German home electrification startup 1KOMMA5° has secured €150 million in a Pre-IPO round. This brings the company's funding to over €650 million.
1KOMMA5° is the operator of virtual powerplant, Heartbeat AI.
European grids have been increasingly stressed by ever more renewable electricity production, with wind and solar capacities reaching new records.
Heartbeat AI purchases electricity at the spot market when prices are lowest and sells excess electricity back to the grid when prices are highest. Low prices automatically correlate with lower CO2 emissions. Simultaneously, Heartbeat AI helps stabilise the grid. Instead of charging margins on electricity, 1KOMMA5° charges a flat software fee to its customers and enables real-time individual electricity prices instead of conventional fixed tariffs.
Less than 4 years after its foundation, the latest round marks an important milestone towards an IPO. 1KOMMA5° continues its efforts to allow customers to become shareholders while setting out to shape a European “New Energy” household brand.
The company has made numerous acquisitions, including Arkana Energy, Solaray Energy, ZEWO Energy, and Zonduurzaam.
The round was co-led by G2 Venture Partners, followed by 2150, Norrsken, Hamilton Lane, b2venture, Eurazeo, and eCAPITAL, which participated alongside additional existing shareholders. The largest investor and new shareholder in the round is US pension fund CalSTRS.
According to Micha Grüber, CFO and co-founder of 1KOMMA5°:
“Less than 4 years after our foundation, this round is the next building block on our way to the capital market and a huge success for the entire team, especially in the current market environment.”
With the new funding, 1KOMMA5° plans to accelerate its growth and roll out Heartbeat AI across Europe and Australia.
Lead image: 1KOMMA5° Heartbeat AI virtual powerplant.
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