Ukrainian startup VAR.energy allowing solar plants to boost profits raises angel investment

The founder of YouScan, Alexey Orap, has become an angel investor for the Ukrainian startup VAR.energy that is working to create a system boosting income from solar power plants (SPP).

In addition, the startup VAR.energy is a participant in the second wave of the Acceleration program of the GCIP Ukraine project.

About VAR.energy

VAR Energy is building a technology and market platform to provide real-time active and reactive power maintenance / limitation services. The platform integrates distributed energy resources (ER), such as solar power plants, storage systems, etc. ER owners will be able to earn additional income from providing reactive power support services using VAR Energy software. The importance of this product lies not only in the effective stability of the power system, but also in the emergence of additional financial incentives for the development of renewable ER.

How does it work?

A photovoltaic power station, or solar farm, is solar panels plus a solar inverter converting the panels’ power output from DC to the familiar 220 V AC that can be fed to the utility grid.

In Ukraine, there is a “Green tariff” that allows SPP owners to sell surplus power to the common grid and get money from the operator: from 16.3 to 20 euro cents per 1 kW⋅h, depending on the station’s year of commissioning.

VAR.energy equips the smart inverters already installed on the SPP with a small-sized controller with its own software to manage the inverters’ operating parameters, which allows the owner of the SPP to sell to electrical grid operators the so-called “secondary services” for balancing reactive power.

Project team

Co-founder and CEO – Mykola (Nick) Turchak, 7 years of experience in energy – experience in engineering and management positions in international energy projects (USA, Europe and Africa).

Co-founder and technical director – Denis Popov, who has comprehensive experience in software development for various industries and technologies. He was in a leading technical position in Viewdle (which was bought by Google). Technical co-founder of Ring.com Ukraine, acquired by Amazon in 2018.

Viktor Khomenko is a specialist in renewable energy and power grids.

Kathryn Briskie is an expert on regulatory issues in the electricity markets.