Fuergy creates applications for energy management, trying to approach customers of all sizes – the biggest industrial companies, SMEs, and even households.

"We approach energy in a very complex way. We have built our own software development platform because there simply wasn’t any platform on which we could create our products and which would suit the needs of the energy sector". says Stompf, the CEO and cofounder of Fuergy.

"Our goal is to provide all of our products under the Energy as a service (EaaS) model. It is just the easiest way to serve the market. Energy sector, and especially our solutions, are quite complex and difficult to understand even by energy professionals. It is something new and unknown and results of our solutions are often questioned. This is often an obstacle that takes time to overcome", says Radoslav Stompf.

Fuergy was born after a long conversation about the vision for the future of energy between Radoslav and few other people who are now the cofounders of Fuergy. The problem was clear for them - there wasn't a system that would offer the same benefits of energy optimization of large industrial companies but on a smaller scale, such as SMEs or households.

"The energy sector is quite obsolete and lacks flexibility. By introducing a large number of smaller participants who respond to the needs of the power grid in real-time can help with the decentralization of the energy sector, improves energy self-sufficiency of delivery points and tackle the inefficiencies that occur, for example, with growing implementation of renewable energy sources. This is where we need to shift – that is the future of energy", explains Radoslav.

What does Fuergy do?

The Slovak startup has now three products for its customer to improve energy consumption and management. They developed an AI powered software platform for the management of the electricty flow in real time. Also, they have designed a smart battery storage system that complements other applications and helps to make renewables more affordable and more reliable.

"In this modern age when everything can be connected to the internet, even a toothbrush, the energy sector lags far behind when it comes to digitalization. We have data, we have technologies and we know how to manage the flow of electricity without a waste and in a way that brings benefits to every single participant", explains Radoslav Stompf.

brAIn is a smart battery solution that is highly scalable and suitable for every single electricity consumer – from households and SMEs, to shopping centres, warehouses, residential complexes or large manufacturing plants. It is suitable to pair the storage with energy sources, whether renewable or not, and thus maximize their energy production potential and their financial performance while diminishing the burden on the power grid. Basically, right now we are dependant on the energy on the grid, but with a battery pack the control can be improved.

Fuergy also developed trAId, which helps manage the production of the energy sources based on the development of intraday electricity market prices.

"So the target customers are owners of energy sources who sell electricity in the market and provide certified ancillary services. This product will soon be available for a commercial use", explains Stompf. Also, Fuergy has mAInchart, which is a dispatch system for electricity suppliers and it helps them with customer portfolio dispatching, advanced planning and load deviation balancing.

Challenges on the energy market

To develop an Energy as a Service startup, the market is highly complicated. Few people understand it, the clients are captive and countries have different policies. But there are also other challenges for Fuergy. But the cofounders see a strong demand of energy solutions that work in automatic mode.

"The biggest challenge of the energy market are the pace of deployment of renewable energy, which is just too slow to prevent the climate change, and the already mentioned absence of flexibility is just too slow to prevent the climate change and the already mentioned flexibility of the energy sector", explains the Fuergy CEO.

He mentions that is impossible to solve this problem with partial solutions.

"That is why we have started in the core of the problem – with the energy management as such. Only after that we can manage the renewable energy in a way that allow us to take the most of it without creating burden on the power grid".

"We have designed our solutions to fit most of the energy market schemes and we have started our project under, let’ say tougher conditions. We are a Slovak company operating under the conditions of the local energy market. In this market, for example, consumers can’t sell their surplus electricity back to the power grid. And even in these conditions, we can manage the energy flow in a way that respects the legislation and allows consumers to participate in the energy market and to get remunerated for helping to stabilize the power grid. Not mentioning that we significantly save on the energy costs. So, the more democratized the market is, the more easily it will adopt our solutions", explains the challenge Radoslav.

Every change in the market is an opportunity for the European startup. The society welcomes decentralized electricity markets, which are taking place in EU countries.

"We are able to integrate the innovations that are slowly being implemented into technical and legislative conditions of individual economies, i.e. smart grid and smart cities, waste-to-energy, power-to-X, electromobility, energy sharing or energy communities (i.e. microgrids) and more", mentions Radoslav Stompf.

