Swedish energy-tech startup Greenely has successfully secured €8 million in Series A funding to fuel its expansion into neighboring Nordic markets. This latest investment, which amounts to approximately $8.7 million, will enable Greenely to extend its innovative energy management platform to Finland and Norway. Currently serving around 200,000 households in Sweden, Greenely offers a suite of energy consumption analytics and optimization services. These include smarter charging for electric vehicles, energy storage solutions, and automated demand response that helps reduce strain on the grid while also providing cost savings to consumers.
Greenely’s platform provides users with dynamic, hourly priced electricity tariffs and integrates energy management across various home systems, including solar panels and heat pumps. By leveraging its “residential virtual power plant” (VPP) technology, Greenely not only helps customers save on their electricity bills but also enables them to earn revenue through participation in grid balancing programs. The company’s technology is designed to optimize energy use, allowing customers to store surplus energy when prices are low and sell it when prices are high.
The Series A funding round, led by Belgian investment firm Korys with participation from existing investor Luminar Ventures, will support Greenely’s expansion and product development. With this new capital, the startup plans to roll out its services across the Nordic region, tapping into markets with high smart meter adoption. CEO and co-founder Tanmoy Bari emphasizes the company’s goal to become the largest residential virtual power plant in Europe, aiming to provide substantial savings and revenue opportunities for households while contributing to the continent’s energy transition.
Looking ahead, Greenely is also eyeing future expansions into other European markets with strong smart meter penetration, such as France and the UK. While markets like Germany, where smart meter uptake is still growing, are not currently on Greenely’s roadmap, the company remains focused on scaling its platform and achieving significant impact in energy management. The new funding positions Greenely for continued growth and reinforces its mission to transform household energy consumption and support Europe’s path to a net-zero future.
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