Utilifeed secures SEK 21 million (€ 1,9 Million) in investments to revolutionize district heating and promote energy efficiency

Gothenburg-based tech company Utilifeed has successfully secured SEK 21 million (€ 1,9 Million) in financing to support energy companies in their efforts to streamline and optimize district heating systems for climate optimization. With a strong belief that a radical improvement of the energy system is crucial to achieving climate goals, Utilifeed has developed a SaaS platform that accelerates the transition to sustainable energy systems. By raising additional capital, the goal is to increase the pace of change and address important societal challenges related to the production, distribution, and consumption of heat and cooling. Samuel Jansson, Founder and CEO of Utilifeed, emphasizes the importance of taking responsibility and contributing to a sustainable future.

More than 25 percent of global energy consumption and 50 percent of energy consumption in the EU come from heating and cooling buildings, and up to a quarter of the heat in district heating networks worldwide is lost every year. One of the reasons for inefficient heating and cooling systems is outdated software. As we move towards more integrated energy systems with local sustainable energy sources, it becomes even more important to use new technology to efficiently manage district heating networks.

Utilifeed develops digital solutions that help district heating companies optimize their production, distribution, and business, resulting in lower energy losses and reduced CO2 emissions. The company's ambition is to become the backbone of the future IT infrastructure of district heating companies. The company is now receiving support from Hafslund and Eidsiva, Klimatet Invest, PropTech Farm, as well as several Swedish angel investors.

"In an era where digitization in society is progressing rapidly, and the energy system is undergoing rapid changes towards increased sustainability, it is important for district heating companies to keep up with the development and be drivers of a more flexible energy system. To make this possible on a large scale, standardized and open IT solutions that link the value chain in district heating companies are required. Enabling this transformative journey for district heating companies is at the core of what we want to contribute to the industry and society at large," says Jansson.

Investments in the Nordic region

Utilifeed has developed software based on digital twins in the district heating network, sensors, publicly available data, and machine learning algorithms. The software analyzes customers' needs in detail, combines this with information about the district heating network, and matches customers' demand with district heating companies' production. According to the company, this provides an average savings potential of 10% in heat loss, 20% in CO2 emissions, and 8% in costs.

"We are impressed with the platform that Utilifeed delivers today. The product that the company has developed, including through close collaboration with Nordic customers, provides an excellent starting point for increased digitization and efficient management of district heating. Hafslund Oslo Celsio, Norway's largest district heating operator, is currently a customer of Utilifeed and will continue to develop value together with a unique and leading technology company through this investment," says Kim Solesvik, who leads investments for Hafslund and Eidsiva.

Other geographical markets and sectors will be explored in the natural progression of Utilifeed's products.

"We want to leverage the experiences from the district heating industry in Sweden as we expand to other Nordic countries and international markets. In the long term, we will also use the expertise and knowledge we have built within district heating to explore new sectors. We want to continue contributing to a more efficient utilization of society's resources and are very pleased to have new owners and new capital on this journey," says Jansson.