Verdane Partners with Climate Tech Leader Cleanwatts
Verdane, the European specialist growth equity investor, through its impact fund Idun, has invested in Cleanwatts, an energy software company on a mission to accelerate global energy decarbonization and alleviate energy poverty. Cleanwatts, which grew year-on-year revenues by 65% in 2021 and expects 2022 revenue growth of more than 200%, offers innovative energy management solutions that help local communities unlock the benefits of optimized renewable energy consumption, generation, storage, trading, and balancing. The partnership, in which Verdane is set to invest up to EUR25m, will draw on Verdane’s deep expertise of scaling SaaS companies, international network and in-house team of operating specialists.
Cleanwatts is a Portuguese energy management software company that deploys renewable energy communities (RECs) in countries with advanced legal frameworks and policies that enable the activation of local energy markets. The company operates in Portugal (HQ), Italy, Spain, and the United States, with plans to expand further into Europe and Asia. REC members can include residents, commercial and industrial businesses, municipal buildings, schools, hospitals, and universities that collectively contribute to the clean energy transition while advancing energy efficiency, lowering electricity bills, and creating jobs within the local economy. By supporting citizen and commercial participation IoT enabled energy load management, energy communities can also help provide flexibility and local grid resiliency through demand-response and storage.
Cleanwatts is in the process of building more than 80 energy communities, several of which are already operational. Currently, the company manages and controls two terawatt hours of energy – the equivalent of over 500,0001 households’ annual consumption – and runs over 15MW in aggregated rooftop solar PV capacity through Cleanwatts™ OS, its modular operating system designed to manage energy communities. Cleanwatts REC members can lower their average energy costs by up to 60%.
In keeping with the company’s goal of removing friction and complexity from the launch of RECs, Cleanwatts complements its digital offering with zero upfront investment requirements for the adoption of distributed energy resources, including PV solar capacity, energy storage systems, EV charging infrastructure and electrification of heating and cooling.
Cleanwatts plans to allocate Verdane’s investment primarily to accelerate and expand its commercial presence in target markets, and to further develop Cleanwatts™ OS to anticipate evolving needs in local energy markets. Together with Verdane, the company will also assess M&A possibilities if and where accretive to the Cleanwatts value proposition. To meet growing market demand for its services, the company expects to grow headcount by 50% over next 6-12 months, adding 40+ resources to its current team of 70 in Europe and the US.
Verdane’s investment coupled with Cleanwatts’ unique and innovative capabilities, will enable Cleanwatts to tackle the world’s energy poverty problem, which is defined as the “lack of access to sustainable modern energy services and products,” by the WEF. Energy poverty affected between 50 and 125 million people across Europe in 20202 - a figure that has increased dramatically due to Russia’s invasion of Ukraine and record-high inflation.
Michael Pinto, CEO and Co-Founder of Cleanwatts, commented: “Mitigating the rising cost of energy and supply constraints, while responding to an increasing demand for electricity and meeting decarbonization targets is an enormous global challenge. Fortunately, digitally enabled RECs now represent both an effective and efficient solution to address these problems. A wide range of viable technologies and regulatory frameworks are finally in place for our society to reframe its relationship with energy and pave the way for a cleaner, fairer, and more sustainable future. We are proud to partner with Verdane to address the rapid paradigm shift towards a more efficient and resilient decentralized energy network.”
Bjarne Kveim Lie, Co-Founder & Managing Partner at Verdane, said: “Our team is impressed by Cleanwatts’ potential to provide a global solution to a local problem that is causing tens of millions of households in the US and the UK to forego food and medicine to pay energy bills or to go without electricity at all for parts of the year. We look forward to deploying our extensive experience scaling SaaS businesses and harnessing our in-house team of operating experts to power Cleanwatts through this critical scaling phase of its growth journey.”
Verdane Idun is classified as “Article 9” under the European Union’s Finance Disclosure Regulation and closed in January 2022 at its hard cap of € 300 million, over its target fund size of € 225 million. Idun makes investments focused on driving impact in three clusters: energy transition; sustainable consumption; and resilient communities. Previous investments include Auntie, a digital provider of workplace wellbeing services; in Spond, a digital enabler of grassroot sports and physical health; and EVA Global, a managed services provider supporting the global shift to electric vehicles. To date, Verdane has invested in over 30 sustainable society businesses.
Cleanwatts is a clean tech company resolutely focused on simplifying, amplifying, and accelerating the energy transition for local communities around the world. We generate value through Cleanwatts™ OS, our modular, highly interoperable, and localizable platform designed to address energy related needs in local energy market settings. We operate behind the meter and in front of the meter, seamlessly connecting the dots between energy generation, storage, consumption, trading and balancing at every level of an energy community. We also combine our digital offering with zero upfront investment solutions to remove friction from the incorporation of distributed energy resources that drive the energy transition, including PV solar capacity, energy storage systems, EV charging infrastructure and electrification of heating and cooling for the built environment. We are building a world in which clean energy is decentralized, digitalized, and democratized.
