By Secure Meters, a global leader in energy management solutions, has been driving innovation across the energy sector. In 2021, the company strengthened its portfolio by merging with Adaptricity, a Swiss-based pioneer in grid planning and analytics software. This collaboration combined Secure Meters’ hardware expertise with Adaptricity’s software capabilities, paving the way for advanced energy solutions.
Nearly eight years after Adaptricity’s participation in the Free Electrons program, we spoke with Fabian Krek, Regional Head in Europe at Secure Meters, to explore how this transformative journey unfolded. A key highlight of our conversation was Adaptricity’s long-term partnership with CLP, one of the major utilities from the Free Electrons network. This enduring collaboration has not only shaped Adaptricity’s evolution but also serves as a testament to the program’s role in fostering impactful, global partnerships.
Join us as Fabian Krek shares insights into Secure Meters’ growth, the critical milestones achieved through their collaboration with CLP, and the broader impact of the Free Electrons program on their journey toward innovation and success in the energy sector.
Q1: Adaptricity’s journey has been marked by strategic partnerships. We first met you back in 2018 when you participated in the 2nd edition of Free Electrons. How did the program help set the stage for building some of those strategic relationships with big players? Can you share an example of an early connection that played a pivotal role?
Fabian Krek: Yes.
To provide some context, we were a startup founded in 2014 at ETH Zurich in Switzerland. At that time, we were primarily successful in the domestic Swiss market and had started gaining traction in Germany, mainly with smaller clients. The market environment in Switzerland is quite unique, with only 8 million people, there are 640 utilities. This means the average client size ranges from about 2,000 to 7,000 households in their grid, which was already challenging for us.
When we joined Free Electrons, we encountered a completely different magnitude of scale. The size and complexity of the utilities participating in the program were eye-opening. It served as a door opener in multiple ways.
First, it gave us direct access to a valuable network of key stakeholders and decision-makers. These were not just interesting contacts but also supportive ones who guided us in refining our approach.
Second, Free Electrons taught us that succeeding in the Swiss market was one thing, but scaling globally required a deeper understanding of key market requirements. It highlighted the importance of addressing technical, usability, and other soft factors crucial for global markets. Free Electrons provided us with a platform to gather this critical input from technically skilled people, which was immensely beneficial.
Q2: By following your story and achievements we see that your partnership with CLP, one of Free Electrons utilities, stands out as a truly long-term partnership. Can you recall what was the initial spark that brought Adaptricity and CLP together?
Fabian Krek: I wasn’t personally part of Free Electrons, but one of my team members represented us at the time. From what I recall, we had interest from three utilities: CLP, AusNet, and Singapore Power. What stood out with CLP was that we eventually secured a pilot with them.
The key difference with CLP was their long-term support. We conducted a pilot project, which was quite successful, and almost immediately began discussions on how to transform the pilot into a broader rollout. This process took about six years due to various challenges, but the contact with CLP remained consistent. They provided us with invaluable feedback on what needed improvement or changes in our product to develop a solution tailored to their needs. This level of engagement and commitment was exceptional.
Q3: How has your collaboration with CLP evolved over the years? Could you share some of the main goals you’ve worked on together and the impact you’ve achieved in addressing industry challenges?
Fabian Krek: Initially, our collaboration focused on the pilot project, which was a stepping stone for us. CLP has about 2.8 million domestic meters, with even their larger buildings being just a single meter. This scale was vastly different from what we were used to, and we initially struggled with the complexities of managing such large grids. Although the pilot didn’t cover the entire grid, it helped us develop technologies capable of handling these large-scale systems.
After the pilot’s success, we spent considerable time discussing specific requirements for the Asian markets, particularly Hong Kong. For example, single-phase connections and short-circuit protection were areas we worked on. We developed prototypes based on CLP’s feedback, but the collaboration slowed down for a period. This was because CLP needed to replace other IT systems before they could implement our software platform. This phase took about three to four years.
Despite the slowdown, we maintained the relationship. Eventually, CLP issued a tender for a grid planning and analytics platform. It was an open tender, and we were thrilled to win it. We are now in the process of integrating all the necessary data, with the project expected to go live by the end of the first quarter next year.
