Riga-based energy management startup ENGYcell has secured €450,000 in a fresh pre-seed funding round. Estonian fund Change Ventures contributed €250,000 investment to the round, which also included a European Union grant.
About ENGYcell
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ENGYcell was founded by the team behind OX Drive, which was acquired by Carguru in 2024, Egija Gailuma, Kristiāns Karlsons, and Kristaps Vasiļjevs, who were later joined by Eugene Zaremba and Aleksis Pauls Lindemanis.
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The startup develops integrated battery energy storage and management systems for commercial, industrial, and utility-scale applications. The proprietary technology helps companies optimize electricity costs, improve grid stability, and participate in energy trading markets.
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The company offers both hardware and software solutions, including Battery Energy Storage Systems (BESS), automated trading algorithms, and a Virtual Power Plant (VPP) platform.
“Our expectation is that all commercial and industrial operations will, over time, add a battery energy storage system for this purpose during the coming decades. This is a massive potential market, even just in the Baltics, CEE, and other European countries,” Change Ventures commented.
Investment details
The pre-seed funding round was backed by Change Ventures, who contributed €250,000 to the round, alongside a grant from the European Union.
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Change Ventures is an Estonia-based venture capital firm investing in founder-driven pre–seed companies from Estonia, Latvia, and Lithuania through its €20 million Fund III launched in 2023.
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The fund offers initial investments of between €100,000 — €500,000 with about half the fund reserved for follow-on investments.
The startup will use the fresh financing to further develop its solution which optimizes commercial energy storage and trading.
