Statkraft Ventures with participation of ETF Partners led the €4.52 million investment into the European smart meter software company Greenbird Integration Technology AS. The Oslo-based company is the leader in the home market Norway where it served 80% of the utilities. Greenbird is now focused on global expansion.
The young company is a profitable and rapidly growing software vendor and IT integration specialist based in Norway. It develops the required integration technology that helps energy companies to connect metering devices with the end-users and use metering data for building a smart grid. Greenbird was established in 2010. The company’s Software-as-a-Service (SaaS) solution Metercloud.io and Ghostwriter enable services to quickly implement flexible IT architectures for modern smart meter operations.
Arne Morteani, Partner at ETF Partners stated: “What convinced us about Greenbird was the vision and energy of the team. It identified a real need in the market and leading utilities have already adopted their Metercloud.io service. We are delighted to provide additional capital to enable Greenbird`s further growth.”
Smart meter software architectures are complex and they need to be integrated quickly and remain flexible and ever-evolving. New applications are therefore on-boarded within days rather than months. And the system should be developed according to changes in the industry, regulations or security requirements. Therefore it is going to be essential in the future to have utility’s systems without repeated integration efforts or dependency on a single software supplier.
Thorsten Heller, CEO at Greenbird explained: “Traditional system integration is not suitable for smart meter operations. Brand new approach is essential. Metercloud.io is a cloud-native integration platform that cuts integration times from 6 – 12 months to less than 1 month. More importantly it creates a flexible, multi-vendor architecture that readily evolves as utilities seek to capture the more advanced benefits of smart meters. We are not competing with other software or big data vendors, but we are lowering the barriers for everyone in the ecosystem – we are truly making data fly!”
Back in 2012, we did an interview with Thorsten Heller where he said:”Our target is Europe. Norway is just a pilot for us or a proof of concept.” Over the past 4 years, the Greenbird concept has been proven to be successful and the expansion has started. Read the full interview here.