Stockholm-based energy startup Greenely has completed its Series A round, raising €8 million.
Greenely previously deployed its energy management platform in the Swedish energy market. The company’s solution integrates connected assets such as solar panels, electric vehicle chargers, battery storage systems and heat pumps with dynamic electricity tariffs and the recently introduced Virtual Power Plant (VPP) technology.
The system not only reduces household energy bills by intelligently managing electricity consumption, but also opens up new revenue sources by enabling consumers to participate in grid balancing and contribute to grid stability.
The new funding will accelerate the development of Greenely’s residential VPP and home energy management platform and drive expansion across the Nordic region.
“We are incredibly excited to welcome Korys as a new investor. Korys’ extensive expertise in energy management, power supply and demand-side flexibility will help take our company to the next level. We are also extremely grateful for the continued support from our existing shareholders,” said Tanmoy Bari, co-founder and CEO of Greenely.
“Greenlee is a fantastic company, revolutionizing the way we consume electricity at home and actively contributing to a net-zero future, typical of the impactful companies we want to support. We are delighted to partner with Tanmoy and his team in this next exciting chapter for Greenlee and to support its geographic and product expansion,” added Brieux de Hartz, Investment Director at Corries, and Quentin Dupont, Investment Manager.
Greenely has grown over the past few years and is launching its VPP program at the end of 2023, which will enable homes to play an active role in balancing the frequency of the national power grid. While the VPP platform initially consisted of EV chargers installed at consumers’ homes, Greenely is now expanding to residential battery storage systems. After almost a year of intensive development, Greenely has begun the qualification process with the Swedish Transmission System Operator (TSO) to offer grid balancing services through its proprietary technology and its own network.
Household battery.
The system’s dual function optimizes household energy usage while supporting the stability of the national power grid, providing homeowners with the dual benefits of reduced energy costs and an additional source of income.
With this funding, Greenlee will expand its platform to Norway and Finland in addition to its existing operations in Sweden, targeting a combined market of approximately 10 million households.
