Stockholm-based Greenly, an energy company, announced on Friday that it has secured €8M in a Series A funding round led by the Belgian investment company Korys. Existing investor Luminar Ventures and other current shareholders participated.
The Swedish company will use the funds to accelerate its expansion plans.
The company plans to deploy its energy platform across Norway and Finland, in addition to its established presence in Sweden, targeting a combined market of nearly 10M households.
Talking about the expansion plans to Silicon Canals, Fredrik Hagblom, co-founder and Head of Operations, says, “Our next step is to launch Greenely’s energy platform for households in the Nordic market and complete the qualification processes to offer frequency regulation and grid balancing services in Norway and Finland. The Nordic expansion is just the beginning of our broader European ambitions, with plans to enter additional markets such as the Netherlands in the future.
Greenely: Energy management platform
Founded by Fredrik Hagblom and Tanmoy Bari, Greenely offers an energy management platform for consumers, combined with an hourly-priced electricity tariff and residential virtual power plant (VPP) technology.
Explaining the reason behind founding Greenely, Hagblom shares, “My co-founder, Tanmoy Bari (CEO) and I (Head of Operations) met at the Royal Institute of Technology in Stockholm, Sweden. Tanmoy was conducting a master’s thesis on sustainable cities, which inspired the idea of nudging energy customers to optimise their energy usage by making energy data more accessible and visually appealing. This concept evolved into Greenely.”
The company’s mobile app helps households optimise energy use, reduce costs, and participate in grid balancing services.
By connecting home energy assets, Greenely’s platform allows efficient energy management while contributing to power system stability.
As a result, the company addresses challenges in the modern energy landscape, promoting a more efficient, sustainable, and reliable electricity network.
According to the company, its solution can be integrated into connected assets such as solar panels, electric vehicle chargers, battery storage systems, and heat pumps with its dynamic electricity tariff and recently introduced virtual power plant (VPP) technology.
Business model
Greenely operates as an energy platform with multiple revenue streams.
“We generate revenue from our digital electricity supplier business and from providing support services to the national grid for frequency regulation, as well as offering grid balancing services to local grid owners,” adds Hagblom.
The Swedish company aims to position itself as a leading brand with one of the strongest consumer offerings in the Nordic market, and eventually expand throughout Europe.
Learning, earning, and optimising
Hagblom claims that over 200,000 households have been connected to Greenely’s platform to monitor, learn, adapt, and optimise their energy usage at present.
“Our platform is multifaceted, so we continuously educate households based on their stage in the energy journey. We provide information on energy basics, the benefits of dynamic tariffs (which change hourly instead of monthly or yearly), and how these tariffs can be used for optimal EV charging or home battery management. Additionally, we educate customers on how they can earn money by participating in Greenely’s virtual power plant (VPP) and help stabilise the grid with frequency regulation,” explains Hagblom when asked about educating and engaging consumers about the benefits and functionalities of Greenely.
Challenges
Greenely has experienced continued strong growth over the past years and has successfully launched its VPP program at the end of 2023.
This program will enable residential households to play an active role in helping to balance the frequency in the national power grid.
The VPP platform initially consisted of EV chargers installed in consumers’ homes, and Greenely is now expanding to residential battery storage systems.
As Greenely continued to expand, the company encountered a range of challenges common to growing businesses.
“One of the major initial challenges was making electricity data from existing meters in Sweden easily accessible to end consumers. We developed a technical solution that communicates with approximately 180 different grid owners (who own the meters) and lobbied extensively to liberalise data for consumers and companies like Greenely. This effort successfully enabled any household in Sweden to access their own energy data,” reveals Hagblom.
Following almost a year of intensive development, Greenely has launched the qualification process with Sweden’s TransmissionSystem Operator (TSO) to provide grid balancing services through its unique technology and home batteries.
The system’s dual functionality optimises household energy use and supports national grid stability, offering homeowners lower energy costs and an additional income source.
Developing flexibility services
Beyond frequency balancing, the Swedish company is developing flexibility services for local utilities through emerging local flexibility markets and bilateral agreements.
Additionally, the company will create intraday trading capabilities, maximising revenue opportunities for consumers and contributing to a more balanced and efficient Nordic electricity network.
To support this growth, Greenely has already made significant key executive hires and will continue to scale up its team with top-tier talent across the Nordics.
“Our team currently consists of roughly 40 people. We are actively hiring across various departments to support our market rollout in Norway and Finland. We are also looking for key talents to help expand Greenely’s groundbreaking virtual power plant (VPP) and set a new standard for consumer experience and utility on the energy market,” concludes Hagblom.
The investor
Korys is the investment company of the Colruyt family and creates sustainable added value in 3 ecosystems: Conscious Consumer, Healthy Living, and Energy Transition.
Over the past two decades, Korys built a portfolio of sustainable investments worth over €4B.
Besides more than 25 direct investments, including Colruyt Group and Virya Energy, Korys also manages private equity funds and investments in listed instruments.
“Greenely is a remarkable company, willing to revolutionise the way households consume electricity and positively contribute to a net-zero future, exemplifying the type of impactful company we want to support. We are thrilled to partner with Tanmoy and the team in this next exciting chapter for Greenely and to support their geographic and product expansion,” adds Brieuc de Hults, Investment Director, and Quentin Dupont, Investment Manager at Korys.
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