Electricity supplier and trader Reel announced today that it has raised €15 million (USD$17.6 million) in a Series A financing round, with proceeds aimed at expanding the company’s offerings and reach new markets to help companies and renewable energy producers improve the economics of the energy transition.

Founded in 2020, Denmark-based Reel provides renewable electricity procurement and energy management solutions aimed at helping companies reduce emissions, stabilize energy costs, and support the development of new renewable energy projects. The company’s services include renewable PPAs enabling buyers to provide cost and revenue certainty for buyers and producers, in addition to algorithmic trading, and optimization of solar, wind, battery, and hybrid energy assets.

According to the company, its platform is designed to make renewable energy more predictable for businesses while improving profitability for renewable energy developers and operators, addressing challenges driven by increasing electricity price volatility, shifting subsidy regimes and declining project returns.

Reel CCO Anders Meldgaard said:

“Reel gives businesses predictable electricity costs and energy producers better returns on their renewable energy assets. When both sides of the market work, new renewable energy projects get built – and that’s what moves the energy transition forward.”

The company said that the proceeds will support the expansion of its services from Denmark to Germany, the largest energy market in Europe, with the new capital to be used to refine its products, grow its portfolio, and build a commercial team in Germany.

Reel CEO Jon Sigvert said:

“We’ve helped Danish businesses and energy producers keep renewable energy profitable and predictable. Now, we’re scaling that model in Germany, together with the expertise of Future Energy Ventures.”

The new funding round was led by Future Energy Ventures, alongside existing investors Transition VC and UVC Partners, The Footprint Firm, and angel investors.

Ohad Mamman, Investment Partner at Future Energy Ventures said:

“Germany is the defining energy market of this decade – the scale of transition required is enormous, and the window to get it right is narrow. Reel has built something rare: a model that makes renewable energy profitable for producers, predictable for businesses, and manageable for the grid.”