition, Wallonie Entreprendre, the Walloon investment fund and Dovesco Fund Investments, which invests in scale ups with a focus on technology and sustainability, among others – confirm their confidence in Bnewable with this new capital commitment. They thus support the commitment of the founders, management and employees to make Bnewable a leading player in the Belgian and European energy transition.

“Energy management is crucial for Europe’s independence and competitiveness. RGREEN INVEST’s ambition is based on the conviction that the energy transition will not happen without the support of new business models and of entrepreneurs developing essential solutions to accelerate this transition,” clarified Nicolas Rochon, founder and president of RGREEN INVEST.

Olivier Bouchat, member of the Executive Committee of Wallonie Entreprendre added: “Our investment strategy is focused on fostering and growing solutions to accelerate the decarbonization of industries. Bnewable’s solutions clearly contribute to this. We believe that Bnewable’s offering makes a lot of sense for industrial companies that must increasingly rely on low-carbon but at the same time volatile energy sources such as solar panels and wind turbines.”

Valorization of ‘behind the meter’ battery storage 

Bnewable is a Belgian pioneer in energy storage and operations with a focus on “behind the meter” battery solutions. This means that the battery is installed on-site, on the companies premises. This may include, for example, companies that already produce a significant amount of renewable energy, but do not always use it optimally despite regular peaks in their consumption. Or companies that are strongly electrifying such as in the logistics sector, where the focus in the coming years will be on the electrification of heavy transport.

Thanks to the in-house developed Energy Management Platform ‘Voltana’, data-driven algorithms and machine learning smartly control the battery for optimal usage. Combined with additional steering and trading of excess energy by an in-house team of energy experts, at the times when it is most profitable, Bnewable uses that battery to maximize the efficiency of solar production for its customers. And at the same time, it contributes to the stability of the power grid, which is increasingly stressed by increasing electrification. In this way, it helps companies reduce their energy costs and become more sustainable. Moreover, Bnewable provides not only the technology and management, but also the investment in the battery itself. The objective of this “battery-as-a-service” model is to completely relieve companies of energy management worries, allowing them to focus on their core business.

Sustainable growth and European vision

“With the new €40 million investment, we will accelerate our growth strategy in Belgium and serve our customers even better in an increasingly complex electricity market,” says Kristof Vereenooghe, co-founder of Bnewable. “Specifically, we want to help companies optimize the yield of installed renewable capacity and reduce the impact of price volatility on the electricity market. Although our focus is on the Belgian market, we are also currently exploring options to implement our model in other European countries. This will enable us to further support our international customers in their operations abroad. Studies, such as those conducted by Solar Power Europe, show that the European market for ‘behind the meter’ – energy storage will grow to 50 gigawatt hours by 2030. We want to have a significant part of that capacity under our own management with Bnewable.”

Social impact as a driving force

In view of the energy transition, Bnewable’s mission is clear: to contribute to the stability of the electricity grid and the further expansion of renewable energy in Belgium, and in a subsequent phase also in Europe. Battery storage plays a crucial role in this, especially with the increasing electrification of mobility, buildings and industry, as well as the growth of volatile energy generation such as wind and solar power.

“Our ambition is to manage one gigawatt hour of storage capacity in Belgium by 2030, equivalent to the capacity of two gas power plants,” said Christophe Degrez, CEO and co-founder of Bnewable. “Smart control allows us to aggregate the energy generated via battery systems at our customers’ premises. By deploying this capacity flexibly, we not only create added value for the power grid, but also let a large part of the revenues from this flow back to our customers. In this way, together with our customers, we are building a sustainable and value-driven energy company that wants to respond to the energy challenges of the future. With the new capital commitment, Bnewable is well positioned to play a key role in the Belgian and European energy transition.”

Investment commitment is part of the scale-up of Belgian operations and the ambition to play a key role in energy transition in Belgium and Europe