Latvian cleantech Peak Save raised €50K from Buildit and Commercialization Reactor

Latvian solution for preventing excessive electricity consumption Peak Save raised €50K from Latvian accelerators Buildit and Commercialisation Reactor. The investment was provided as a convertible loan. Peak Save received this support after joining the 16th Batch of Buildit, an acceleration program, organized from September to December 2023.

Founded in Riga in 2023 by Martins Mikelsteins, Peak Save's solution helps prevent excessive electricity consumption in water treatment plants, water heating, area heating, and high electricity-consuming machinery such as pumps, electric engines, etc. The solution uses machinery learning to collect and assess the data and patterns from customer devices and adjust electrical equipment to the lowest possible exchange prices, for example, in the hours when electricity is cheaper. Aggregating electricity consumption to balance the grid, the startup earns income from the grid operators. Currently, Peak Save is looking to raise an extra €300K within its pre-seed round.

Buildit is a hardware & IoT startup accelerator. It provides €10K to €50K of pre-seed investments to best-performing startups and up to €250K of seed investments. Buildit's partners are Matīss Neimanis, Rene Tõnnisson, and Aleksander Tõnnisson.

Founded by Nikolai Adamovitch in 2009, Commercialization Reactor Seed Fund offers a deep tech-oriented acceleration program in Riga. It invests up to €50K at the pre-seed stage and offers up to €250K as a follow-up investment.