Germany-based 1KOMMA5°, a climate tech firm, announced on Thursday that it has closed a double-digit million Euro deal with 2150, a venture capital firm investing in the sustainable reshaping of the broad urban environment.
1KOMMA5° plans to use the capital to fund the advancement and growth of the company’s software applications around “Heartbeat”.
Heartbeat is the proprietary energy IoT system that delivers centralised intelligent energy management to extract maximum potential for generated electricity.
With this management system, homeowners can optimise their power consumption, increasing their independence from the electricity grid.
Additionally, the German company will establish a new research and development centre in Berlin, which will employ over 100 individuals.
The centre will be responsible for software and product development, as well as a test laboratory.
The announcement comes after the company’s Series B funding of €215M equity, and additional €215m re-participation option. This round helped it reach a valuation of €1B in just 23 months.
Philipp Schröder, Co-Founder and CEO of 1KOMMA5°, says, “We’ll use this funding to further refine our ‘Heartbeat’ software to come closer to our goal of living on wind and sunlight forever for free. Currently, we can control charging stations for electric cars, electricity storage, or heat pumps so that we can guarantee an average electricity price of 15 instead of 40 ct/kWh, but that is not the end. We want to reduce the costs of Heartbeat-connected systems to 0 ct in the medium term. But this requires constant further development.”
1KOMMA5°: What you need to know
1KOMMA5° was established in 2021 to invest in top companies operating in the electrical sector, specifically focusing on photovoltaic systems, charging infrastructure, and heat pumps.
In exchange, the German company offers entrepreneurs access to their software solutions, centralised services, bundled purchasing, growth capital, and a reverse shareholding in 1KOMMA5° Holding.
1KOMMA5° is expanding its footprint across Europe. The company recently acquired Viasol, a Danish market leader, and expanded into Spain.
To become the leading cleaner energy provider in Europe, 1KOMMA5° offers clean-energy infrastructure installation services such as solar panels, energy storage, EV wall boxes, and heat pumps.
They also provide their intelligent Heartbeat energy management platform to help their customers embrace climate technologies and decarbonise their homes and transport.
By pursuing aggressive growth across Europe, 1KOMMA5° targets €500M in revenues in 2023 and aims to achieve €10B by 2030.
The company plans to convert 1.5M buildings to cleaner energy sources by that time to meet the urgent need for scalable solutions that enable millions of private customers to embrace climate technologies.
Currently, 1KOMMA5° operates over 65 sites with around 1,500 employees in Germany, Sweden, Finland, Italy, Denmark, Spain, and Australia.
2150 is a VC firm that supports entrepreneurs who are leading the way in the climate transition.
The VC helps these companies and technologies grow and have a long-term, fair impact on the entire “urban stack”, including how cities are built, designed, constructed, and powered, and how people live, work, and receive care.
Jacob Bro, Partner and co-founder of 2150 says, “1KOMMA5° is quickly becoming the leading home electrification and decarbonisation platform across Europe. In combination with the growing install base of energy assets, their ‘Heartbeat’ solution unlocks optimal energy usage and price savings for millions of potential customers. This means cleaner and cheaper electricity for households who are rapidly adopting rooftop solar, home batteries, electric vehicles, and heat pumps all the while buffering them from the inherent volatility of renewable wind and solar energy.”