Žirovnica - NGEN, an energy system solutions company, has received a capital injection of EUR 70 million this year to finance its growth and expansion to new markets. The capital injection came from the conversion of a loan from one of its founders - crypto millionaire Damian Merlak, and from Boštjan Bandelj NGEN entering as a new partner.

Bandelj, the founder, owner and director of Belektron, one of the largest global traders of emission allowances, joined the company earlier this year.

Following the recapitalisation, NGEN is now owned by Merlak, Bandelj and Roman Bernard, each holding a third of the company, says a press release from NGEN.

The Žirovnica-based company aims to become one of the most important pillars of Europe's energy transformation and believes the green transition brings many technological and development challenges and opportunities.

Over the past year, NGEN has built a new integrated platform for monitoring and managing flexible electricity consumers, generation units and battery storage through in-house hardware and software development.

The company believes this is one of the most advanced solutions for managing power system conditions at the level of the household, company, or the entire power system.

NGEN owns and operates 30 megawatts of Tesla battery storage units connected to the Slovenian power system, two megawatts of battery storage in Slovenian companies and two megawatts in households.

By the end of 2022, additional large battery storage systems will be integrated into the Slovenian system, and into the power systems in Croatia, Austria and Hungary. In total, NGEN will manage 150 megawatts of flexibility in the regional power system.

The company moreover plans to market its solution over the next four years in at least ten European countries and manage more than one gigawatt of flexible resources.