Munich-based energy IoT company GreenCom Networks, has announced that innogy Innovation Hub has become an investor, following a successful capitalisation round by the end of last year, when GreenCom attracted funding from British utility Centrica.
Internet of Things (IoT) research lab, courtesy of WeMake Milano (Flickr)
innogy Innovation Hub is the Venture Capital Arm of leading German energy company innogy SE, which supplies energy to around 22 million customers across Europe. The investment follows a capital increase some month ago when GreenCom took onboard Centrica, the leading British utility as an investor. The investment from innogy Innovation Hub is for an undisclosed amount.
“innogy Innovation Hub and GreenCom Networks share a common vision and goals, making this investment a logical next step for both parties” said Christian Feisst, CEO of GreenCom Networks. “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.”
Peter Mueller-Bruehl, COO of GreenCom added that the industry is ready for the next wave of innovation through digitalisation and that innogy Innovation Hub is one of the players that have truly embraced this.
The two companies first connected through the Free Electrons energy accelerator program, founded in 2017, which provides opportunities for later stage energy startups to gain access to utility customers. GreenCom was one of the 12 companies selected through the program to work with innogy SE out of a total of 450 companies that entered.