Without energy, there is nothing. Everything runs on energy. The modern world is the best example where its consumption and demand has been accelerating at a breathtaking pace. The sources of energy are numerous, though the energy generated is not enough.
Yet, there is one particular aspect of energy limitation, which, if solved, might help the world transition to energy abundance, feels Baard Eilertsen, the Founder of Truebase AB. It is a leading management consulting firm specializing in the energy sector, with a strong focus on digitized energy trading and asset optimization.
That aspect became Baard’s major inspiration. “I saw a gap in the energy industry where the industry did not understand digitalization.” This was a task he took upon himself to change and have a positive impact on the industry, leading to positive effects for society.
When Passion Meets Precision: Aligning Data Analytics with Market Realities
In his career, Baard Eilertsen led teams of seasoned experts in the energy sector, specializing in digitized energy trading and asset optimization. With over 30 years of experience, he has successfully navigated the unique challenges faced by energy companies, from fluctuating market dynamics to regulatory pressures and the urgent need for sustainability. The customer base ranges from SMEs to large-scale utilities and operates across Europe and North America. “I am passionate about innovation and data analytics, and I am always looking for new opportunities to grow and improve my services,” he asserts.
30 Years of Impact: Navigating Market Turbulence, Regulatory Shifts, and Global Challenges
Talking about the early days of building your business — the challenges, milestones, and breakthrough moments, Baard Eilertsen says, “Obviously, it is a tough decision to start on your own with no guarantees that the company will make it, but in all honesty, I think I was lucky as I came out from exiting a PE-owned company which meant I had some financial freedom to venture into something new.” He thinks that the breakthrough came naturally as he has spent years in the industry creating a network of C-levels that he could reach out to. The major challenges he met were more concerning how much work was involved in starting a company from scratch with finance, taxes, regulations, etc.
Building the Digital Backbone of Energy Trading Across Europe and North America
Today, team Truebase comprises seasoned experts with deep industry knowledge, data analytics capabilities, and a passion for innovation. “We understand the unique challenges faced by energy companies, from fluctuating market dynamics to regulatory pressures and the urgent need for sustainability,” adds Baard Eilertsen.
Truebase is located in Stockholm, Sweden, but works across Europe and North America, and its customer base ranges from SMEs to large-scale Utilities.
Digital Disruption with Purpose: Bridging the Energy Industry’s Greatest Gap
Speaking further, when asked how important it is for entrepreneurs to start with a strong sense of purpose and how they can keep that alive throughout their journey, Baard Eilertsen thinks that if you see a gap where you can fill the void, then the purpose becomes very important. As an entrepreneur, you will be driven either by innovation, freedom, or even by money. However, the purpose must be strongly linked to what you are trying to achieve for yourself, your customers, or society at large. Your purpose will be strengthened over the years, and it can even change as your learning curve increases by interacting with industrial people through your journey and what you deliver. “I always go back to my first few months and think about how my purpose has changed over the years and how I have let others influence how I view my business, which is good and should be a natural part of any business.” Don’t be afraid of questioning your purpose; embrace the opportunity to excel instead.
Inclusive Leadership in Action: Empowering Experts to Lead the Change
Thus, in essence, Baard’s leadership style has always been very inclusive. He strongly believes that he will always be the “dumbest person” in the room. “Joke aside, surround yourself with brilliant people who have a strong integrity and who dare to challenge your thinking.” Sometimes, he must cut through and decide, even if everybody does not agree, but over the years, it has become more seldom as he has matured and has found how he can articulate better. How he sees the future and, through this, makes others understand his strategy and viewpoints from an early stage.
Cultural Fluency, Global Foresight: Crafting Region-Specific Strategies That Work
As a global entrepreneur, Baard Eilertsen tailors his strategies to suit different regional energy markets and regulatory landscapes. According to him, every market and culture is different. “I have been lucky that I have been able to travel extensively over the past 30 years, and even as a kid, I was able to live in different countries with my family.” This has given him an understanding of cultural differences and a deep respect for diverse cultures. He says that this is the first rule of thumb.
Secondly you must read up on the markets, its participants, regulations, financials, competitors etc. It also helps to use your network to get a better understanding but at last you will have to decide, based on knowledge and sometimes mixed with gut feeling how your strategy will be entering new markets. Just be aware that it will cost more than anticipated and take twice the time you thought it would take to get there.
Digitizing Without Disrupting Integrity: The Human Side of Energy Innovation
Based on all these experiences, Baard Eilertsen says that translating his vision into actionable strategies and measurable outcomes has been easy. His vision is to help the energy industry understand digitalization and how it can gain positive effects by digitizing parts of or all its core processes. To make this actionable, he has been active in dialogues with industrial players to understand their pain points and to see where he can assist the best. The measurable outcome is not money; it is how all his earlier clients and customers still talk to him and still can come to him if they have issues they would like to resolve. That is, for Baard Eilertsen, the best outcome he can ask for because that means that he has made a positive impact on them and hopefully on the industry at large when they understand what differences he has supported them to create by digitalization.
