Swedish energy technology startup Greenely has successfully closed a Series A funding round of EUR 8 million (approximately $8.7 million) to expand its energy management platform. The funding will enable Greenely to expand into neighboring Nordic countries and serve more households.

Greenely 

Greenely currently serves around 200,000 households in its home market. The company offers energy consumption analyses and energy optimization services, enabling customers to save money. For example, it reduces energy costs by charging electric vehicles at low energy prices or automatically reducing energy demand. These services are only available to customers who procure energy from Greenely, but this requirement is planned to be abolished with the implementation of new European legislation. Greenely also offers customers the possibility to install a home battery. It is currently reselling the Pixii Home, which allows customers to store energy for later use. This enables households to react to changes in wholesale electricity prices and optimize their energy costs.

The platform is also designed to integrate and manage the energy use and demand of households with solar systems and heat pumps. When customers have home batteries and solar panels installed, they can sell excess energy at high prices and store it at low prices. This enables more efficient energy use and reduces costs. Greenely's dynamic, hourly priced electricity tariff and “residential virtual power plant” (VPP) technology allows customers to contribute to the stabilization of the electricity grid. This system allows customers to contribute to grid stability, generating revenue through government payments.

Greenely offers energy consumption analysis and optimization services, enabling customers to save money. The company reduces energy costs through smart charging of electric vehicles at low energy prices or automatic reduction of energy demand. According to CEO Tanmoy Bari, the average energy saving is 250 euros per customer per year. A household charging an electric vehicle can save up to 400 euros per year thanks to this optimization.

Greenely's Evolution and Goals

Greenely offers customers the possibility to install a home battery, enabling them to store energy for later use. This enables households to react to changes in wholesale electricity prices and optimize energy costs. Battery storage customers can generate revenue by supporting Greenely's ability to help the government balance grid demand. Bari estimates that if the virtual power plant (VPP) technology operates at full capacity through 2023, users could generate more than €3,000 in revenue from balancing payments. Greenely was founded nearly a decade ago as a vehicle to provide energy services. But after a few years, the team saw an opportunity to improve the experience of the future energy consumer and moved towards becoming an energy supplier. By unbundling this service, Greenely aims to become a more independent player working on behalf of customers to lower their energy bills and generate revenue. This approach could help the startup build greater scale, make a bigger impact on energy management and demand, and accelerate Europe's carbon reduction efforts.

The new funding round will allow Greenely to expand its platform to Finland and Norway. The startup is also targeting other European markets where smart meter adoption is widespread, such as France and the UK. Greenely's goal is to create Europe's largest residential virtual power plant and energy consumer offering, Bari said. Greenely's Series A round was led by Belgian investment firm Korys, with existing investor Luminar Ventures and other shareholders also participating. The startup has raised a total of €15 million in funding to date. Brieuc de Hults, investment director at Korys, and Quentin Dupont, investment manager, note that Greenely is keen to revolutionize the way households consume electricity and positively contribute to a net-zero future.