● Munich’s GreenCom Networks, leading energy IoT company, announces that innogy Innovation Hub has become an investor
● The two companies believe in the same business model: distributed energy resources, downstream electricity sales and prosumer services
● Investment follows a successful capitalisation round by the end of last year, when GreenCom attracted funding from British utility Centrica
GreenCom Networks, the Munich-based leader in home energy management solutions, has announced that innogy Innovation Hub, the Venture Capital Arm of innogy SE, a leading German energy company, has become an investor. innogy SE supplies energy to around 22 million customers across Europe. The investment follows a capital increase some month ago when GreenCom onboarded Centrica, the leading British utility as an investor. The investment from innogy Innovation Hub is for an undisclosed amount.
Christian Feisst, CEO of GreenCom Networks said: “innogy Innovation Hub and GreenCom Networks share a common vision and goals, making this investment a logical next step for both parties. We both believe in the same emerging business model: the customer will be the asset of the future. It is all about services around the customer.”
Peter Mueller-Bruehl, COO of GreenCom added: “The industry is ready for the next wave of innovation thru digitalisation. innogy Innovation Hub is one the players that truly embraced this. The investment from a company with the stature and reputation of innogy Innovation Hub is a ringing endorsement of GreenCom’s work building a state-of-the-art distributed energy platform with innovative energy services.”
The two companies first connected through the Free Electrons energy accelerator program, founded in 2017, which provides opportunities for later stage energy startups to gain access to utility customers. GreenCom was one of the 12 companies
selected through the program to work with innogy SE out of a total of 450 companies that entered.
Patrick Elftmann, investment partner at innogy Innovation Hub, said: “We’ve been working closely with GreenCom Networks since 2017 and are delighted to deepen our collaboration with this investment to support their future growth. GreenCom’s innovative products and services, focusing on home energy management, have an important role to play in the power business in Europe and beyond. Christian and his team have an exceptional understanding of future energy business models and developed state-of-the-art technology to support a consumer driven, connected and low carbon powered future.