Belgian start-up NOX Energy has raised €3m in seed funding, led by Rise PropTech and Volve Capital. Its software lets heat pumps and solar panels respond automatically to electricity prices. The company was founded by Axelle Moortgat, Louis Clermont and Martin Michaux, and wants to become the “SWIFT for energy flexibility” in Europe. More than 10,000 devices are already connected to its platform.
Why it matters
As wind and solar make up more of Europe’s electricity supply, their variable output puts more strain on the grid. Household devices such as heat pumps and solar panels can help balance supply and demand by adjusting when they run, without affecting comfort at home.
How it works
NOX connects to devices through the apps that manufacturers and energy suppliers already provide, so no extra hardware is needed. The platform uses real-time prices and forecasts to decide when each device runs. For example, a heat pump can pre-heat a home while power is cheap and pause when it is scarce. Grid operators pay for this flexibility, and NOX shares part of that revenue with device manufacturers and households. NOX says households could save up to 28% and earn up to €200 a year.
Competition
NOX is up against better-funded players, including London-based Axle Energy, which manages more than 300,000 devices, and Germany’s 1KOMMA5° and Nomos. To become the neutral layer it is aiming for, NOX will need to grow quickly and get a wide range of heat pump manufacturers and energy suppliers to sign up.
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