Greenely secures 90 MSEK in Series A funding, led by Korys, to enhance household energy optimization and expand its residential Virtual Power Plant platform.

Stockholm, Sweden (July 26, 2024). Greenely, the fast-growing Stockholm-based energy company, has successfully closed its Series A round, raising 90 million SEK. The round was led by the Belgian investment company Korys, together with existing investor Luminar Ventures and other current shareholders.

Over the past few years, Greenely has revolutionized the Swedish energy market with its energy management platform. The company's unique 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,” says Tanmoy Bari, co-founder and CEO of Greenely.

“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,” add Brieuc de Hults, Investment Director, and Quentin Dupont, Investment Manager at Korys.

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.

With this significant Series A funding, Greenely is poised to revolutionize the Nordic energy landscape and accelerate its ambitious 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 strategic move capitalizes on the harmonized market for frequency balancing services across these countries, enabling rapid scaling of Greenely's VPP technology.

"This funding will fuel our mission to reshape how households across Europe interact with the energy market, positioning them as key players in the transition to a sustainable energy future. The Nordic expansion is just the starting point of our broader European ambitions," continues Tanmoy Bari.

Greenely is investing heavily in enhancing its VPP capabilities to offer a comprehensive suite of services. Beyond frequency balancing, Greenely is developing flexibility services for local utilities through emerging local flexibility markets and bilateral agreements. Additionally, the company will create intraday trading capabilities, maximizing revenue opportunities for consumers and contributing to a more balanced and efficient Nordic electricity network. To support this ambitious growth, Greenely has already made significant key executive hires and will continue to scale up its team with top-tier talent across the Nordics.

For more information, please contact: press@greenely.se

About Greenely:

Greenely is a Swedish company that offers an energy management platform for consumers, combined with an hourly priced electricity tariff and residential virtual power plant (VPP) technology. The company's integrated mobile application enables households to optimize their energy consumption, reduce costs, and participate in grid balancing services. By connecting various home energy assets, Greenely's platform allows consumers to efficiently manage their energy use while contributing to overall power system stability. Greenely's solution addresses the challenges of the modern energy landscape, promoting a more efficient, sustainable, and reliable electricity network.

www.greenely.com

About Korys:

Korys is the investment company of the Colruyt family and creates sustainable added value in 3 ecosystems: Conscious Consumer, Healthy Living, and Energy Transition.

Korys does this in partnership with entrepreneurs and companies who share its commitment to value-driven entrepreneurship and sustainability while leveraging the expertise of a highly motivated team of 30 professionals in Belgium, Luxembourg and India. Thanks to its dedication, craftsmanship and strong financial foundation, Korys can make long-term commitments.

Over the past two decades, Korys built a portfolio of sustainable investments worth over €4 billion. Besides more than 25 direct investments, including Colruyt Group and Virya Energy, Korys also manages private equity funds and investments in listed instruments.

www.korys.be

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