Smart Energy Fund invested in Lithuanian start-up Inion

Smart Energy Fund invested in Lithuanian start-up Inion

Smart Energy Fund powered by Lietuvos Energija managed by Contrarian Ventures invested in Inion, a start-up that develops a platform to optimize and monitor electricity generated by solar power plants. The start-up has created both hardware and software that allows the generating users not only to use electricity more efficiently, but also combines equipment from different manufacturers and allows the solar power plant owner to monitor data on a single platform.

Smart Energy Fund invested EUR 50 thousand in a start-up Inion. Inion will use this investment to develop a commercial platform version and for local market development.

“The number of electricity generating users in Lithuania is growing rapidly. Thousands of them often use equipment of different completion and, accordingly, different and manufacturer-dependent monitoring systems.

“In the future, the solution developed by Inion will allow both customers and power plant maintenance companies to monitor and control operation of all power plant on one platform, and will enable more efficient use of the electricity generated“, – says Dominykas Tučkus, the Member of the Board of Lietuvos energija and the Director of Infrastructure and Development.

The solution developed by the start-up will enable users to monitor solar power generation and utilize equipment more efficiently. “The research that we have carried out suggest that due to different electricity consumption and generation cycles, up to 30 percent of solar energy can be wasted. In the event that the power plant generates excess electricity, additional energy storage devices could be activated to make more efficient use of the electricity generated. And this is but one example of what actions could be taken in monitoring and analysing the data“, – says Dr. Šarūnas Stanaitis, the Head of Inion.

“The team of Inion is composed of the team members with many years of experience in the power and original equipment manufacturing sector. We are impressed with their knowledge and skills. Solar power plant development is rapidly gaining momentum worldwide. However, there is still a lack of tools to effectively manage these devices and process a variety of data. In this way, the platform developed by the team contributes to achieving the objectives of the Paris Agreement looking for solutions to increasing efficiency, which is one of the major energy challenges“, – says Rokas Pečiulaitis, the Managing Partner at Contrarian Ventures.

Smart Energy Fund powered by Ignitis Group and managed by Contrarian Ventures supports Ignitis Group Energy Innovation Hub including programs of Open Infrastructure, Open Partnership and Open Culture.

Smart Energy Fund powered by Ignitis Group and managed by Contrarian Ventures invests in start-ups that are developing new technologies in the energy technology field. The Fund also manages AcceleratorOne Program which together with Ignitis Group invests in start-ups and helps them grow. The program tests pilot products and services in the local market, providing further opportunity to grow internationally.

More information about Ignitis group

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