Lithuanian energy technology start-up records 300% annual growth

Inion Software, a Lithuanian start-up launched in 2019, has developed and brought to market equipment that enables more efficient use of solar electricity. The idea of using the sun as a source of energy is not new anymore, but what makes Inion Software’s idea unique is that its logger is one of the most efficient and twice as cheap as its competitors’. Also, in Lithuanian based start-up’s equipment allows the monitoring of data from different power plants on one platform. The inview is the most advanced cloud-based PV monitoring software. Inion Software’s product has been well received by the market, as the company has recently experienced rapid growth.

Successful start and rapid growth

Inion Software is currently in an active growth phase, as the timing is particularly good. The number of consumers generating electricity from solar energy in the European Union is growing rapidly. In 2021, an estimated 25.9 GW of new solar power plants will be connected to the grid in the EU alone, 34% more than in 2020 (when only 19.3 GW were connected). The trend is for these percentages to rise further in the future as interest in renewable energy grows.

Inion Software is growing with the market. The company has connected 50 solar power plants to its system in 2020 and 200 in 2021, an increase of 300% or four times. More than 400 solar power plants are planned to be connected in 2022. The company’s strong growth is well illustrated by the increase in its annual sales revenue:

- EUR 20,000 in 2019;
- EUR 88,000 in 2020;
- EUR 140,000 in 2021;
- EUR 360,000 in 2022 (forecast).

An experienced team and an offer that solves a critical problem worldwide

Such success, of course, does not fall from the sky. The founders of Inion Software are experts in their field, including PhDs and IT and sales professionals. The idea for the product came from the need to make more use of solar power plants. Various studies have shown that solar power plants typically efficiently use around 70% of the sun’s energy.

“The problem solar plant installers face today is that they cannot monitor whether the installed plants are working efficiently. There have been cases where power plants have been running at less than full capacity for weeks because of various faults, and nobody noticed because they did not have the right tools to detect these faults in time. So, we have developed a tool for solar power plant builders and service companies. By connecting to our system, customers can immediately see all their plants, all alarms, and analyse the performance of each plant individually,” says Sarunas Stanaitis, the head of Inion Software.

Inion Software has attracted investments from venture capital funds Contrarian Ventures and Koinvesticinis Fondas for the company’s development. In addition, the accelerator 70 Ventures and three business angels have also invested in Inion Software.