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Barcelona’s Tether raises €1.3M post-Spain blackout to tackle EU’s €135B/year grid instability risk
- Barcelona-based startup Tether has secured nearly €1.3M in pre-seed funding to enhance its AI-coordinated electric vehicle grid integration technology.
- Draper B1 and K Fund led the funding round, with support from other Southern European venture funds focused on impact investments.
- Tether aims to tackle Europe's grid stability challenge by transforming private electric vehicles into distributed battery assets for grid reinforcement.
- The technology coordinates charging schedules of private electric vehicles to reduce CO2 emissions and create revenue streams for OEMs and charge point operators.
- Without immediate action, EU economies could face up to €135B in annual grid instability costs by 2050.
- The funding will aid Tether's team growth and product launches in Nordic markets, Germany, and Belgium.
- Tether plans to expand its engineering and commercial teams and deepen collaborations with automakers and grid operators.
- The company has ongoing pilots with major car manufacturers and charge point operators like Audi and Zeekr.
- Founder Luis Medina Rivas highlights the urgency for flexibility in the grid due to the blackout in Spain and the potential grid instability costs in the EU.
- Luis Medina Rivas, with a background in power and renewable energy engineering, leads Tether, bringing expertise from notable companies and recognitions.
- Tether's development team includes engineers, mathematicians, and data scientists with diverse backgrounds to support its technical approach.
- Raquel Bernal, Partner at Draper B1, praises Tether's mission to bridge electric vehicles with the energy market and its innovative market transformation potential.
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