Fuergy battery storage systems are installed behind the smart meter, so they are part of the delivery point, this being easier for Fuergy to be compliant with the legislation.

"We also tightly co-operate with electricity suppliers as the financial effect is generated at the level of the energy supply. This effect is successively redistributed between all parties involved. In the case of battery storage systems, the biggest share of the profit goes, of course, to the owner of the storage", explains the Slovak entrepreneur.

Right now Fuergy doesn't have any major local competitor when it comes to technology. "From the global players, there are companies such as Tesla, AutoGrid or STEM which are operating mostly in the US market (Tesla also in the Australian market). Huge potential for our products and services lays in Europe. Our target markets for the upcoming years are, therefore, the V4 countries, Austria and Germany as we know these markets and we can expand there relatively quickly", explains Radoslav.

And even though sometimes Fuergy has the challenge of being seen as a negative influence on the market, Radoslav says that they are getting rid of the costly inefficiencies.

How can a company implement the Fuergy system?

Every company that wants to work with Fuergy will get an energy optimization solution, designed to meet its needs and generate optimal results.

"By optimal results we mean the unbeatable cost saving and maximized utilization of green technologies which also has a positive impact on the environment and CO2 emissions reduction. Energy audit, design of the solution, production and installation is covered by Fuergy or its partners and the customer gets a turn-key product. For our software solutions, I have to pinpoint the short implementation time that takes just a couple of weeks, sometimes even days", says Radoslav Stumpf.

"From the ecological point of view, we manage the technologies in a way that replaces the traditional fossil fuel providers of regulation services to the power grid (so-called ancillary service providers) and therefore makes them low-emission market participants. This has an even greater effect on reduction of CO2 emissions than for example PV systems alone".

Costs of operating Fuergy and future development

The founder of Fuergy mentions that the break even point for an investment into their technology is quite easily achievable. Once the solution is implemented, the costs represent mostly system updates or maintenance fees.

„The investment in the battery storage solution is paid-off by the generated financial effect. With today’s electricity prices, we reach 2+ years ROI for our 432 kWh battery storage system brAIn (including the installation) and around 3+ years if the same battery storage is paired with PV system. Comparing to the lifespan of these technologies which is 15 years for batteries and 25 years for PV system, this is revolutionary", explains Radoslav Stompf.

The break even is not only just for the customers, but also for the company. They reached this level without losing a big portion of shares and the cofounders still have control over the management of the company.

Fuergy is looking right now for VCs to raise an investment to scale globally. Radoslav mentions that the VCs reaction is usually very positive.

"Just like with cars, consumers don’t want to invest and own the green technology, they just want its benefits. They don’t want to commit to something for years. They want the latest models and the latest advancement and they want it hassle-free. EaaS can offer all of that. And most of the VCs see where the energy sector goes", says the entrepreneur.

The AirBnB of energy

Soon, Fuergy will introduce a new service to the market, called Flexibility brAIn, which can work standalone or as an extension of the smart battery storage. Basically, the system will allow the smart management of energy sources and the energy-intensive technologies with potential for regulation or accumulation, such as heat pumps, furnaces, reservoirs and tanks, cooling and heating systems, compressors, photovoltaic panels.

"Throughout the day and based on data such as electricity consumption of the delivery point, price development or data about the electricity supplier's load deviations, Flexibility brAIn offers certain "opportunities" during which regulation generates a positive financial effect. For each opportunity Flexibility specifies the +/- volume of regulation power, i.e. reduction or increase in technology power output, which should be activated in order to reach the maximum financial result", explains Stompf.

The activation will be automatic, which guarantees the best financial results. Basically, Flexibility brAIn transforms the delivery point into a low-emission, non-certified ancillary service provider than reduce not only the energy cost, but also the production of CO2 emissions.

"We are also preparing a big project for households which, again, will be offered under the EaaS model. It would cover installation of battery storage, PV system, smart EV charger or technology management – whatever combination would be the most suitable for the particular household. We are planning to approach this market through the network of installation and service partners", says Radoslav Stompf.