According to Mckinsey’s Global Energy Perspective 2022 report, the development in global electricity demand is projected to triple by 2050. In addition, significant amounts of energy are lost to heat due to power conversion losses.
By reducing conversion losses from 7–10% to 3–5%, Vensum, a Finnish energy technology company, has created a robust solution for reducing energy consumption on a large scale, saving over fifty percent of the squandered energy.
Vensum announces a Seed funding round of €3.8 million to further develop their power converter technology. Lifeline Ventures lead the round, with participation from Grid.vc, Harjavalta Oy, and Business Finland.
The new funding will be used to advance the development and testing of Vensum Power’s technology, as well as for the development of new demonstration projects and products. Additionally, the corporation will increase its research and engineering capabilities. The €3.8 million financing consists of a €1.7 million R&D loan and a €400,000 advanced technology grant from Business Finland.
€3.8 million in seed investment to reinvent power conversion
CEO of Vensum Power Peter Nisula exclaims, “We are thrilled to secure this funding and advance our technology to enable a revolution in power conversion.” Our holistic approach to understanding and redefining power conversion technology distinguishes us from the competition, and we are eager to work with our investors to bring our innovative solution to market as soon as possible.
Vensum was founded in 2018, and its software-controlled power converters represent a revolutionary new approach to power conversion, delivering up to three times more power from the same footprint and the same power output in up to sixty-five percent smaller containers.
“Vensum Power has a distinct advantage in the industry of power conversion due to their innovative technology and team’s expertise in this field. We are thrilled to support their groundbreaking research and development.
According to Petteri Koponen, Founding Partner at Lifeline Ventures, “the market opportunity for Vensum’s technology is substantial, and we believe that their innovative approach to power conversion has the potential to revolutionize the industry, leading to higher profitability and making it more efficient and sustainable, while setting them apart from conventional power conversion technologies.”
The technology’s optimum efficiency and minimal energy losses are advantageous in a wide range of conditions, including renewable energy systems where power conversion can fluctuate significantly due to fluctuating sunlight, input/output voltage ranges, and load currents.
Vensum’s technology has numerous applications in the power industry, including electric vehicle charging stations, energy storages, DC microgrid architectures, and the enhancement of wind and solar power systems.
The cutting-edge technology of Vensum is the result of years of intensive research and development. Their cutting-edge technology offers quicker switching speeds, lower energy losses, improved scalability and dependability, a longer service life, and significantly smaller device dimensions.
