Climate tech startup 1KOMMA5° has achieved a €1 billion valuation within 23 months, becoming Germany’s newest unicorn. The Hamburg-based company raised €430 million in a Series B round led by G2VP, and plans to use the funding to further develop its energy management technology and expand into new markets. Their Internet of Things (IoT) device, Heartbeat, helps homeowners optimize energy demand and aims to make sustainable energy solutions more accessible across Europe. Founder and CEO Philipp Schröder, a former Tesla country director, has attracted investments from firms such as Porsche Ventures and Norrsken Foundation.
- The Hamburg-based company raised €430 million in a Series B round.
- 1KOMMA5° is striving to transform the sustainable energy landscape by offering an array of energy management services.
- At the core of 1KOMMA5°’s offerings is its proprietary IoT system called Heartbeat.
Revolutionising the sustainable energy landscape
1KOMMA5° is striving to transform the sustainable energy landscape by offering an array of energy management services, including solar, electricity storage, charging infrastructure, and energy management solutions in Europe. By collaborating with regional expert companies across 40 locations in Germany, Sweden, Finland, and Australia, 1KOMMA5° aims to provide accessible, climate-neutral energy solutions for homeowners. Their offerings not only help individuals reduce their carbon footprint but also result in energy cost savings.
At the core of 1KOMMA5°’s offerings is its proprietary IoT system called Heartbeat. The device enables homeowners to reduce electricity costs by connecting their solar system with electricity storage, wallboxes, and heat pumps. With the new funding, 1KOMMA5° intends to make Heartbeat compatible with existing energy devices, thus expanding its reach and impact. The startup aims to provide consumers not only with access to energy management but also the ability to pair it with green energy solutions, ultimately reducing energy costs.
Expansion and innovation through acquisitions and R&D
1KOMMA5° has acquired Viasol, a strategic move that allows the company to enter six new markets, including Spain, Italy, Austria, and Switzerland, by the end of 2023. This expansion enables 1KOMMA5° to provide sustainable energy solutions to a broader customer base and lead the development of a cleaner, greener future.
Furthermore, the company has invested a high double-digit million amount in a new research and development site located in Berlin. This investment will drive advancements in energy management, virtual power plants, and device connectivity, with a focus on their proprietary energy IoT system, Heartbeat. By 2024, Heartbeat is expected to be compatible with existing energy devices, making it accessible to a wider audience and solidifying 1KOMMA5°’s position in creating the largest virtual power plant.
A growing interest in climate tech
The funding secured by 1KOMMA5° underscores the critical role that climate tech startups play in advancing the goal of limiting global temperature rise to 1.5°C, as outlined in the Paris Agreement. By leveraging technology and smart energy management, these startups are striving to achieve this ambitious target, and investors are demonstrating their confidence in their potential.
With G2VP as their new lead investor and shareholder, 1KOMMA5° has gained support from one of the most esteemed U.S. cleantech investors, further bolstering their position in the sustainable energy industry. Ben Kortlang, a prominent figure in the sector, has been appointed as Vice-Chairman of the board, adding to the company’s expertise.
Paving the way for a cleaner, greener future
1KOMMA5°’s mission is to create a better world for future generations. Through their dedication and partnerships, the company is actively paving the way towards a cleaner and greener future. The substantial capital injection from their latest funding round will enable 1KOMMA5° to pursue vertical integration of the value chain and strengthen its commitment to technology development.
As 1KOMMA5° continues to expand and innovate, its impact on the sustainable energy landscape is expected to grow. The success of the startup highlights the potential of climate tech startups to contribute to the UN’s sustainable development goals and the importance of supporting these ambitious ventures.