GETEC and GreenCom Networks found joint venture

GETEC Green Heating makes economical switch to climate-neutral real estate possible

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• GETEC and GreenCom Networks (“GreenCom”) enable cost-neutral switching to a climate-neutral and sustainable energy supply for real-estate owners.
• Offer follows successful launch in region of Germany, Austria and Switzerland.
• The joint venture, GETEC Green Heating GmbH, will replace hundreds of thousands of outdated electric storage heaters with a new controllable storage heating system powered by green energy.
• Services include equipment replacement and operational management with no additional investment on the part of the owner. Tenants enjoy long-term price security combined with increased comfort.

Magdeburg/Munich, March 11, 2021

With Green Heating, GETEC presents a concept that allows real-estate owners to make a cost-neutral switch to a climate-neutral and sustainable energy supply. In addition to Fossil-to-Green solutions that replace fossil energy supplies with modern and climate-friendly energy systems, the concept also includes a Green eHeating program that GETEC has developed together with leading energy IoT company GreenCom Networks. Through a joint venture, known as GETEC Green Heating GmbH, hundreds of thousands of old electric storage heaters will be replaced in the future with a new, controllable storage heating system powered by green energy.

The new system can achieve significant CO2 savings in existing buildings and make an enormous contribution to combating climate change: Currently, there are more than 11M storage heaters installed in Europe, with UK (> 5M), Germany (> 4M) and Spain (> 1.5M) leading in numbers. The average age of these storage heaters is over 20 years, which leads to reduced efficiency, continuously rising energy costs and little comfort for tenants. Apart from improved comfort and efficiency, replacing the equipment would also create opportunities from an energy perspective: In Germany, for instance, the combined total of all installed storage heaters could provide 15 TWh of storage capacity per year if they were bundled into virtual power plants. However, storage heaters have hardly any digital connections that would allow them to be controlled.

“Currently, storage heaters not only provide little comfort for residents but also constantly increase energy costs and are usually not digitally connected or controllable. This makes such apartments less significantly attractive. With GETEC Green eHeating, we eliminate these disadvantages and create a housing solution that not only involves low risk, but also increases the value of the property – without additional costs. After launching our solution to the German-speaking market, we’re delighted to expand to the rest of Europe now, “explains Michael Lowak, Segment CEO Real Estate Management at the GETEC Group.

GETEC Green Heating GmbH offers a contracting product for heat delivered as a service. Old storage heaters are replaced with new, digitally connected and controllable heat storage systems. The offer comes without installation costs in return for a 15-year heat-as-a-service contract and includes all necessary services such as hardware de-installation and installation as well as operational management, maintenance and billing. GreenCom Networks connects all the storage heating systems involved to its energy IoT platform, optimises the energy flows, and provides operational monitoring of the heating systems, including the virtual power plant. This enables GETEC to take advantage of the load and storage flexibility of the systems.

Peter Müller-Brühl, COO of GreenCom Networks AG, explains, “The GreenCom platform connects and controls all the plants involved in the GETEC Green eHeating products. The integration and optimisation of so many plants enable modern heat contracting as a new type of service with future-proof value-added possibilities. At the same time, the ‘heat-as-a-service’ product creates clear advantages for everyone: tenants enjoy greater comfort and the planning security of a long-term contract with a fixed heating price for years to come. Property values are increased through an improved emissions balance and without additional costs or loss of rent due to renovations or new installations. Ultimately, the energy system acquires additional decentralised storage capacity and marketable flexibility “.

 

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About GreenCom Networks
GreenCom Networks is a leading energy IoT company with offices in Munich, Germany and Sophia-Antipolis, France. GreenCom has been developing the energy system of the future since 2011. With its Energy Information Brokerage Platform (eibp), GreenCom integrates distributed assets such as photovoltaic systems, battery storage, electric vehicle chargers and heat pumps. Building on its industry-leading platform, GreenCom enables white-label end-customer services such as energy cooperatives and energy flat rates. GreenCom also offers optimisation and visualisation of energy flows in homes, for utilities and manufacturers of energy-relevant devices. For more information, please visit www.greencom-networks.com

About GETEC
GETEC is a leading partner for industry and the real-estate sector delivering smart, efficient and green energy solutions in Germany and beyond. Our promise “We have the energy for more” is the guiding principle for more than 1,500 employees who use their outstanding engineering expertise, excellent regulatory competence, quick action and proven sustainability skills to navigate our customers through an increasingly complex energy world while consistently reducing their carbon footprint. GETEC is active at over 40 locations in eleven countries and generated total operating revenue of around €700 million in 2019. Find out more about the GETEC Group at www.getec-energyservices.com


GreenCom announces investment from Shell

GreenCom Networks announces €12 million equity funding round led by  Shell Ventures

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  • Shell Ventures and Energy & Environment Investment join existing investors (including Centrica and E.ON) to further GreenCom’s mission to become the leading residential energy IoT platform.
  • GreenCom is already connecting many Home Energy Management devices for energy companies such as Centrica, E.ON, ESB, and is rapidly scaling deployment of its platform across Europe.
  • Shell Ventures and EEI bring extensive experience in the distributed energy sector and provide GreenCom a strong gateway to new international markets.

Munich, 2nd December 2020.

