Lithuanian energy start-up Inion Software increased its income by 2.6 times in the first quarter

  • 2023-05-22

The Lithuanian start-up Inion Software has proved the importance of renewable energy once again. In the first quarter of this year, the company’s sales reached EUR 205,000 – 2.6 times more than the same period of last year, when the sales reached EUR 77,000.

The business, which creates innovative energy management systems for PV plant monitoring and battery storage control, has offered products to the market that are essential for the private and business sectors.

“It is obvious that our ideas and our experts in the field are bringing to the market functionality which is essential right now. By forecasting solar activity and consumption, our AI battery control algorithms are building battery charging schedules. For price estimation, we integrate the Nord Pool (Europe's leading power market)  prices – all of this helps the owner not only to save but also to earn. Businesses use our solutions for their battery management, to reduce their electricity bills and earn money in a balancing market. We can see that the interest in PV plants and smart batteries is increasing, therefore, we will continue to develop our products,” shared the CEO of Inion Software, Šarūnas Stanaitis, after being asked, “what has contributed to such a rapid growth of revenue”.

Data from the Industry Group SolarPower Europe shows that in 2022, 41.4 GW of solar battery devices were installed in the European Union. That is 47% more than in 2021, and it is precisely this kind of popularity for renewable energy and new partnerships which have contributed towards the growth of Inion Software.

New partnerships have contributed to the success

In 2022, the sales of the company reached EUR 421,000, surpassing the forecasted amount of EUR 347,000. By comparison, in 2021, the business sales reached EUR 145,000. Since its first year of operations, the company’s income has increased more than 20 times, and this year it is expected to reach EUR 800,000.

According to Š. Stanaitis is not only unique solutions that have contributed to the success of the business but also the trust of their customers and new international partners. Inion Software has connected the largest, 7 MW solar energy plant in Lithuania. In addition, one of the most successful hybrid solar energy plant manufacturing companies in the world, Abora Solar in Spain, has connected 200 hybrid PV plants to the Lithuanian start-up system, to be able to control and manage them remotely. The company is also working on 3 new solar parks in Sweden, with a total power of 30 MW. Inion Software systems have also been installed in Solitek smart batteries.

“Our partnerships confirm that the innovative equipment we are creating is highly regarded around the world. We try to harvest the solar energy produced by individuals and businesses alike in the most efficient way,” said Š. Stanaitis.

In 2019, Inion Software attracted investments from the risk capital funds Contrarian Ventures and CoInvest Capital for its business development. Accelerator 70 Ventures also invested in Inion Software.

About Inion Software

Inion Software is a company that develops its own loggers – small devices with communication protocols that connect to solar power plants. The devices connect to inverters, sensors, and network analysers, sending data to Inion Software’s servers. This data is structured, mapped, and then presented to the solar plant manager through its user interface to provide a broad picture of the plant’s generation. The company also develops smart battery management systems.