IDAE and EIT InnoEnergy bet on Bamboo Energy
IDAE and EIT InnoEnergy bet on Bamboo Energy as a technological solution for flexibility markets
The Barcelona startup, which has developed an energy optimization platform based on artificial intelligence, has closed a seed round of 375,000 euros.
The entry into Bamboo Energy is framed for the IDAE in the strategic lines of the Integrated National Energy and Climate Plan 2021-2030 (PNIEC).
The company has drawn up a five-year strategic plan to invest between 15 and 20 million euros to become the leading SaaS solution for aggregators and flexumers in the Spanish and European markets.
Barcelona, September 30, 2021 – The technological startup Bamboo Energy, created in Barcelona in 2020 as a spin-off of the Catalan Energy Research Institute (IREC), has achieved an investment of 375,000 euros contributed by the Institute for Energy Diversification and Saving (IDAE) – an entity attached to the Ministry for the Ecological Transition and the Demographic Challenge, through the Secretary of State for Energy– and EIT InnoEnergy –the largest engine of sustainable energy innovation in the world–.
As Alex Gomar Manresa, CEO of Bamboo Energy, states, “IDAE’s recent entry into the company’s capital is essential to strategically develop the Spanish market. IDAE will be a key agent to overcome the great challenges we have as a country to achieve a fair, renewable and sustainable energy system”.
For IDAE, their investment in Bamboo Energy is part of their initiative promoted by the National Integrated Energy and Climate Plan 2021-2030 (PNIEC) for the management of demand plus the digitization of the energy sector and the promotion of new agents like demand aggregators.
Joan Groizard, CEO of IDAE, highlights the role of these new agents in the energy transition. “The Bamboo Energy business project is a sample of the changes that the energy sector is experiencing and the potential of good ideas, which emerged from public research centers to advance the transition towards a more democratic and green energy model”.
In addition, “its proposal is 100% aligned with the article 3 of section 8 of the Recovery, Transformation and Resilience Plan of the Government of Spain”, which includes the promotion of new business models in the energy transition.
Likewise, Gomar emphasizes that “InnoEnergy must guarantee the expansion of the company in the European markets. Its presence in various European countries and its capacity to connect with relevant agents within the energy sector will accelerate sales growth at an international level”.
For his part, Mikel Lasa, CEO of EIT InnoEnergy Iberia, explains that “the energy market needs a profound transformation, and initiatives as innovative as that of Bamboo Energy are a clear example of how technology can contribute to a greater utilization of renewable energy sources and a more efficient management of the system, for the benefit of all consumers”.
VOCATION TO PROMOTE A NEW ENERGY MODEL
Bamboo Energy has drawn up a 5-year strategic plan to invest between € 15 and € 20 million with the aim of becoming the leading SaaS solution for aggregators and flexumers –responsible consumers committed to the energy balance through flexibility–, both in the Spanish and European market. This investment plan will provide the necessary software to develop the flexibility markets that society needs to make the transition towards a renewable and sustainable energy model.
According to Alex Gomar, “we exist to change the current energy model in favor of people and the planet. Thus, our mission is to develop the best technological product for the optimization and aggregation of demand flexibility. We want to offer technological solutions that generate great social, economic and environmental impact within the world of energy”.
The market is expected to grow with an annual growth rate of over 20%, although Bamboo Energy estimates that it will be able to double its business annually over the next few years, to exceed € 5M in recurring software business in less than five years of existence.
Five potential aggregators of demand are already testing the development of the flexible potential of their clients with the technology developed by the company. Looking ahead to 2025, it is estimated that the barrier of 100 aggregator customers will be overcome, offering flexibility services through the Bamboo Energy platform for all its flexumers and its multitude of flexible assets: industries, tertiary buildings, fleets of electric vehicles and other storage elements of energy.
ABOUT BAMBOO ENERGY
Bamboo Energy is a technological spin-off of the Catalan Energy Research Institute (IREC) created in 2020 in Barcelona that has developed an energy optimization platform based on artificial intelligence, with the purpose of decisively contributing to the promotion of a new energy model decentralized and based on renewable sources. It manages the consumption of several users for their participation in different electricity markets in an aggregate and coordinated way.
ABOUT IDAE
The Institute for the Diversification and Saving of Energy (IDAE) is an institution attached to the Ministry for the Ecological Transition and the Demographic Challenge, through the Secretary of State for Energy, on which it depends. Its work is focused on contributing to the milestones that our country has achieved in terms of improving energy efficiency, renewable energies and other low-carbon technologies. Likewise, as a public business entity, one of its objectives is to support the Spanish business fabric to promote innovation, the consolidation of new business models, and the creation of a value chain. The entry into Bamboo Energy is part of this commitment, in addition to other investments in companies made in recent months.
ABOUT EIT INNOENERGY EIT
InnoEnergy operates at the center of the energy transition and is the leading engine for sustainable energy, bringing the technology and skills necessary to support Europe’s Green Deal and decarbonisation targets. Recognized globally as the most active energy investor and one of the largest investors in climate technology and renewable energy in 2020, EIT InnoEnergy supports innovations in a wide range of areas such as energy storage, transport and mobility, renewable energy, and sustainable buildings and cities. All this happens while taking advantage of a leading ecosystem that has more than 500 partners and 23 shareholders. Founded in 2010 and supported by the European Institute of Innovation and Technology (EIT), EIT InnoEnergy has offices throughout Europe and in Boston (USA).
Press Contacts:
- Mar Claramonte, Bamboo Energy Communication. E-mail: media@bambooenergy.tech – Mobile: +34 669 122 065
- Claudia Ortega, Communications at IDAE. E-mail: claudia.ortega@idae.es
- Sara Irureta, Communications at EIT InnoEnergy. E-mail: sara.irureta@innoenergy.com
Supported by
Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or European Innovation Council and SMEs Executive Agency (EISMEA). Neither the European Union nor the granting authority can be held responsible for them.
Bamboo Energy Platform, S.L., within the framework of the ICEX Next Program, has received support from ICEX and co-financing from the European FEDER fund. The purpose of this support is to contribute to the international development of the company and its environment.
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