Winners of the AAU Startup Grant 2023
Elysium Energy
Winners of the AAU Startup Grant 2023
Elysium Energy
The team behind Elysium Energy
- Foivos Maniatis
- Ignacio Moreno
Foivos Maniatis and Ignacio Moreno are both graduates of the Department of Energy at AAU where they did their master's thesis on fuel cells and hydrogen technology.
Although Foivos and Ignacio share the same educational background, they have different approaches to work. Foivos primarily focuses on the overall picture and handles the administrative, organizational and financial aspects of the company while Ignacio is more detail-oriented and deals with product development and technical tasks.
The funds from the AAU Startup Grant will primarily be used for the company's operations, legal registration of a private company, and development of the front-end for our software where we will improve user accessibility through an improved web interface.
Who is Elysium Energy and what problem do you want to solve?
"The main problem we aim to solve is the inefficiency and complexity of the sizing, economic assessment and integration of hydrogen systems in the renewable energy sector. Our special focus is on small and medium-sized enterprises."
Where did you get the idea for Elysium Energy?
"The idea to establish Elysium Energy arose during a semester project where we were working on modelling an off-grid Tiny House project in Germany.
During this project, we were challenged by the lack of clear answers to fundamental questions like the cost of a hydrogen system per kg of storage or the cost of a simple residential installation.
So, as dedicated engineers, we set about developing software for our master's thesis that could automatically answer these questions.
Our startup was established after a conversation with a business developer, Ivan Butler, from AAU. The conversation was about whether a stronger academic background, like a PhD, was necessary to start a business in the engineering or energy sectors.
Ivan encouraged us to participate in the entrepreneurship programme at Aalborg University in the spring semester 2022 and to think about the technical aspects along the way. We took this advice to heart and are deeply grateful for it."
What's next for Elysium Energy?
"After conducting market research in 2023 and securing DKK 250,000 in funding from the Obel Family Foundation, we are now focusing on the development of our front-end software where we want to improve the user interface and strengthen interaction with our customers for customized software development.
Then, we will install a hybrid energy system in Norway while continuously developing our software capabilities and validating the results through a real-world case study.
We expect these steps to improve our cash flow and support our transition to software solutions while expanding our team. In addition, we are fine-tuning our sales strategy to adapt to a scalable B2B SaaS model and be ready for investors."
How does the AAU Startup Grant contribute to your development?
"The funds from the AAU Startup Grant will primarily be used for the company's operations, legal registration of a private company, and development of the front-end for our software where we will improve user accessibility through an improved web interface. These developments are critical to integrating our existing back-end code and facilitating online user interaction.
In addition, the grant will support the creation of our user-defined planning and management software, including simulations and development of a digital twin for energy systems.
Further, the funds will help with validating our software in real-world scenarios. This will pave the way for fine-tuning our sales strategy, adding a sales representative to the team and transitioning to a scalable B2B SaaS business model."