Serial energy founder secures €10.5m to turn German households into a smart network

Less than one million smart meters are installed in Germany, a country with 53 million electricity customers. That’s a figure that SpotmyEnergy wants to change with the help of a smart meter and networking solutions that that both optimise energy consumption and give customers access to dynamic power tariffs and reduced grid fees.

After launching its product last year, SpotmyEnergy has now raised new capital to expand its sales capacity and speed up the rollout.

The €10.5m in new funding is coming from Norrsken VC, German fund Vorwerk Ventures and existing investor Picus Capital.

Founder and CEO Jochen Schwill, who also co-founded German clean tech startup Next Kraftwerke, says the money is needed to meet the “great demand for our solutions.”

"In order to be able to serve this demand even faster and to leverage the urgently needed potential of networked flexibility behind millions of metering points, we decided to raise fresh capital," Schwill says.

Cost savings with dynamic tariffs

The company says its smart meter can save customers up to €600 a year by making use of dynamic electricity tariffs and reduced grid charges. For owners of electric vehicles, using a smart meter to charge their car when electricity prices are at their lowest can save €140 a year.

"Households hold the key to a green energy future – both as producers of green electricity and as managers of flexible energy resources," says Fabian Erici, Principal at Norrsken VC. "Yet their potential remains untapped and installers often lack the necessary tools to unlock it. That's why we're excited to support the experienced team at SpotmyEnergy, empowering households with an all-in-one solution that reduces energy costs while driving the energy transition."