Bamboo Energy, IREC’s spin-off, receives an investment round from IDAE y EIT InnoEnergy

Bamboo Energy, has the support of IDAE and EIT InnoEnergy as a technological solution for flexibility markets.

The technology startup Bamboo Energy, created in Barcelona in 2020 as a spin-off of the Institute for Energy Research of Catalonia (IREC), has obtained an investment of 375,000 euros provided by EIT InnoEnergy and the Institute for Energy Diversification and Saving (IDAE) -an organisation of the Ministry for Ecological Transition and the Demographic Challenge, through the Secretary of State for Energy– and EIT InnoEnergy –leading engine for sustainable energy, to support Europe’s Green Deal and decarbonisation targets–.

The company has outlined a five-year strategic plan to invest between 15 and 20 million euros to become the leading SaaS solution for aggregators and “flexumers” in the Spanish and European market.

For IDAE, the entry into Bamboo Energy is part of the impulse promoted by the National Integrated Energy and Climate Plan 2021-2030 (PNIEC) to manage demand and digitize the energy sector, as well as the promotion of new agents like demand aggregators.

Additionally, EIT InnoEnergy Iberia considers that the energy market needs a profound transformation, and innovative initiatives such as Bamboo Energy are a clear example of how technology can contribute to a greater penetration of renewable energies and a more efficient management of the system, to the benefit of all consumers.

Bamboo Energy has outlined a 5-year strategic plan where it plans to invest between 15 and 20M€ with the objective of becoming the leading SaaS solution for aggregators and flexumers -responsible consumers committed to energy balance through flexibility-, both in the Spanish and European markets. This investment plan will mainly serve to provide the software necessary to develop the flexibility markets that society needs to make the transition to a renewable and sustainable energy model.

The market is expected to grow at an annual growth rate of more than 20%, although Bamboo Energy expects to double its business annually over the next few years to more than €5m of recurring software business in less than five years of existence.

Five potential demand aggregators are already testing the development of their customers’ flex potential with the technology developed by the company. By 2025, the company expects to surpass the 100 aggregator customers barrier, offering flexibility services through the Bamboo Energy platform for all its flexumers and its multitude of flexible assets: industries, tertiary buildings, electric vehicle fleets and other energy storage elements, mainly.

The related press release (in Catalan and Spanish) can be found here: