NOX Raises €3 Million to Connect Home Clean Energy Devices to the Grid
Volve CapitalCompany
Seeder FundInvestor
100inInvestor
Belgian residential energy‑management SaaS startup NOX Energy closed a €3 million (US$3.4 million) seed round on Oct. 2, 2026, co‑led by Rise Proptech and Volve Capital with participation from Seeder Fund, Uneti Ventures, Fair Impact Fund and 100in. The capital will fund European expansion and deeper integration with equipment manufacturers.
NOX Energy announced a €3 million seed round on Oct. 2, 2026, bringing its total early‑stage financing to US$3.4 million. The round was co‑led by Rise Proptech and Volve Capital, with Seeder Fund, Uneti Ventures, Fair Impact Fund and 100in also participating.
Deal Terms
The seed financing will be deployed to accelerate NOX’s go‑to‑market push beyond Belgium and the Netherlands, targeting additional European territories. The company plans to embed its SaaS platform directly into OEM applications, shifting the user experience from a standalone energy‑management app to a built‑in optimization layer. NOX already operates more than 10,000 connected devices and counts energy retailers Eneco and Frank Energie among its early customers.
Market Context
Founded in 2024 by CEO Axelle Moortgat and COO Louis Clermont, NOX builds a cloud‑native platform that aggregates heat pumps, solar arrays, batteries and electric vehicles, then dispatches them to market signals such as real‑time electricity prices, weather forecasts and grid constraints. The startup’s approach positions it as an infrastructure layer for distributed energy resources (DERs), a segment that is gaining traction as European regulators incentivize demand‑side flexibility.
“Millions of homes already have a heat pump, battery or solar panels connected to their manufacturer’s app. Energy suppliers and grid operators need the flexibility these devices can offer, but every manufacturer and every market works differently. NOX sits in between as the infrastructure of flex, connecting both sides,” said Moortgat.
By targeting OEM integration, NOX aims to lower consumer friction and capture a larger share of the value chain, potentially unlocking higher expansion revenue and improving net‑revenue retention as devices remain tied to its platform over their lifecycle. The seed round underscores growing investor appetite for climate‑tech SaaS solutions that can monetize flexibility in the power system.
Why It Matters
The infusion of seed capital gives NOX the runway to embed its software directly into manufacturers’ native apps, a move that could force competing energy‑management platforms to either pursue similar OEM partnerships or risk marginalization. Existing rivals that rely on consumer‑downloaded apps may see churn accelerate as NOX’s integrated solution reduces adoption friction. For the broader SaaS climate‑tech space, NOX’s strategy highlights the importance of vertical integration with hardware OEMs to secure recurring revenue streams and deepen data access, potentially reshaping competitive dynamics in the European DER market.
Key Points
- NOX Energy secured €3 million (US$3.4 million) in a seed round led by Rise Proptech and Volve Capital.
- Investors also included Seeder Fund, Uneti Ventures, Fair Impact Fund and 100in.
- The platform currently connects over 10,000 home energy devices and serves customers such as Eneco and Frank Energie.
- Funding will be used to expand across Europe and embed the SaaS solution into manufacturers’ apps.
- Founded in 2024, NOX positions itself as an infrastructure layer for distributed energy resources.
Analysis
NOX’s seed raise arrives at a time when European utilities are scrambling for software that can orchestrate distributed energy resources at scale. While the round’s valuation was not disclosed, seed‑stage SaaS deals in climate‑tech typically command 10‑15x projected ARR, suggesting investors see a sizable revenue runway as NOX expands its device base. Embedding the platform into OEM apps could accelerate customer acquisition, boost expansion revenue, and improve net‑revenue retention by locking in device owners for the lifespan of their assets. The capital also positions NOX to capitalize on upcoming EU directives that reward demand‑side flexibility, potentially unlocking new revenue streams from grid‑balancing markets. For operators, the deal underscores the strategic advantage of aligning SaaS solutions with hardware manufacturers to reduce friction and capture higher-margin, recurring revenue. Investors may view NOX as a template for future climate‑tech SaaS investments that blend software scalability with tangible energy‑system impact.