Greenely offers a freemium energy consumption analytics app combined with paid energy optimization services, a dynamic hourly electricity tariff and a residential virtual power plant that aggregates demand to access balancing markets. The platform integrates with home batteries (Greenely resells the Pixii Home), solar installations and heat pumps to help households store, sell and time their electricity usage. Greenely serves around 200,000 households in Sweden and reports average energy savings of €250 per customer per year (up to €500 for some EV owners). The company says battery customers could recoup the home battery investment in two to three years and that its VPP could have generated more than €3,000 in balancing payments per user last year if fully live. Today optimization services are available only to customers who buy Greenely’s energy supply, but the company plans to decouple that requirement as new European legislation is implemented, potentially by year-end. Greenely intends to use scale to expand into Finland and Norway first and position itself as an energy platform that customers of rival suppliers can also use, aiming to build the largest residential VPP in Europe. Greenely connects to smart energy meters and provides a premium subscription service that lets consumers monitor usage and manage their bills. The service also brokers electricity supplies at cost price, making its primary revenue less dependent on customers’ power usage. Over the past nine months the company has doubled its paying customer base and reported a 327% increase in monthly revenues year-over-year. Greenely positions itself around a superior customer experience and continual reinvestment in its platform. The company is targeting a UK market entry slated for the second half of this year to capture growing demand for smart, sustainable energy solutions. To date Greenely has raised a total of £5 million.

Total raised

$11M

Funding rounds

2

Latest round

Series A

Latest activity

Jul 2024