The Lithuanian energy start-up Inion Software, which started its activities more than four years ago, is currently seeing rapid growth. By creating equipment that helps to use solar energy more efficiently, the company exceeded its planned growth in 2022, thus confirming the ever-growing demand for renewable energy.
Inion Software offers a solar plants and battery management platform that enables the remote monitoring and analysis of a solar plant’s performance and management of the connected batteries, to maximise the use of solar electricity. The battery management solution also permits the use of the batteries when there is no solar generation, but when there is a large difference in the electricity prices between day and night.
Revenue grew ten-fold
Data from the industry group SolarPower Europe shows that in 2022, 41.4 GW of solar power facilities were installed in the European Union. That’s 47% more than in 2021, and it’s this popularity of renewable energy and new partnerships that have contributed to the growth of Inion Software. Calculations show that the company’s sales revenue last year was much higher than planned. In 2022, sales reached EUR 421,000, although the forecast was for EUR 347,000. By comparison, in 2021, the company’s sales amounted to EUR 145,000. Since the first year of its operations, the company’s income has increased more than 20 times, and it is expected that it will reach EUR 800,000 this year.
New partnerships have contributed to the development
Last year, Inion Software started cooperating with Abora Solar, one of the world’s most successful manufacturers of hybrid solar panels. The company also signed a cooperation agreement with SoliTek, a solar energy solutions developer and one of the largest solar battery manufacturers in Northern Europe. While offering innovative solar solutions, Inion Software is also developing a smart battery management system.
More efficient use of solar energy
Every year, the company has generated ever more sales, proving that it is able to create extremely high-quality solutions.
“It’s clear that our ideas and the professionals who work with them are bringing something to the market that is very much needed right now. Our partnerships confirm that our innovative equipment is recognised at a worldwide level. We are striving to make the most efficient use of the solar energy produced by people and businesses,” said Inion Software CEO, Dr Šarūnas Stanaitis.
To develop the company, Inion Software has attracted investments from the venture capital funds Contrarian Ventures and Koinvesticinis fondas. Accelerator 70 Ventures has also invested in Inion Software.