Energy technology firm Flower has raised an additional €20 million in its Series A funding round, totalling €45 million, to bolster its AI-driven software and energy storage solutions for clean energy management.
Energy technology firm Flower has successfully concluded its Series A funding round, securing an additional €20 million, which brings the total amount raised in this round to €45 million. This latest influx of capital significantly boosts the company’s total investment to €100 million. The funding round was led by Northzone, a prominent European venture capital firm, and saw participation from other notable investors including Giant Ventures, 82an Invest, and the Sony Innovation Fund. Among the distinguished individual investors were Thomas von Koch of the EQT Foundation and Sebastian Knutsson, the founder of the game development company King.
Flower, located in Sweden, is focused on developing software and energy storage solutions tailored to optimise the supply and demand of clean energy. Its AI-driven software allows electricity grid operators to enhance their data-sharing capabilities, providing a platform that contributes to more efficient management of renewable energy resources.
The funding announcement follows a significant acquisition by Flower earlier this year, where the company took ownership of the largest battery portfolio in Sweden, marking a major step in its growth. Looking ahead, Flower has set its sights on an ambitious pan-European expansion plan set to commence in 2025.
John Diklev, Founder and CEO of Flower, expressed satisfaction with the strategic milestones achieved in 2024, attributing these progressions to the strategic acquisition and the establishment of crucial partnerships. “Completing our Series A round, and bringing on board some of Sweden and Europe’s leading investors in the process, is not just a major milestone on the Flower journey, but towards the energy systems of tomorrow that we are helping to build,” Diklev stated.
Pär-Jörgen Pärson, General Partner at Northzone and now a member of Flower’s board, highlighted his enthusiasm about Flower’s innovative approach towards tackling the challenges posed by renewable energy. He commended the company’s rapid pace and its integration of AI-driven optimisation into grid-level battery systems, which he believes will be transformative for Europe’s energy grid.
With its reinforced financial backing and a clear plan for expansion, Flower is poised to play a significant role in the evolving landscape of renewable energy solutions across Europe.
Source: Noah Wire Services
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