Nordic startup Enode is on a mission to help consumers control their energy consumption, supporting the green energy transition. The Oslo-based startup has just secured €15 million to scale and light up international markets.
As world leaders meet in Egypt for COP27 there are jaw-dropping revelations being made about the reality of the world’s climate outlook. It’s been laid clear that we are not making the progress we ought to be making and the consequences of the bubbling climate crisis are already being felt.
Coupled with the emerging climate catastrophe that awaits us, in Europe, consumers are being hit by rising costs of living and spiralling energy bills. We live in times when the transition to greener, renewable, more sustainable and more independent energy sources is undeniably and inarguably the move we need to be taking.
Within this context, more and more of us are seeing an ‘electrification’ of our everyday lives, with new energy hardware brought into homes, including cars, home chargers, home batteries, and heating and cooling systems. It means that energy companies have to provide a new kind of infrastructure that can manage usage data for consumers, so they themselves have oversight on their consumption. With this, the energy transition can be accelerated and made a smoother process for all.
Nordic startup Enode, which was part of the 2021 Y-Combinator, has developed a digital infrastructure for green energy apps through an API platform. To scale up development, the startup has just secured €15 million and is set to expand.
The details:
- Creandum leads the €15 million Series A round
- Previous investors Chris Sacca (Lowercarbon), Y-Combinator as well as US funds BoxGroup, MyClimateJourney and Skyfall Ventures also join the round
- Business angles such as Andreas Lundgren (VP of Engineering Tink) and Matt Cohler (former GP at Benchmark) additionally participated
Digital infrastructure for the green transition
Founded in 2020 by Henrik Langeland, Thorvald Thorsnes and Nikolai Heum, Enode is aiming to facilitate the global green energy transition, empowering consumers to better control their energy consumption. It enables energy companies to integrate EVs, thermostats, solar inverters, and other energy hardware directly into their apps – all through a single API.
Henrik Langeland, co-founder Enode: “We’re seeing a wave of innovation and new startups working on solving the challenges of the energy transition. The Enode API helps them reach further and move faster. It’s time for us to press the accelerator.”
In the context of rising energy costs, and a more green-minded and environmentally-conscious population, more people and businesses are looking to take control of energy consumption. Opting to have better oversight in order to make greener choices, reducing their carbon footprint as well as reducing their monthly energy bills.
This change in energy behaviour and perception is a global phenomenon and has put pressure on energy companies to provide a new kind of infrastructure to manage the flow of usage data for consumers. But, for most companies, it’s a challenging and costly task. For incumbents, making these changes quickly just isn’t possible, and for smaller companies, it’s too costly and they lack resources.
Enter startups like Enode.
Enode’s API connects to and controls all energy hardware, from EVs to thermostats and solar inverters. The Enode API connects these devices to energy management apps and makes it easy for energy companies to offer smart services to their customers.
Aiming to make an impact across society, Enode is targeting companies of all sizes, from startups to the largest energy companies in the world, to use its APIs to create new green energy apps and services.
Enode only launched earlier this year, but its customer base already includes both startups and energy companies, spanning 14 markets, including established players like EON, Fjordkraft, OVO and fast-growing startups like Monta and Greenly.
Instead of integrating and maintaining connections to hundreds of different hardware models, energy companies can use the Enode API and focus on building a solid customer experience. The Enode API does not only support information flow-based connections but also offers optimization and aggregation capabilities to build services such as smart charging, intelligent energy management for households and demand response solutions.
Sabina Wizander, Partner at Creandum: “This winter, the need for energy management will increase, forcing both established and new players in the energy sector to offer more sustainable options and services to their customers. Enode will play an important role in this green revolution by offering a smart and simple infrastructure solution through its API. The extraordinary growth reflects the strong demand for their product. Coupled with an experienced team, we are excited to partner up.”
Now, with this fresh capital, the greentech innovators will be able to meet the growing demand for its innovative tech. The funding will be used to extend the team with a focus on product and commerce and accelerate expansion to new markets, including the US.
