iwell raises US$31 million to deploy its leading European smart battery storage solutions into new markets

iwell, a developer of smart energy management (EMS) and battery storage systems (BESS), has successfully closed a US$31 million (€27 million) funding round. The round was led by Meridiam, with Invest-NL and Rabobank participating, alongside existing investors.

iwell is a pioneering company in developing modular, software-driven Energy Management System (EMS) and Battery Energy Storage Systems (BESS) solutions for the commercial and industrial (C&I) sector. iwell’s intelligent systems store energy when it is clean and cheap — such as solar power — and deploy it when demand and costs peak. This lowers energy bills, reduces strain on the grid and maximizes on-site use of renewables. iwell’s solutions are particularly relevant for sectors where a stable power supply is mission-critical, such as logistics, transportation and manufacturing. For example, DAF Trucks has partnered with iwell to offer customers in Europe’s key e-truck markets to invest in the electrification of their fleets — even in the face of current and future challenges in the energy sector. With this investment, iwell will be able to accelerate its growth and international expansion, initially focusing on high-potential markets such as Germany and the UK — regions facing increasing grid congestion and rising demand for smart energy solutions. In the Netherlands alone, 12,000 companies are currently waiting for a grid connection, underscoring the urgency and scale of the challenge across Europe.

Meridiam, an independent investment benefit corporation and asset manager, through its Green Impact Growth Fund (GIGF), and Invest-NL will support iwell's management in executing its expansion strategy and strengthening its market position. This investment will allow the company to accelerate international growth, continue developing its software solution and keep scaling the organization. Meridiam was founded in 2005 by Thierry Déau, with the belief that the alignment of interests between the public and private sectors can provide critical solutions to the collective needs of communities. Meridiam is an independent investment benefit corporation and an asset manager. The firm specializes in the development, financing and long-term management of sustainable public infrastructure in three core sectors: sustainable mobility, critical public services and innovative low carbon solutions.

Invest-NL is the Dutch National Promotional Institution with a principal focus on providing financial solutions to businesses and projects that have a positive impact on society but face difficulties in securing financing from traditional sources. They support the development of pioneering technologies, sustainable innovations and social enterprises that contribute to the Netherlands’ leadership in sustainability and innovation. These include transitioning to a carbon-neutral and circular economy, ensuring affordable and accessible healthcare, and deep tech.

Oaklins’ M&A and debt advisory team in the Netherlands served as the exclusive financial advisor to iwell’s shareholders. This transaction underscores the team’s deep-rooted expertise in the battery and broader energy transition market, advising both founders and private equity investors on value maximization strategies for industry-leading businesses. In addition to M&A mandates, such as the sale of Top Systems to Holland Capital and Wetac to Nordian Capital, the Oaklins team brings extensive experience in sizable (equity and debt) fundraising processes for energy transition businesses. This dual capability enables us to deliver strategic, value-maximizing outcomes for founders and private equity investors across the full spectrum of growth and liquidity objectives.