An Estonian energy startup is innovating the Malaysian electricity market
Estonian start-up company Fusebox, who is developing a virtual power plant, signed a cooperation agreement with the Malaysian company Power Fence. Fusebox’s technology helps Malaysians increase the connectivity of their electricity consumption.
Fusebox’s virtual power plant, which grew out of Tehnopol Startup Incubator’s rapid growth program, uses the flexibility of business consumers in energy consumption to make both electricity production and consumption more efficient. Fusebox’s cooperation with the Malaysian company Power Fence will create a platform in the local market to trade in the electricity market with flexibility.
A virtual power plant is a cloud-based environment where electricity producers and consumers are interconnected into a single system. The system allows electricity consumption to be directed and timed to when when electricity is cheaper, in order to reduce electricity surpluses and provide a better opportunity for smaller service providers in the market. The solution is primarily suitable for industrial business users.
The CEO of Fusebox, Tarmo Õng sees great potential in the Malaysian market. “31 million people live in Malaysia – this means that the market there is about 25 times larger than in Estonia, and at the moment there are no companies offering a virtual power plant solution there. Nevertheless, we will not forget our home market and we also offer local businesses the opportunity to earn money, making electricity consumption smarter,” explained Õng.
The opportunity for cooperation for Fusebox was initiated by science and business park Tehnopol’s Asia-Clean project, which helps Estonian companies to increase exports to Asia. According to Ragmar Saksing, Tehnopol’s head of green technology, Fusebox is creating a completely new market, which does not yet exist in many locations. “Most Estonian start-ups must be ready to expand into foreign markets. The Fusebox deal is a great example of the fact that although you can’t travel at the moment, the world is not locked. Successful transactions with foreign markets can be made even now, “added Saksing.