GreenCom Networks, a German home energy IoT provider, has secured an undisclosed amount of funding. Centrica led the round with participation from SET Ventures, Munich Venture Partners and Cosmos.
Munich, London, January 18th, 2019. GreenCom Networks has successfully closed a significant fundraising round led by international energy and service company Centrica. The current shareholders SET Ventures, Munich Venture Partners and Cosmos were also participating in this round. The funding will be used to finance a further international expansion of GreenCom’s Energy Internet of Things (IoT) platform in the European market.
GreenCom provides utilities, energy service companies and OEMs of energy-relevant devices with an end-to-end solution for distributed energy resources management (DERM). As the future energy markets will be heavily based on distributed assets like solar PV, batteries, electrical heating devices or electric vehicles, the number of those devices is expected to grow by a factor of five over the next 15 years. This provides significant opportunities for energy service companies to offer end-to-end services for customers. GreenCom’s Energy IoT platform is the foundation for digitally connecting and managing those devices for an optimal usage for homeowners.
GreenCom integrates distributed assets from a large variety of vendors and enables new energy services like power, heat or mobility flat-rates, energy communities, or generation of additional benefits from trading the flexibility of devices in a virtual power plant.
“We are delighted to have Centrica on board as an investor”, commented Christian Feisst, CEO of GreenCom. “Not only has Centrica a strong customer base in Great Britain and North America, they also bring extensive experience with customer-facing business in the energy industry to the table. And Centrica has a proven track record of building up customer-centric service business.”
“We know from talking to our customers that they are looking for a service that is easy to use, helps them to save money, and has a positive environmental impact. It’s because of this that we are excited to join GreenCom Networks with this significant investment and commercial collaboration, which will see us work together to develop new propositions for energy users around the world,” said Idan Mor, Centrica Innovation Investment Director, who will join the GreenCom Supervisory board.
About GreenCom Networks
As a software-as-a-service company, GreenCom Networks offers a white label Energy IoT Platform to utilities, energy service companies, and energy-relevant device manufacturers. With its platform GreenCom Networks enables customers to launch disruptive digital business models while leveraging the increasing share of distributed energy assets and end consumers’ demand for innovative services like energy flat rates, energy communities or peer-to-peer energy.
Centrica plc is an international energy and services company. Its purpose is to provide energy and services to satisfy the changing needs of its customers. Centrica Innovations was established in 2017 and aims to invest £100m in new technology and innovations for homes and businesses. Through its Connected Home business, Centrica Hive, Centrica offers a range of smart home products and has deployed over 1 million connected home hubs worldwide.