SpotmyEnergy Raises €10.5M to Boost Smart Meter Adoption in Germany

Image source: SpotmyEnergy

Published on December 13, 2024

SpotmyEnergy, a German energy startup based in Cologne, has raised €10.5 million in seed funding. The round was led by Swedish VC Norrsken, with participation from Vorwerk Ventures and existing investor Picus Capital. The funding will be used to meet growing product demand, expand technological solutions, and strengthen the company’s core team and sales capacities.

Founded in 2023 by cleantech entrepreneur Jochen Schwill, SpotmyEnergy addresses the low adoption of smart meters in Germany, where less than two percent of 53 million electricity customers own one. The company’s energy management solution combines a smart meter, energy management system, and time-of-use electricity tariffs, enabling households to save on energy costs and enhance the value of home storage systems, electric vehicles, heat pumps, and rooftop solar installations.

The fresh investment should accelerate the development of compatibility with various devices and the implementation of intelligent trading algorithms for managing residential battery storage. SpotmyEnergy aims to integrate private households into the energy market, driving the energy transition through intelligent networking.

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