Startups of Future Hub: Meet Krafthem
Krafthem: the Virtual Power Plant powered by AI - a different type of flexibility
Krafthem is a Swedish startup that operates as a Virtual Power Plant. The team contributes to renewable and resource-efficient societies by developing software and statistical models that enable more flexible assets to participate in the power system actively. The VPP leverages the flexibility of power generation, storage, and consumption (flexible assets) to improve grid efficiency and stability and optimize trading.
Krafthem is approved by Swedish Transmission System Operator Svenska kraftnät to provide ancillary services. In order to do that, Krafthem's control room continuously monitors the state of the electricity grid in order to be prepared to activate flexibility and help the grid for short periods of time.
Worth your attention:
Krafthem was founded only more than a year ago, but they have so many accomplishments they already can be proud of. We have highlighted a couple of outstanding facts we couldn't simply keep to ourselves:
Recently, Krafthem has been announced as one of the two grand prize winners in Startup 4 Climate 2021, Northern Europe's biggest energy innovation challenge.
Not long ago, Krafthem received approval to supply Swedish system operator Svenska kraftnät with frequency containment reserve (FCR), a product essential to balancing the increasing volatility within the supply and demand of power.
Last summer Krafthem was hand-picked to Nvidia Inception accelerator. The program is a virtual community of global startups all leveraging AI to revolutionize their respective industries.
In 2020, Krafthem secured around €500K from private investors to ensure its plan to develop AI-based technology for electrical flexibility.
Krafthem in Future Hub
"We have chosen Krafthem because their platform provides an opportunity to find synergies with existing and future products of Latvenergo AS. The company has various solutions in several areas, including management of solar power plants and charging equipment and an individual approach to cooperation with its customers," shares Deniss Kiselovs, Head of Energy Management and Mobility Department at Latvenergo.
Krafthem together with Latvenergo are working on a flexibility solution to orchestrate all possible flexibility sources - starting from industrial demand to small-scale demand, like offices (HVAC), heat pumps, or electric vehicles. To find out how the final solution works, make sure to attend the Future Hub Demo Day on December 16. More information will follow; stay tuned!