Munich-based GreenCom raises €12M to expand its residential energy IoT platform internationally

GreenCom Networks AG aka GreenCom is one of the leading energy IoT companies that is based in Munich, Germany and has an office in France as well. The company claims to develop the energy system of the future. GreenCom integrates distributed assets, including battery storage units, solar PV systems, heat pumps, and electric vehicle chargers. Now, the company announced that it raised equity funding.

Raises €12M equity funding!

In a recent development, GreenCom has announced that it raised €12M equity funding in a round led by Shell Ventures. It is backed by Energy & Environment Investment (EEI) along with existing investors – Centrica, E.ON’s Future Energy Ventures, Munich Venture Partners and SET Ventures.

The investment will let GreenCom expand its strategy of international growth and enhance its position as the leading European residential energy IoT company. According to the company, it will also be used to advance its technology solutions so that it can digitally connect distributed assets and offer a leading IoT platform for home energy management. Investors will be able to penetrate outside Europe and connect GreenCom with inverter, heat pump, and battery storage manufacturers in Asia.

Optimised cost and shared energy

With its scalable software, GreenCom founded by Christian Feisst, allows customers to use new customer-centric service models including heating as a service, energy flat rates, flexibility revenue, home energy management, dynamic tariffs or energy communities. Users can manage their energy, optimise cost and share energy with their communities with the GreenCom platform.

Already, GreenCom has partnered with various companies such as Centrica to provide new services in the digital energy world. It powers the Home Energy Management platform for its UK customers and connects and manages over 3 MW of decentralised energy asset capacity for a smart city district with nearly 700 apartments in Cologne.

Christian Feisst, CEO of GreenCom Networks, notes, “With Shell Ventures and EEI we’ve found two excellent new investors towards the future: Shell provides extensive experience in the distributed energy industry with a track record of impactful investments. EEI, as the only venture capital firm in Japan, focused on the cleantech sector, adds a strong gateway to, and profound knowledge of the energy and distributed asset manufacturer landscape in Japan, one of the fastest liberalising and “greening” power markets in the world.”

Main image picture credits: GreenCom