Bulgarian SaaS platform TokWise has successfully secured a €3M equity investment. The round was spearheaded by German renewable energy giant Encavis. Joining Encavis in this funding effort were Vitosha Venture Partners, InnoEnergy KIC, and Innovation Capital.
Transforming renewable energy trading
Established in 2018, TokWise aims to revolutionize renewable energy trading. Their innovative AI-powered solution bridges physical assets and complex electricity markets. It primarily serves renewable producers, green energy suppliers, and various market players including prosumers, aggregators, and traders. With its advanced technology, TokWise stands out for its improved accuracy, reducing forecasting error, and enhancing reliability.
Addressing market volatility
Renewable energy markets are known for their volatility, characterized by fluctuating prices. TokWise addresses this by enabling power producers to directly link their assets to power exchanges. This connection allows them to control electricity purchase and sale, thereby mitigating market risks.
In addition, TokWise has developed a robust data science team. Their focus lies in energy markets, where they create algorithms for fully automated power trading decisions.
Expansion & new opportunities
The latest investment signifies a major step for TokWise in expanding its reach. It opens up access to new markets, particularly across the European Union. For Encavis, this investment not only enhances their capabilities in algorithm-based power trading but also broadens their market access.
Strategic partnership benefits
TokWise’s CEO and co-founder, Krasimir Kolev, highlighted the strategic value of Encavis’s investment. He emphasized the new opportunities it brings, including exposure to pan-European platforms and valuable industry expertise.
Mario Schirru, CIO/COO of Encavis, also expressed enthusiasm. He noted the potential for developing new software solutions. These solutions are intended to adapt electricity production, consumption, and storage to the evolving market environment.
Overall, the investment in TokWise marks a significant step towards advancing renewable energy trading. It enables participants to become more active in the market, backed by AI-driven decision-making capabilities.
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