Greenely funding news – Stockholm-based Greenely Secures €8Million in Series A Round Funding

In its native market, the energy tech startup serves about 200,000 families. In order to help paying customers reduce their electricity consumption, it provides freemium energy consumption statistics together with energy optimisation services.

Examples include utilising government payments because Greenely is able to lower energy consumption on the grid through automated (aggregated) optimisation of consumers' energy demand, or charging electric cars more intelligently during periods of low energy prices.

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Customers who pay Greenely for energy supply are currently the only ones who may access these energy optimisation options. However, when new European regulations are put into place in its domestic market, which should happen by the end of this year, it intends to decouple that obligation.

In order to store energy for later use, the firm also gives its energy consumers the option to install a house battery (it presently resells the Pixii house). As a result, homes can adjust to fluctuations in the wholesale price of electricity and make the most efficient use of the grid when it comes to lowering their energy expenses.

CEO and co-founder Tanmoy Bari said, “We make sure that [our customers] save a lot of money, Basically by switching and using our platform. And the virtual power plant technology actually enables consumers to generate revenue that they had never seen before. We aggregate this on a massive scale so we can go into these frequency markets and basically stabilize the power grid in the nation. And this leads to the government actually reimbursing us, and we give this to the consumers as well. So consumers can save a lot of money, but also generate a lot of money via our platform today.”

Belgian investment firm Korys spearheaded Greenely's Series A, including participation from other current shareholders and investor Luminar Ventures. Between this most recent round and a €2.5 million seed round back in 2019, it has raised about €15 million total.

Korys’ Brieuc de Hults, investment director, and Quentin Dupont, investment manager, wrote: “Greenely is a remarkable company, willing to revolutionize 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.”

About Greenely

Greenely is the energy management tool of the future. Households will be able to obtain a personalised energy behaviour report and an overview of their energy consumption with little effort and no additional hardware installation by using the Greenely smartphone app.