TESVOLT Acquires a Stake in Software Company Wendeware and Secures a Technological Advantage in Energy Management
News provided byACCESSWIRE
Nov 24, 2022, 3:20 AM ET
- Wendeware possesses technologically innovative, intelligent energy management systems used, among other things, for optimising energy storage systems.
- Wendeware software is thus intended to become more deeply integrated into TESVOLT battery storage systems to further optimise energy demand forecasts.
- TESVOLT and Wendeware have a shared aim: to drive forward the energy transition comprehensively.
WITTENBERG, GERMANY / ACCESSWIRE / November 24, 2022 / TESVOLT AG, one of the leading companies in technology for energy storage in the commercial and industrial sectors, is acquiring a substantial stake in Wendeware AG, an innovative software manufacturer in the area of energy management. The investment forms part of TESVOLT's growth strategy and is expected to facilitate important technological progress in energy storage systems.
Wendeware is a spin-off company of the Fraunhofer Institute for Industrial Mathematics. Its energy management system based on artificial intelligence collects energy data and uses it to optimise energy storage system control, among other things. Wendeware has established its position as a technology leader and puts its software solution to work in national and international projects. TESVOLT and Wendeware have been working together successfully for about two years. With this investment, the aim is for the Wendeware energy management system to become more deeply integrated in the TESVOLT battery storage system product range. This will enable TESVOLT to further improve the yield and load forecasts for its storage systems, enabling them, for example, to react even more flexibly to changes in energy demand.
TESVOLT's investment in Wendeware comes as part of a capital increase and provides TESVOLT with a blocking minority interest. Both parties have agreed not to disclose the exact amount of the investment.
Simon Schandert, Co-Founder and CTO of TESVOLT: "Wendeware and TESVOLT are pursuing the same aim: to be able to offer affordable renewable energy in every corner of the world. The intelligent energy management system from Wendeware is very well suited for our energy storage systems and provides us with a technological advantage. Various revenue possibilities for end customers also result from this, meaning the systems pay for themselves even more quickly. We are delighted to deepen our trusting collaboration with Wendeware and continue driving forward the energy transition together."
Jochen Marwede, Co-Founder and CEO of Wendeware: "TESVOLT is the perfect partner to support us in our development work. As a leading customer, the Wittenberg company has already had a significant influence on our software in the past and successfully implemented many complex projects with us. With TESVOLT's investment we can now build on these experiences, strengthen our development team and focus on our technology leadership. Like TESVOLT, we see storage systems as an essential component of the energy transition, and the intelligent networking and control of generation, consumption and storage as an increasingly critical element in its success."
TESVOLT AG specialises in battery storage systems for the commercial and industrial sectors. The innovative company produces intelligent lithium storage systems with power ratings from 30 kilowatt hours through to multiple megawatt hours. TESVOLT uses high-performance battery cells from Samsung SDI. TESVOLT manufactures its commercial storage system solutions in series in its own Gigafactory for commercial battery storage at the Wittenberg site and delivers them worldwide. Since 2014, TESVOLT has implemented more than 4,000 storage system projects worldwide and employs more than 180 people. The company has already received several awards, including the German Entrepreneur Award in the "Rising Stars" category, "Innovator of the Year" from "TOP 100" and the smarter E Award in the "Outstanding Projects" category.
Wendeware AG is a spin-off company of the Fraunhofer Institute for Industrial Mathematics (ITWM), where the development of its energy management system started back in 2011. From this applied research, a product emerged that monitors and controls energy generators, consumers and storage systems, regardless of manufacturer. Intelligent algorithms, partly based on artificial intelligence, facilitate energy management strategies for solving complex problems, across different properties and in real micro-grids. Wendeware AG was founded in 2019 and has since established itself internationally with many customers. Based on Wendeware's long-term research and development cooperation with the Fraunhofer ITWM, intelligent solutions will continue to feed into its products in the future.
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SOURCE: TESVOLT AG