iwell accelerates Europe’s path towards energy independence

Jan Willem de Jong, CEO of iwell, has long been driven by a mission to build businesses that address societal challenges. “I often say: improve the world, start a business. My strength lies in applying commercial thinking to meaningful causes”, he explains. 9 years ago, he launched iwell to tackle one of the most pressing issues of our time: energy security.

“Our software and battery systems literally keep the lights on for businesses,” says De Jong. “In the face of grid congestion, we offer companies the flexibility to grow without being constrained by energy uncertainty."

In 2024 alone, iwell optimized 474,813 MWh of solar energy and exported 2,311,865 MWh back to the grid — enough to provide a small city with electricity for 9 years. With 78 newly installed systems in 2024 (a 56% increase from 2023) and a total installed capacity of 42,251 kWh, they are steadily expanding their presence in energy storage.

“We also ensure that the greenest kilowatt-hour is also the cheapest”, adds De Jong. “You want to make optimal use of clean energy. It's a shame to turn off your solar panels on sunny days, so to speak, because it's not profitable to feed back to the grid. What you can always do is store that energy for later use. This way, the potential of clean energy is not lost due to grid limitations - maximizing both sustainability and profitability.”

iwell's platform acts as a "conductor of energy flows," seamlessly coordinating solar panels, EV charging stations, batteries, and transformer systems. “Our software ensures that clean electricity is available where and when it’s needed—at the lowest possible cost”, explains De Jong. “It’s a complex balancing act, and batteries play a crucial role in this. They provide the flexibility to control when energy is consumed, which directly impacts availability and pricing.”

According to De Jong, the urgency around energy security is no longer a matter of idealism, but of realism. “Europe has definitely woken up: We no longer want to rely on Russia, U.S., or Qatar for our energy needs. While we have some fossil resources, they’re insufficient for the entire continent. Green energy is not only more sustainable—it’s also more affordable. The question is no longer philosophical; it’s economic.”

This shift in mindset made the recent funding round possible. “It’s no longer the activist, but the entrepreneur, who’s asking the tough questions. That’s a positive development.”

Part of Rabobank's mission is to support companies that contribute to a sustainable energy system. The collaboration with Rabobank began in February 2021, when iwell still had limited revenue and a working capital need of 750,000 euros. Robbert Lut from Rabobank's Startup & Scale-up team explains: “Under traditional banking criteria, iwell wasn’t bankable. But our team evaluates companies based on their future potential. iwell was one of the first innovative companies we were able to help with non-dillutive funding.”

According to De Jong, this came at a crucial moment. “We were in the middle of the valley of death - where your financing needs are large, but your track record is still fairly limited. Those valleys really exist; I can tell you. That Rabobank financing was, without exaggerating, fundamental to iwell's survival at that time.”

Lut notes: “Scale-ups like iwell remain a challenge within the bank because our services are basically aimed at stable business models. But by proving every year that they deliver on their promises, like iwell does, you build a mutual trust relationship. That makes the collaboration increasingly smoother.”

Michel Laterveer, Business Developer for Energy Transition at Rabobank, played a key role in the subsequent financing rounds, working closely with the Startup & Scale-up team to ensure a successful collaboration. “A lot of time has been invested from both sides to understand each other. To really understand the business case and financing needs. That effort has paid off—we’ve successfully completed multiple funding rounds together.”

The collaboration has been mutually beneficial, Laterveer explains: "By 2025, we have a lot of internal knowledge about the energy transition; we've learned a lot in recent years. That knowledge development can only happen because you get a behind-the-scenes look at companies like iwell. We’ve scaled our support for iwell much faster than we typically would with traditional businesses where it would take 20 to 30 years. This kind of growth is only possible when you partner with the right companies and invest in knowledge. I think the collaboration has brought a lot to both sides”, Laterveer concludes.

In the recent financing round of 27 million euros, Rabobank also played a role as co-financier, alongside lead investor Meridiam and Invest-NL. Additionally, Rabobank helps iwell with international expansion. From dealing with different currencies and bank guarantees to setting up local entities and bank accounts. “We’re currently establishing operations in the UK”, De Jong shares. “That’s always more difficult than you think. Rabobank has been instrumental in navigating that process.”

With the recent investment round, iwell can continue to grow rapidly. De Jong is proud of what has been achieved: “In a few years, there will be about 10 companies in Europe that are decisive in how you build energy systems for businesses behind the meter. We have a serious chance - without bluff - to be one of those 10 companies. That I can say that now with a straight face, I think is pretty cool. We have the team, the plan, the partners, and the product. And when I look around - we're now almost 100 people - I see so many people, so much smarter than me, all working toward the same goal. That really moves me.”

The company wants to triple its software and data team and initially focus on Germany and the UK, followed by Spain, Poland, and Italy. “We want to be the party to which companies dare to hand over the most vulnerable thing they have: their energy. Because they know that we embrace those mission-critical systems and have a reliable solution for them”, says De Jong. “Energy-intensive sectors like logistics, real estate, transport, and industry must become masters of their own energy - we can offer them that thanks to our unique combination of software and hardware.”

Do you also have an innovative idea as an entrepreneur that contributes to the energy transition? A specialized team at Rabobank supports startups and scale-ups with financial solutions, knowledge, and networks. From innovation loans to growth capital - discover which financing form suits you.