GreenCom Networks AG (“GreenCom”) is pleased to announce the conclusion of its latest financing round of €12 million, led by Shell Ventures and supported by Energy & Environment Investment (“EEI”) and existing investors. The investment enables GreenCom to expand its strategy of international growth and to further enhance its pioneering position as the leading residential energy IoT company in Europe.

Shell Ventures, Shell’s corporate venture capital arm, and Japanese venture capital firm EEI have joined existing investors such as Centrica, E.ON’s Future Energy Ventures, Munich Venture Partners and SET Ventures to further advance GreenCom’s state-of-the-art technology solutions to digitally connect distributed assets and provide a leading IoT platform for home energy management. Among others, GreenCom’s platform is able to connect, control and optimise home energy devices such as solar PV systems, battery storage units, heat pumps and electric vehicle chargers, across a range of different models and manufacturers.

Based on its highly scalable and secure software technology, GreenCom enables its customers to use new customer-centric service models such as heating as a service, flexibility revenue, energy flat rates, dynamic tariffs, home energy management or energy communities. Through GreenCom, end users can easily and conveniently manage their energy use, optimise costs and share energy with their communities through one single platform.

GreenCom is already partnering with various companies to offer new services in a digital energy world, such as Centrica. For the UK utility giant, GreenCom is powering the Home Energy Management platform to its UK customers. In addition, GreenCom is connecting and managing over 3 MW of decentralised energy asset capacity for a smart city district in Cologne containing nearly 700 apartments. For its customer RheinEnergie, GreenCom connects assets such as solar PV, battery storages, heat pumps, heating blades, storage tanks as well as district heating and optimises energy flows.

The new funding from Shell, EEI and existing investors will be used to enhance GreenCom’s energy IoT leadership position in Europe, while also leveraging its new investors to penetrate markets outside Europe and connect GreenCom with new heat pump, inverter, and battery storage manufacturers in Asia.

“We have been very impressed by the quality of the technology platform and the management team at GreenCom,” says Jurgen Hornman, Investment Director at Shell Ventures. “GreenCom’s ability to connect, provide insights into, and control distributed energy assets such as solar PV, battery storage, EV chargers and heating devices of various manufacturers greatly enhances a service provider’s ability to offer integrated home energy solutions to end consumers, energy communities and a fast-growing group of prosumers. Christian and the team have also found innovative routes to market through large-scale partnerships. We look forward to supporting GreenCom in its rapid scaling and internationalisation journey.”

Shuichiro Kawamura, founder and CEO of Energy & Environment Investment, says: “GreenCom provides the platform for the much-needed energy systems for the coming decade. Their products enable various types of distributed assets in a smart way by connecting and coordinating with other assets through their cloud. We look forward to connecting GreenCom with our network partners in Japan, such as large utilities or operators and manufacturers of heat pumps, inverters, and battery storage devices. We are excited to join one of the most advanced technology companies enabling energy system transition.”

Christian Feisst, CEO of GreenCom Networks, notes: “With Shell Ventures and EEI we’ve found two excellent new investors towards the future: Shell provides extensive experience in the distributed energy industry with a track record of impactful investments. EEI, as the only venture capital company in Japan focused on the cleantech sector, adds a strong gateway to, and profound knowledge of the energy and distributed asset manufacturer landscape in Japan, one of the fastest liberalising and “greening” power markets in the world.”


innogy Innovation Hub invests in GreenCom

GreenCom Networks, the Munich-based leader in home energy management solutions, has announced that innogy Innovation Hub, the Venture Capital Arm of innogy SE, a leading German energy company, has become an investor. innogy SE supplies energy to around 22 million customers across Europe.

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

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

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GreenCom Network's time to shine

GreenCom Networks acquires

home energy management start-up shine

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MVP portfolio company GreenCom Networks is acquiring shine, founded by the innogy Innovation Hub. shine made its name by building up energy management services for residential customers. The start-up already utilizes GreenCom’s Energy Information Brokerage Platform and has expanded GreenCom’s services with an array of services including shine energy check, shineSmart, and shineHub.

GreenCom will integrate shine’s end-customer base and services into its energy IoT platform. This will allow GreenCom to offer end-to-end services on top of its technology platform, which allows integration of solar PV, batteries, heat pumps or electric vehicles from various manufacturers. GreenCom plans to demonstrate disruptive services for residential customers that go beyond today’s flat-rate or energy community offerings in the market. Those lessons will be used to support GreenCom’s utility partners and device manufacturers to speed up the transition towards a future energy world.

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GreenCom secures investment by Centrica

Home Energy IoT provider Greencom Networks closes

fundraising round with Centrica Innovations

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GreenCom Networks has successfully closed a significant fundraising round led by international energy and service company Centrica. The current shareholders SET Ventures, Munich Venture Partners and Cosmos were also participating in this round. The funding will be used to finance a further international expansion of GreenCom’s Energy Internet of Things (IoT) platform in the European market.

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Munich Re acquires relayr

Munich Re buys IoT middleware

startup, realyr, in deal worth 300M

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MVP portfolio company relayr, whose middleware platform is geared towards helping industrial companies unlock data insights from their existing machinery and production line kit by linking Internet connected sensors and edge devices to platform controls, has been acquired by US based Hartford Steam Boiler, a subsidiary of insurance group Munich Re.

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