Dutch startup iwell raises €27 million to deploy its European smart battery storage solutions into new markets

Utrecht-based energy tech company iwell, a developer of smart energy management (EMS) and battery storage systems (BESS), has successfully closed a €27 million funding round.

The round was led by Meridiam, with Invest-NL and Rabobank participating alongside existing investors.

Jan Willem de Jong, Founder and CEO of iwell, commented: “This landmark investment fuels our ambition to build a pan-European powerhouse. Energy independence has never been more relevant to our continent. It’s all about reinforcing energy security for European businesses and simultaneously making sure the cleanest kWh will also be the cheapest.

“Our hands-on experience in both software and hardware, our AI-driven energy platform, international track record and investable business cases for over 400 partners form the foundation of our success.

“Electricity grids are already under strain in many markets due to the increased share of non-dispatchable renewable generation. Electrification of heat and transport creates challenges with the power demand only expected to accelerate due to the growth of AI and data centers.”

Founded in 2016, iwell is developing modular, software-driven Energy Management System (EMS) and Battery Energy Storage Systems (BESS) solutions for the commercial and industrial (C&I) sector.

iwell’s intelligent systems store energy when it’s clean and cheap—such as solar power—and deploy it when demand and costs peak. This lowers energy bills, reportedly reduces strain on the grid, and maximises on-site use of renewables.

With this investment, iwell will be able to accelerate its growth and international expansion, initially focusing on high-potential markets such as Germany and the UK—regions that according to iwell face increasing grid congestion and rising demand for smart energy solutions.

David Tuohy, Chairman of the Supervisory Board commented: “People often underestimate the complexity of the energy transition. The future will be decarbonised and decentralised. This is simply not possible without smart storage solutions like iwell’s. We are thrilled to have Meridiam and Invest-NL come on board. They really get what the company is doing.”

As per iwell, in the Netherlands alone, 12,000 companies are currently waiting for a grid connection, underscoring the urgency and scale of the challenge across Europe.

iwell’s solutions are relevant for sectors where a stable power supply is mission-critical, such as logistics, transportation, and manufacturing. For example, DAF Trucks has partnered with iwell to offer customers in Europe’s key e-truck markets to invest in the electrification of their fleets.

iwell has already established offices in Belgium, Germany, and the UK. The new funding will enable the company to significantly grow these beachhead positions building on its leading position and experience in the Netherlands.

De Jong added: “In a world where increased pricing volatility, unpredictable demand and a growing share of renewables have become the norm, intelligent controls are key to optimise energy flows. Hardware alone is not enough to keep the lights on. Without a smart EMS platform, a battery is just an expensive dumb box with limited financial returns. There are so many ways to make money with a battery but you really have to understand the specific customer situation.”

In addition to international expansion, a significant portion of the funds will be invested in software development, data-analytics and AI capabilities. This is key to maintaining iwell’s market leading position.

Eric Rey, Managing Director of Green Impact Growth Fund (GIGF at Meridiam said: “We are proud to support iwell in its ambitious development plan. It is clear to us that iwell has the potential to become a pan-European powerhouse, leveraging their demonstrated expertise in complex projects. Following several investments into pioneering solutions across the smart grid value chain, Meridiam continues to strive to support a sustainable electrification path in Europe and contribute to reaching net-zero and energy independency.”

Wouter van Westenbrugge, senior investment manager at Invest-NL, stated: “iwell plays a key role in building a more flexible and future-proof energy system. Their innovative technology enables companies to actively drive the energy transition, while strengthening grid reliability and keeping energy affordable.”

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