Q4: In 2021 Adaptricity merged with Secure Meters, a multinational company from India, which marked a major milestone in your growth story. From a 3-year perspective, how has this relationship impacted your growth trajectory and expanded your market reach?
Fabian Krek: Previously, our anchor investor treated us more as a financial investment. While their intentions were different, in practice, it felt like a financial relationship, with Adaptricity operating independently. When this investor decided to sell the entire business unit, including us, it marked a pivotal moment for our company.
As a startup, we were in a critical phase, investing heavily in product development while operating on a software-as-a-service model, which meant revenue was not immediate. We needed a parent company willing to invest in us with a long-term perspective and operational synergies. Secure Meters proved to be an excellent partner. Their core business in gas and electricity metering complemented our software solutions, creating a natural synergy.
Collaborating with an Indian company has been a positive experience. While there are cultural differences, the teams work exceptionally well together. Secure Meters brings extensive hardware expertise, while Adaptricity contributes with specialised software knowledge. It’s a mutually beneficial partnership, though it has taken longer than anticipated to realize all synergies. For example, it took about two years to set up our first project with an Indian client. Recently, we launched a solution combining Secure Meters’s hardware with Adaptricity’s visualisation tools, marking significant progress in our collaboration.
Q5: Looking back on your journey, what are the most important lessons you and your team have learned about building successful, long-term partnerships with utilities and industry leaders? Any strategies that you found crucial?
Fabian Krek: One critical aspect is to ensure that starting the relationship is manageable. While generating interest from utilities was never a challenge for us, our platform required significant amounts of data from various IT systems, metering systems, GIS systems, and others. Often, the required data quality was either unavailable or only partially accessible, which made initiating partnerships challenging.
To address this, we focused on building strong industry partnerships. We aimed to create an ecosystem of metering and GIS companies with existing interfaces, making it easier to onboard new clients.
Another lesson is that partnerships are inherently person-driven. Strong, stable relationships between individuals in both companies are essential for maintaining long-term collaborations. Lastly, focus is key. With so many utilities across markets, it’s impossible to build relationships with all of them. We’ve learned to be selective, choosing key partners to invest in and trusting them to drive our growth.
Q6: You might know that Free Electrons is accepting startup applications to its 9th edition. What advice would you give about using partnerships to scale their business?
Fabian Krek: My advice is to listen to the utility partners. As a startup, it’s easy to become so invested in your idea that you focus solely on convincing others of its value. However, it’s equally important to step back and carefully consider the feedback you receive, especially after pilot projects. Often, the feedback highlights barriers to scaling your solution, and addressing these concerns is critical to achieving long-term success.
Q7: Finally, having participated in the Free Electrons several years ago, how entering this network allows you to create business opportunities and scale your business? What is Free Electrons for you?
Fabian Krek: Free Electrons was probably one of the most pivotal programs we participated in. It provided global exposure and served as a quality mark that opened doors with large utilities. However, to fully benefit, startups need to have a market-ready product. The network and credibility gained from being part of Free Electrons are invaluable and have long-term impacts.
Q8: Just to finalize, from your perspective, what sets Free Electrons apart as the leading accelerator for startups in the energy sector?
Fabian Krek: The impact on participants is remarkable. Another key differentiator is that Free Electrons doesn’t demand equity, unlike many similar programs. This makes it accessible regardless of your ownership structure or previous funding rounds. Free Electrons provides an invaluable platform and network at virtually no cost, and I can’t think of another program with a comparable global impact on companies like ours.
Collaboration as the Blueprint for Growth
Fabian Krek’s insights highlight the essential role partnerships play in scaling solutions and navigating the complexities of the energy sector. Secure Meters’ collaboration with CLP, which has spanned several years, is a prime example of how a startup can leverage constructive feedback and consistent engagement to refine their solution. From pilot projects to full-scale implementations, this journey underscores the importance of patience, adaptability, and fostering trust in long-term collaborations.
As Fabian Krek emphasised, Free Electrons offers invaluable opportunities for startups to connect with global utilities, gain exposure to different markets, and refine their solutions based on real-world feedback. Success in the energy sector is driven by a combination of unique strengths and strategic partnerships, and participating in Free Electrons accelerates this process by opening doors to impactful relationships and key industry insights.
Ready to take your startup to the next level? Learn more about the benefits of the Free Electrons program at our website www.freeelectrons.org
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