Greenely secures €8M Series A to expand smart energy platform across Nordic region

Swedish energy tech startup Greenely has closed an €8 million Series A funding round that will allow it to scale its energy management platform to new markets in Finland and Norway. Greenely is on a mission to empower households across Europe to optimize their energy consumption and even generate revenue by contributing to grid stability.

Founded a decade ago to help utilities enhance their customer experience, Greenely has since evolved into an energy platform that serves around 200,000 households in Sweden. Through its app and services, customers gain insights into their energy usage as well as tools to save on bills. For instance, the platform intelligently schedules electric vehicle charging when rates are low or enables participation in government incentive programs.

Paying subscribers can integrate home batteries, solar panels, and heat pumps to take greater control. Greenely’s “virtual power plant” aggregates user demand across its network to balance the grid during peaks. Not only does this benefit utilities, but households are compensated for their flexibility. According to CEO Tanmoy Bari, early access to the virtual power plant last year could have earned users over €3,000 collectively.

Now with fresh funds led by Belgian firm Korys, Greenley is poised for international growth. It aims to introduce smart energy optimization to compatible markets like Finland and Norway via their harmonized frequency balancing programs. The startup hopes to someday serve millions of European homes as the go-to platform for the renewable energy transition. Greenley’s vision of an open platform that spans suppliers could be key to driving greater adoption of distributed energy resources and carbon savings on a massive scale.