Smart energy platform, Greenely, based in Stockholm empowers consumers to make smart, eco-friendly choices about their energy consumption and drive down costs as well as benefit the environment. Today, the company announced that it has bagged £1.6M in a funding round.
UK expansion in 2021
The investment round includes £502K in growth financing from UK-based Silicon Valley Bank. With this, the total investment raised by Greenely is now over £5 million. The funds will be used to accelerate the company’s expansion into the United Kingdom in the second half of 2021.
As per the company, the UK offers Greenely a golden opportunity for international expansion, where interest in smart meters, solar panels, and electric vehicles has skyrocketed in the last two years. Greenely estimates that 13 million UK households (46% of the total) could benefit from the increased control and intelligent guidance on power usage offered by its platform. Greenely’s arrival in the UK is entirely in line with now-mainstream trends. Recently, the Goverment confirmed its plans to disrupt the management of the country’s electricity supply infrastructure to better enable smart, renewable solutions for individuals.
Greenely co-founder and CEO Tanmoy Bari explained: “All traditional energy companies base their profits on their customers using more power: it’s pounds per kilowatt-hour. Power is simply a commodity for them. We aim much higher, driving customer loyalty through a superior experience and continually reinvesting in our platform to push that forwards. Our ultimate aim is to start an energy revolution, driving consumption down, saving people money and helping the planet.”
Explaining its keen interest in supporting Greenely’s UK expansion plans, Silicon Valley Bank’s Ruari Phillips said: “Greenely speaks to a growing UK market for smart, green power which offers customers a means to take full control of their usage, reducing their expenditure in an environmentally friendly way. We’re really excited to be supporting Greenely as part of their ongoing growth story and expansion into the UK and beyond.”
Eyes to bring sustainable future
Greenely was founded byTanmoy Bari and Fredrik Hagblom with the idea that a sustainable future must be built on bringing personal control and aggregated intelligence to the energy market. To enable this, it connects directly to smart meters to visualise energy consumption and provide actionable insights for customers seeking to reduce their energy bills.
Already, the Greenely app, connectable to UK smart meters, is available from the Android Play and Apple App Stores. Also, its freemium services are available in the UK. The app integrates with solar panels, electric vehicles, and smart home systems to optimise energy usage based on the electricity wholesale prices offered by Greenely.
Besides the free offering through its app, Greenely offers a monthly subscription for its advanced service, which brokers electricity supplies at cost price. This makes its main revenue independent of customers’ power usage, which makes it different from other energy providers. Notably, it witnessed a 327% increase in monthly recurring revenues in the past 12 months.
In Sweden, over 115,000 households have signed up for the Greenely platform, which has doubled its paying customers in the last nine months. As per the company, customers achieve savings of 10% on their electricity bills, with the platform also offering the ability to share cost savings and energy reductions with friends and neighbours.