Stockholm-based Greenely has secured €8 million (SEK 90 million) in Series A funding, led by Belgian investment firm Korys and supported by existing investor Luminar Ventures. The company’s platform integrates various energy devices to help households manage their electricity use more efficiently and participate in grid balancing, with plans to extend its services to Norway and Finland. The funds will be used to advance the development of Greenely’s energy management platform and expand its virtual power plant (VPP) technology across the Nordic region.
In recent years, Greenely has revolutionized the Swedish energy market with its energy platform. The company’s unique solution seamlessly integrates devices such as solar panels, electric car chargers, battery storage systems and heat pumps with its dynamic electricity tariff and recently introduced virtual power plant (VPP) technology. This comprehensive system not only enables households to significantly reduce their energy bills by intelligently managing their electricity consumption, but also opens up new revenue streams by enabling consumers to participate in balancing the electricity grid while contributing to grid stability. The new capital will accelerate the development of Greenely’s VPP for households and platform for optimizing electricity usage, while pushing for expansion across the Nordic region.
“We are extremely pleased to welcome Korys as a new investor. Korys has extensive expertise in energy management, power supply and demand flexibility, and will help us take the company to the next level. We are also very grateful for the continued support of our existing shareholders, ” says Tanmoy Bari, Co-Founder and CEO of Greenely.
“Greenely is a remarkable company willing to revolutionize the way households consume electricity and positively contribute to a net-zero future, exemplifying the kind of impactful companies we want to support. We are excited to partner with Tanmoy and the team in this next exciting chapter for Greenely and to support their geographic and product expansion,” add Brieuc de Hults, Chief Investment Officer, and Quentin Dupont, Chief Investment Officer at Korys.
Greenely has experienced continued strong growth in recent years and has successfully launched its VPP technology at the end of 2023. This technology enables households to play an active role in helping to balance the frequency of the national grid. The VPP platform initially consisted of EV chargers installed in consumers’ homes, and Greenely is now expanding into residential battery storage systems. After almost a year of intensive development, Greenely has started the qualification process with Sweden’s system operator (TSO) Svenska Kraftnät to provide grid balancing services nationally through its unique technology together with battery storage.
With this significant Series A funding, Greenely stands ready to revolutionize the Nordic energy landscape and accelerate its ambitious expansion plans. The company aims to implement its state-of-the-art energy platform in Norway and Finland, in addition to its established presence in Sweden, targeting a combined market of nearly 10 million households.
“This funding will drive our mission to reshape how households across Europe interact with the energy market, positioning them as key players in the transition to a sustainable energy future. The Nordic expansion is just the starting point for our wider European ambitions,” continues Tanmoy Bari.
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Read the orginal article: https://arcticstartup.com/greenely-raises-e8-million/
