Swedish energy tech startup Greenely has successfully closed an €8 million (approximately $8.7 million) Series A funding round. This investment will enable the company to expand its energy management platform into neighboring Nordic countries as it supports the ongoing energy transition in Europe.
Revolutionizing Energy Management
Currently serving around 200,000 households in Sweden, Greenely provides freemium energy consumption analytics alongside energy optimization services. These services empower customers to save on their electricity consumption. For example, the platform enables smarter electric vehicle (EV) charging during low energy price periods and allows users to access government incentives by reducing grid demand through automated energy optimization.
Greenely plans to decouple its energy optimization services from its energy supply, aligning with new European legislation expected by the end of the year. This shift will increase accessibility for customers looking to optimize their energy usage without committing to energy supply contracts.
Enhancing Household Energy Solutions
In addition to optimization services, Greenely offers customers the opportunity to install home batteries, currently reselling the Pixii Home model. This technology enables households to store energy for later use, allowing them to respond effectively to fluctuations in wholesale electricity prices.
The platform also integrates energy management for households with solar installations and heat pumps. Customers can store surplus energy when prices are low and sell it during peak price periods, maximizing their energy cost savings.
Financial Benefits for Consumers
Greenely provides paying customers with a dynamic, hourly-priced electricity tariff and access to its “residential virtual power plant” (VPP) technology. This system enables consumers to participate in balancing the electricity network, generating potential revenue through government payouts.
According to CEO and co-founder Tanmoy Bari, the average savings for customers amount to €250 per year, with some households, particularly those charging EVs, seeing savings of up to €500 annually. For battery storage customers, Greenely’s VPP technology could have generated over €3,000 in balancing payments last year if fully operational.
Bari notes that households can expect to recoup their investment in home batteries within two to three years, further enhancing the appeal of Greenely’s platform as a sustainable energy solution.
Source: techcrunch.com
