Greenely, a fast-growing energy company, has successfully closed its Series A round, raising €8 million. The round was led by the Belgian investment company Korys, together with existing investor Luminar Ventures and other current shareholders.
With this capital, Greenely will accelerate its expansion plans. The company aims to deploy its cutting-edge energy platform across Norway and Finland, in addition to its established presence in Sweden, targeting a combined market of nearly 10 million households. This move capitalizes on the harmonized market for frequency balancing services across these countries, enabling rapid scaling of Greenely’s VPP technology.
Over the past few years, Greenely has made a name for itself in the Swedish energy market with its energy management platform. The company’s solution seamlessly integrates connected assets such as solar panels, electric vehicle chargers, battery storage systems, and heat pumps with its dynamic electricity tariff and recently introduced virtual power plant (VPP) technology.
This comprehensive system not only empowers households to significantly reduce their energy bills through intelligent management of their electricity consumption, but also opens up new revenue streams by enabling consumers to participate in balancing the electricity network while contributing to grid stability. The new funds will accelerate the development of Greenely’s residential VPP and Home Energy Management platform, while fueling an expansion across the Nordic region.
“We are extremely excited to welcome Korys as a new investor. Korys has extensive expertise in energy management, electricity supply and demand-side flexibility, and will help us take the company to the next level. We’re also very grateful for the continued support from our existing shareholders,” said Tanmoy Bari, co-founder and CEO of Greenely.
Greenely has experienced continued strong growth over the past years, and has successfully launched its VPP program at the end of 2023. This program will enable residential households to play an active role in helping to balance the frequency in the national power grid. The VPP platform initially consisted of EV chargers installed in consumers’ homes, and Greenely is now expanding to residential battery storage systems. Following almost a year of intensive development, Greenely has launched the qualification process with Sweden’s Transmission System Operator (TSO) to provide grid balancing services through its unique technology and home batteries. The system’s unique dual functionality allows it to optimize household energy use while also supporting national grid stability, offering homeowners the dual benefit of reduced energy costs and an additional source of income.
“Greenely is a remarkable company, willing to revolutionize the way households consume electricity and positively contribute to a net-zero future, exemplifying the type of impactful company we want to support. We are thrilled to partner with Tanmoy and the team in this next exciting chapter for Greenely and to support their geographic and product expansion,” added Brieuc de Hults, Investment Director, and Quentin Dupont, Investment Manager at Korys.
