Greenely

About Greenely

Greenely is a Swedish digital energy company that provides a mobile application for households to monitor and manage their energy consumption. Founded in 2014 by Tanmoy Bari, Fredrik Hagblom, and Mohammed Al Abassi, the company originated from an idea the founders had as engineering students at KTH Royal Institute of Technology. They saw untapped potential in leveraging data from smart electricity meters to make energy consumption more understandable for consumers.

The company's core offering is a mobile app that allows users to track their electricity use, often on an hourly basis, and provides personalized feedback and analysis to encourage reduced consumption. Greenely's business model operates on a freemium basis, offering energy analytics and optimization services. It serves residential clients by providing a digital electricity contract and tools to help them lower costs by shifting consumption to off-peak hours. The platform integrates with connected assets like electric vehicles, charging boxes, solar panels, and heating systems to automate this optimization. Revenue is generated through these digital electricity contracts and value-added services. The company reported estimated revenues of $5.3 million to $11.5 million.

A key feature of Greenely's platform is its Virtual Power Plant (VPP) technology, which allows households to participate in balancing the national power grid. This system can create new revenue streams for consumers by connecting their assets, such as EV chargers and home battery storage systems, to the grid. Greenely has raised a total of $15.8 million over several funding rounds, including a significant €8 million Series A in July 2024 to fuel expansion into Norway and Finland. The company serves over 200,000 users in Sweden and aims to become a leading residential VPP in Europe.