Listening First, Leading Forward: How Customer Conversations Shape Truebase’s Evolution
When asked what kind of long-term impact he wishes to create—within his organization, in the industry, and in society at large, Baard Eilertsen states that the energy industry is not the fastest in the world. But he sees that the industry is somehow changing its speed when it comes to investing in becoming more efficient and more customer-friendly. This is where he hopes that through his work, he can help the industry become much more agile and transparent so that changes in regulation or markets can easily be overcome. “In the end, it is a society that gains from this, but I must start with individuals and companies that would like to change. Let’s see 20 years from now if my current predictions were right and we have a fully digital energy system where all participants can transparently see what is happening from generation all the way to behind the meter and jointly act on disturbances in the system with zero latency.”
Lessons from the Ground Up: A Founder’s Candid Reflections on Risk, Resilience, and Growth
There have always been many learnings while overcoming obstacles. Some minor, some major. Baard Eilertsen believes that adversity is something you meet almost every day, and at the beginning, it was hard, but as you mature, you will gain the tools to understand how to tackle adversity in a way that can be overcome. Sometimes, you can’t overcome it, but then it is down to you how much you are willing to let go of your integrity to succeed. Sometimes, the cost is too high, and you could end up losing your self-esteem if you are willing to bend too far. Stay honest with yourself, and don’t gamble with your mental health!
Purpose-Driven Innovation: Turning Vision into Measurable, Meaningful Outcomes
Again, in an industry that is evolving continuously, staying updated is crucial. However, Baard Eilertsen feels that it does not mean controlling every little detail of what is happening in the energy industry. “As I said earlier, the market is not the fastest, as there are long-term strategies and incentives for the market to function properly. I think that the best way to stay updated is to listen to the industry.” As an “outsider”, you can listen to several energy companies and then intelligently add the pieces together and see how your strategy needs to be adapted to support the industry. When you then mix the listening with intelligent questions, you usually get a pretty good picture of what to do and what is happening in your team and the industry at large.
Beyond Energy: Collaborating with Tech Giants to Transform Utility Engagement
Aligning the strategy to diverse business models is a question of where you see you can bring the most value. Baard Eilertsen is not sure that his “ideas” suit every energy company. So, he must analyze who can benefit from working with him the most and, through this process, align his understanding of their reality. “So that we have a common view of the challenges we are tackling.” There are very few places where an energy company can expand their business “Unless we focus on retail only.” But if you think of expansion having a greater market impact, improving financial outcomes, changing the brand recognition, or even just becoming a more prominent player in the specific market, “Then we can see how digitalization and my services have helped companies in reaching this.”
The Power of Staying Real: On Mental Health, Self-Belief, and Walking Away from What Doesn’t Fit
Also, when probed about how he envisions Truebase influencing policy, infrastructure, or public-private as a management consulting firm in the energy sector on a global scale, Baard Eilertsen says that he used to be very active in regulation and policy work early on. “But when the Head of a nation’s regulatory authorities asked me if I had ever met a smart regulator, my answer was no. He quit after two months, and he told me that my answer had a direct impact on his decision. So these days, I just follow the regulation and try to adapt accordingly.” Trying to change or influence regulations or policies is not part of what he will do in the future. However, they have an important role in the energy system, and he truly believes that they will become much smarter and faster in dealing with regulatory issues in the future. Just look at Europe and how fast policies and regulations have acted after the Russian attack on Ukraine.
Preparing for a Fully Transparent Energy Ecosystem: Baard Eilertsen’s Vision for 2045
He adds, “I think I will focus on the things that matter to me and my clients and customers, whether it’s infrastructure, generation, renewable or energy trading, and I will stick to what I know best.” The only change that Baard Eilertsen is making is that he mixes his approach towards energy companies and has lately been working with some IT companies that see the value of his advice and knowledge as they are trying to re-position themselves towards the energy industry. This is exciting as he sees that several companies have very good competence and products but need help understanding how to attract utilities.
Truebase’s Legacy: Advising the Next Generation of Agile Energy Enterprises
Baard’s vision of Truebase’s future is not 100% clear yet. “And as we now are introducing AI into the equation of digitalization, I see that utilities, and rightful so, are hiring a lot of extremely knowledgeable people (Digital natives) that can assist from the inside.” Truebase can still play a crucial role here with its long background in the industry and sometimes with a challenging view on how to prioritize and how to avoid pitfalls. “We can also advise executives in fundamental internal changes to become a more modern and agile company that is suited for the next decades. It is something I spend much time thinking of, but maybe I should ask ChatGpt what my future will look like!”
Furthermore, Baard Eilertsen hopes that as a reflection of the name of the company, the legacy will be “We were truthful and Honest in everything we did. The name Truebase comes from the thinking of our value, or basis, which is that we are always truthful and we do not twist the truth to make money!”
Finally, in his advice to aspiring entrepreneurs just starting, Baard Eilertsen says from the bottom of his heart: Believe in yourself but be humble. Listen more than you talk, and most importantly, don’t be afraid to ask for help!
