About the Startup:
At EUTO Energy, we are developing hardware and software solutions in order to make the electricity grids ready for a rapid and effective energy transition.
Basicly we’ve created an end-to-end Industrial IoT platform, called EUTOPIA, for electricity grid operators, including all hardware and software components integrated. This platform digitalizes electricity grids and makes them manageable in the most comprehensive and flexible way.
With these solutions, we are aiming to remove the limits in front of the distributed structure of energy grids.
Business Stage:
Scale-Up.
Management Team:
Our management team has been working together for 4 years. Everyone has more than 10 years old experiences in their field. Our core team fully dedicated to this start-up.
Problem and Opportunity:
We are developing future-proof software and hardware solutions to make electricity grids ready for a rapid and effective energy transition. And for this transition, we have to manage the rapid and continuous integration of distributed energy sources, consumers and storage units into the electricity grids.
But the problem is; with these new integrations, like you are seeing a solar generator in this example, grids get complicated as these integrations are highly fluctuating and changing all dynamics of networks (such as power flows, load balancing etc.)
As a result of this dynamism; if the grids are not operated in a flexible way enough, there is a significant risk of failed integrations, instability of grids and finally slowing down the energy transition.
This flexibility problem mainly caused by insufficient accesibility and technical inability of traditional systems. High costs, security concerns and technical complexities are the main triggering factors of these causes.
This flexbility problem mainly consists of two parts:
One is lack of accesibility and coverage of existing automation and control systems, mainly caused by high costs, security concerns and technical complexities.
The second one is from the technical perspective, many old-fashioned concerns like interopeability, backward compatibility have been specifying the practices and technologies so far, instead of flexibility and maximizing the performance.
The solution is making the automation and control systems behind electricity grids accessible, affordable and flexible.
As Euto Energy, we have created an end-to-end IoT Platform for grid operators, including all hardware and software components running integrated, providing all operational needs at once in a sustainable payment model.
What makes our startup unique?
First of all, thanks to our unique communication technology, our platform creates a real-time digital twin of the grid operation, that allows the operators to monitor, analyse, control and re-shape every single part in real-time due to continuous changes of network dynamics.
Also our end-to-end Software and Hardware as a Service model not only eliminates high initial cost barrier but also decreases the costs up to 40%.
Our uniqueness is coming from our proprietary design of;
1- The communication technology integrated in our hardware and software units,
2- System-level grid protection, control and automation algorithms,
3- End-to-end platform providing all operational needs at once.
Our go-to-market plan:
Our target customers are DSOs, Micro-grid and Renewable energy systems and actually all grid operators that needs to produce, distribute and manage their energy which covers about USD70B TAM globally. Being realistic, from this huge but hard market we aim to reach 60M in 3 years.
GTM strategy is global system integrator partnership network.
First 2 years:
- Small and medium scale grid operators
- Micro-grids, DER systems, small/mid-scale DSOs, new renewable investments
- Hybrid solutions with traditional systems- Easier and faster installation, operation, adaptation
- EU, Turkey, India, South America- Pilot in the US
After 2 years:
-Big scale customers
- Transmission and Distribution System Operators
- End-to-end solutions to maximize the outcome
- EU, UK, US
Traction & Milestones:
In the first 5 years that we mostly focused on R&D and product-market fit, we have financed our all operations with our own earnings which were more than 1M USD, coming from sales to different countries like US, Germany, Brazil, Colombia, India and Türkiye.
In the last 2 years, we have ARR from product sales with about 2x growth.
As of now we continue our innovation in Shell's Energy Transition Campus Amsterdam and being accelerated by Startupbootcamp and will be by Alchemist Accelerator in the US next year, which both are well-know and highly prestigious global accelerators.
Funding:
None.
Raising:
600K EUR until the end of 2022.
