Innogy Innovation Hub invests in Munich-based IoT energy startup GreenCom Networks

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Munich’s GreenCom Networks, an energy IoT company, has announced investment from innogy Innovation Hub, the venture capital arm of innogy SE, a leading German energy company. The investment follows a successful capitalisation round at the end of last year, when GreenCom attracted funding from the British utility Centrica.

Since 2011, GreenCom has been developing the energy system of the future. With its Energy Information Brokerage Platform (EIBP), GreenCom integrates distributed assets like solar PV, battery storage, electric vehicles, and heat pumps. EIBP also enables the optimisation and visualisation of energy flows in homes, making the data available to utilities and the manufacturers of energy-relevant devices.

Greencom and innogy first connected through the Free Electrons energy accelerator program, 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.

“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,” said Christian Feisst, CEO of GreenCom Networks.

“The industry is ready for the next wave of innovation through digitalisation,” added Peter Mueller-Bruehl, COO of GreenCom. “Innogy Innovation Hub is one the players that truly embraces this. 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.”

“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,” said Patrick Elftmann, investment partner at innogy Innovation Hub. “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.”