Berlin Startup Nextract Energy Secures €500K to Tackle Wind & Solar Power Curtailment
Berlin-based startup Nextract Energy has secured over 500,000 euros in a pre-seed funding round. The company, a spin-off from TU Berlin, aims to tackle the issue of power curtailment in wind and solar parks. Their machine-learning software predicts curtailments to redirect excess power for hydrogen production.
Nextract Energy's innovative solution addresses a significant problem in Germany's renewable energy sector. Each year, substantial amounts of power from wind and solar plants are forcibly taken off the grid due to overloads. In 2022 alone, this could have produced up to 115,000 tons of green hydrogen with available electrolyzers.
The startup's software predicts curtailments based on expected network load and weather conditions. It is currently being tested in several pilot projects and has a central application case with a Block-Heiz-Hydrogen power plant of a cooperation partner. The software is set to bring significant benefits to the energy sector, reducing waste and increasing hydrogen production.
The pre-seed round was backed by business angels from the Companisto Angel Club and BPO Capital. The funds will be used to develop the business concept further, support initial product development, and facilitate market entry. Nextract Energy aims to bring its software solution to market maturity with the raised capital.
Nextract Energy's successful pre-seed funding round signals investor confidence in the company's innovative approach to tackling power curtailment. With the support of business angels and strategic partners, the startup is poised to make a significant impact on Germany's renewable energy landscape, unlocking new potential for green hydrogen production.
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