Inion Software, a Lithuania-based startup providing innovative solutions for monitoring solar energy plants and managing smart batteries, has maintained very stable growth and continues to increase its numbers. Over the first three quarters of 2022, company’s sales has more than doubled in comparison with the same period in 2021. Keeping to its plan, the company predicts its revenue to be record high this year.
Over the first three quarters this year, company’s sales have exceeded 216,000 Euro, while they have amounted to approximately 83,000 Euro during the same period in 2021. In the third quarter this year, sales have exceeded 82,000 Euro compared to slightly over 44,000 Euro over the same period in 2021.
Inion Software has maintained stability because the company’s curve has been going up steadily throughout 2022. For example, in the first half year, the company’s revenue has reached 134,000 Euro and, as compared to the first half year in 2021 when the revenue amounted to 38,500 Euro, it has increased by as much as 348%.
“I think that Inion Software results well reflect not only our own successful growth, but that of the entire renewable energy market. Rising attention of the European Union (EU) to renewable energy development, environment, energy independence objectives, etc. is what allows us and the entire market to grow successfully. According to statista.com, the global solar energy market is expected to reach 422 billion U.S. dollars in 2022, in comparison to 86 billion U.S. dollars in 2015. Solar energy is one of the most popular renewable energy sources and in recent years more capacity was deployed than traditional energy sources. This shows our perspectives for the future,” says Sarunas Stanaitis, CEO of Inion Software.
He claims that, as the market progresses, it is essential to pay more and more attention to new, smart solutions. Thus, for a while now, him and his partners have been successfully analysing various functioning principles of smart batteries that would allow for efficient energy use: they have been making predictions and developing models and algorithms in order to see when and in which situations such innovation would prove most efficient.
In view of the demand for solar energy plant monitoring solutions and smart battery management as well as for the development of solar energy plants, Inion Software estimates its revenue from sales to hit 400,000 Euro by the end of 2022.
Inion Software is a company developing loggers, small devices with communication protocols that connect to solar energy plants. While connected to inverters, sensors, and network analysers, these devices are sending data to Inion Software servers. The data are then structured, formatted, and, later, they provide the solar energy plant manager via their user interface with a broad view of the energy plant generation. The company also develops smart battery management systems that use artificial intelligence algorithms to predict and select the most efficient battery charging scenario.