More info: www.cleanwatts.energy
Follow Cleanwatts on LinkedIn
Verdane is a specialist growth equity investment firm that partners with tech-enabled and sustainable European businesses to help them reach the next stage of international growth. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy behind three core themes: the Digital Consumer, Software Everywhere and Sustainable Society. Verdane funds hold over €4 billion in total commitments and have made over 140 investments in fast-growing businesses since 2003. Verdane’s team of over 100 investment professionals and operating experts, based out of Berlin, Copenhagen, Helsinki, London, Oslo, and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe.
More info: www.verdane.com
Follow Verdane on LinkedIn
1 Assuming an average consumption of 2.5 and 5MWh per year
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Giovanni Rossi - firstname.lastname@example.org
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Exscientia Business Update for Second Quarter and First Half 202217.8.2022 22:01:00 CEST | Press release
Exscientia plc (Nasdaq: EXAI) This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220817005681/en/ Recent developments in the Company’s pipeline, collaborations, and operations, as well as financial results for the second quarter and first half 2022, are summarised below. In addition, Exscientia will host a conference call Thursday, August 18 at 1:30 p.m. BST / 8:30 a.m. ET to provide an overview of the company’s pipeline and corporate strategy. “In the first half of 2022, we delivered on major new and existing collaborations, advanced our pipeline programmes, and marked the 10-year anniversary of Exscientia’s founding. Over the past decade, we’ve pioneered an AI-driven approach to modernising drug discovery and development, and it was fitting that this quarter we also announced topline data from our EXS-21546 programme, one of the first AI-designed molecules to enter clinical trials,” said Andrew Hopkins, D.Phil., Exscientia's f
Watts Water Technologies Completes WAVE Water Stewardship Verification17.8.2022 17:00:00 CEST | Press release
Watts Water Technologies, Inc. — one of the world’s leading manufacturers and providers of plumbing, heating, and water quality products and solutions — has successfully completed verification for The Water Council’s WAVE: Water Stewardship Verified program, indicating the company has assessed water-related risk across the enterprise, identified the highest water-related impacts using credible water-related data and implemented best practice in improving water stewardship performance. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220817005123/en/ (Graphic: Business Wire) During the WAVE process, Watts prioritized eight of its sites with the highest water risk, identified the watersheds in which it operates, conducted a water balance to learn more about its water inputs and outputs, and engaged the community around its selected sites. As a result, Watts took a variety of actions at the local and global level to reduce water
Blockchain protocol for metaverses, Meta0, to launch at Gamescom17.8.2022 15:16:00 CEST | Press release
Meta0, a new blockchain startup that connects metaverses and blockchain ecosystems through a Layer 0 protocol, will officially launch at Gamescom in Cologne, Germany. Meta0's website is now live at www.meta0.org. Meta0 provides the tools game developers need to easily reach players on every blockchain while also spending less time, money, and personnel on the development process itself. As a one-stop shop for game developers, they remove the technical complexities of blockchain integration by providing intuitive API and SDK-based solutions that offer cross-chain support. "With our technology, there won't be any 'blockchain wars' like there were with consoles," said Inal Kardanov, Chief Technology Officer of Meta0. "This means players get the best game possible, while developers and publishers reach as many gamers as possible regardless of preferred blockchain." In its current state, blockchain games are highly dependent on the individual chains they are built on. Meta0 will change that
CORRECTING and REPLACING: Pharmasimple Announces Its Decision to Acquire an Equity Stake in Phytocann Group17.8.2022 15:14:00 CEST | Press release
Headline of release dated August 16, 2022, should read: Pharmasimple Announces Its Decision to Acquire an Equity Stake in Phytocann Group (instead of Phytocann Group announces its acquisition of a stake in Pharmasimple). Also, first sentence of second paragraph should read: Pharmasimple is delighted to acquire a 5% equity stake in Phytocann Group for the sum of 5 million euros (instead of Phytocann Group is delighted to acquire a 5% stake in Pharmasimple for the sum of 5 million euros). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220809005631/en/ The updated release reads: PHARMASIMPLE ANNOUNCES ITS DECISION TO ACQUIRE AN EQUITY STAKE IN PHYTOCANN GROUP Phytocann Group, a vertically integrated company and European CBD pioneer, is proud to announce a partnership with Pharmasimple, a company listed on Euronext Growth Paris and industry leader in Belgium. This strategic rapprochement opens up a new era for the distribution o
Bacardi Limited Welcomes Consumer Goods Executive Dave Ingram to Lead Operations17.8.2022 15:00:00 CEST | Press release
Bacardi Limited, the world’s largest privately held spirits company, today announces the appointment of Dave Ingram as Chief Supply Chain Officer. Dave brings 30 years of supply chain and strategic sourcing experience to Bacardi where he will lead the end-to-end supply chain experience -- from achieving our goal of sustainably sourcing key ingredients, to leading operations sites across the globe, to managing a robust supply chain track that brings products to shelves and consumers’ hands. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220817005218/en/ Bacardi Limited announces the appointment of Dave Ingram as Chief Supply Chain Officer (Photo: Business Wire) Dave will report to Chief Executive Officer Mahesh Madhavan and joins the company’s Global Leadership Team effective September 1, 2022. He will be based in Geneva, Switzerland. This appointment follows the retirement of Jean-Marc Lambert after more than 20 years with t