Swedish Startup Greenely Raises €8M Series A to Expand Energy Management Platform Across Nordic Countries and Beyond

Swedish Startup Greenely Raises €8M Series A to Expand Energy Management Platform Across Nordic Countries and Beyond
Image credit: Greenely

Swedish startup Greenely has secured €8 million ($8.7M) in Series A funding to expand its energy management platform into neighboring Nordic countries. Greenely, which currently serves around 200,000 households in Sweden, offers a freemium model combining energy consumption analytics with energy optimization services to help paying customers save on electricity costs. These services include smart electric vehicle charging during low energy prices and accessing government payouts by reducing grid energy demand through automated optimization.

Greenely also provides customers with the option to install home batteries, such as the Pixii Home, to store energy for later use. This allows households to respond to fluctuations in wholesale electricity prices, thereby optimizing grid usage and reducing energy costs. The platform is designed to integrate and manage energy use for homes with solar installations and heat pumps, enabling customers to sell surplus energy when prices are high and store it when prices are low.

CEO and co-founder Tanmoy Bari highlighted that Greenely's platform enables customers to save and generate revenue by participating in balancing the electricity network. Through its “residential virtual power plant” (VPP) technology, Greenely aggregates customer energy usage to stabilize the power grid, earning government reimbursements that are passed on to consumers. On average, customers save €250 per year, with EV charging households potentially saving up to €500 annually.

The company aims to decouple its energy optimization services from its energy supply, aligning with new European legislation expected to be implemented by the end of the year. This move is intended to make Greenely a more independent player, helping customers reduce energy bills and generate revenue without being tied to a specific energy supplier.

Greenely's Series A funding, led by Belgian investment company Korys and supported by existing investor Luminar Ventures, will facilitate its expansion into Finland and Norway. The startup also has plans to enter other European markets with high smart meter adoption, such as France and the UK. Greenely's long-term goal is to create the largest residential virtual power plant in Europe, leveraging its advanced energy management platform to maximize consumer savings and contribute to grid stability.

Founded a decade ago, Greenely initially focused on enhancing energy utilities' customer experience. However, the startup shifted towards building a consumer-centric energy platform and becoming an energy supplier. With this new funding, Greenely is poised to scale its innovative solutions across Europe, driving significant impact in energy management and contributing to the continent's decarbonization efforts.