Coil Raises €15 Million to Accelerate the Energy Transition
Coil, a Copenhagen-based electricity supplier and trader, has successfully raised €15 million in a Series A funding round. The company, known for its innovative approach to accelerating the energy transition, plans to use this capital to refine its products, expand its portfolio, and build a robust sales team in Germany.
Investment Details and Strategic Plans
The funding round was spearheaded by Future Energy Ventures, with additional investments from UVC Partners, Transition, The Footprint Firm, and angel investors. This financial backing is set to bolster Coil’s mission of making renewable energy more predictable and profitable for both businesses and producers.
Leadership’s Vision
Jon Sigvert, co-founder and CEO of Coil, emphasized the critical importance of renewable energy as a path to European energy independence. He noted, “Renewable energy is Europe’s path to energy independence – but only if the economics work for everyone. High price volatility and falling project returns risk slowing down construction at exactly the wrong time.” Sigvert further explained that Coil has been instrumental in helping Danish companies maintain the profitability and predictability of renewable energy, and now plans to extend this model to Germany with the expertise of Future Energy Ventures.
Background and Innovation
Founded in 2020 by Jon Sigvert, Anders Meldgaard, and Christian Schmidt, Coil transforms corporate electricity demand into a driver of renewable energy development. The company creates data-driven tools to modernize and optimize the electricity market, leveraging flexibility and battery storage to generate more value and strengthen the grid.
Addressing Energy Transition Challenges
Coil identifies several challenges in the energy transition, including high volatility in electricity prices, changing subsidies, and falling project returns, which create uncertainty for renewable energy companies and producers. These issues can disrupt planning and financing for both new and existing renewable energy projects.
According to the company, “Together, these forces risk slowing the development of renewable energy, while Europe’s dependence on imported fossil fuels is extremely exposed. What is needed is smarter trade, better risk management, and long-term contracts that make renewable energy predictable for businesses and profitable for producers to build and operate.”
Solutions and Market Expansion
Coil addresses these challenges by offering solutions that maximize electricity price stability, reduce costs, and lower emissions for energy consumers. Through power purchase agreements (PPAs), companies can secure fixed-price electricity from renewable energy projects, minimizing their exposure to price volatility. Additionally, businesses benefit from comprehensive support for on-site solar and battery installations, as well as intelligent consumption adjustments.
For renewable energy producers, Coil helps secure financing for new projects, optimize production, reduce imbalance costs, and maximize returns. Thanks to PPAs, producers enjoy market-leading coverage and ensure the bankability of their new projects.
As Anders Meldgaard, co-founder and CCO of Coil, stated, “Coil offers businesses predictable electricity costs and energy producers better returns on their renewable energy assets. When both sides of the market work, new renewable energy projects are built – and that’s what drives the energy transition forward.”
Germany: A Strategic Market
Coil is expanding in Germany, Europe’s largest energy market, where it is already balancing renewable energy projects for producers, including Blue Elephant Energy and greenwind. The involvement of Future Energy Ventures, with its deep roots in the German energy market, will be instrumental in Coil’s expansion efforts.
“Germany is the defining energy market of this decade – the scale of the transition required is enormous and the window to achieve it is narrow. Coil has built something rare: a model that makes renewable energy profitable for producers, predictable for businesses, and manageable for the grid. This is what Germany needs right now, and that’s why we have supported Coil,” commented Ohad Mamann, investment partner at Future Energy Ventures.
In 2024, Coil announced an investment of 5 million euros led by Transition. In 2022, the company picked up €2.3 million, supported by UVC Partners.
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