iwell secures €27M to scale battery storage solutions amid grid constraints

Dutch energy tech company iwell has secured €27 million in funding to accelerate the deployment of its commercial and industrial (C&I) battery storage solutions across European markets experiencing grid congestion. The investment round was led by Meridiam through its Green Impact Growth Fund, with Invest-NL, Rabobank, and existing investors participating.

The Utrecht-based company will focus expansion efforts on Germany and the UK, where grid capacity limitations have become increasingly problematic for businesses seeking new or expanded power connections.

Battery hardware and software integration

iwell has positioned itself as a provider of integrated energy management systems (EMS) and battery energy storage systems (BESS) for commercial and industrial applications. The company’s approach combines physical storage assets with software that manages energy flows based on various inputs, including price signals, renewable generation patterns, and consumption data.

This technology enables businesses to do what BESS storage does best: store energy during periods of excess renewable generation or low prices, and discharge it during peak demand periods. For companies operating in congested grid areas, this can alleviate operational limitations and even drive new growth potential.

The company has established a foothold in sectors where power reliability is critical, including logistics, transportation, and manufacturing. Among the company’s partners is Dutch truck manufacturing company DAF Trucks, with the partnership aiming to support commercial fleet electrification and avoid grid limitations on charging infrastructure.

Stifling grid connection bottlenecks

The Netherlands faces some strict limitations on grid connections, with the Landelijk Actieprogramma Netcongestie (LAN) reporting that some 12,000 businesses are awaiting grid connections as national grid operator TenneT struggles with its grid. The Netherlands Authority for Consumers and Markets (ACM) attempted to change the grid code in late 2024 to give connection priority to parties that alleviate grid congestion, but the move was successfully appealed through the courts, and the grid code changes were reversed. At the same time, over 8,000 projects, including solar parks, are stuck waiting to feed their green energy back into the grid.

Jan Willem de Jong, founder and CEO of iwell, stated: “Electricity grids are already under strain in many markets due to the increased share of non-dispatchable renewable generation.”

David Tuohy, chairman of iwell’s supervisory board commented: “People often underestimate the complexity of the energy transition. The future will be decarbonized and decentralized. This is simply not possible without smart storage solutions like iwell’s.”

The European C&I storage market remains fragmented but is consolidating as capital flows into the sector, with investment occurring during a period of rapid evolution in European energy storage markets. iwell has deployed its systems at over 400 partner sites to date, primarily in the Netherlands, and has recently established operations in Belgium, Germany, and the UK.

In addition, major industry players are adding more storage products to the C&I mix, including BYD’s announcement of a C&I-focused battery storage solution.