ImpactAlpha, January 26 – Europe’s energy crisis, ignited by the Russian invasion of Ukraine, has led to skyrocketing home energy costs. Many consumers have seen their energy bills double at least.
Munich-based Tado last year doubled sales of its smart home thermostat, which provides heat only when and where it’s needed in the home. The company says it saves customers an average of 22% on heating costs.
Tado has raised €43 million ($47 million) in a funding round backed by impact investor Trill Impact Ventures, climate tech investor Kiko Ventures, Bayern Kapital and Swisscanto.
Tado is integrating “energy load-shifting” to help its thermostats switch on when demand for energy from the grid is lower and less expensive. Tado previously acquired aWATTar, a company that specializes in so-called “time of use” energy tariffs. Such tariffs, along with algorithmic trading “benefit not only heating but also electric vehicle charging and photovoltaic applications,” Tado’s Christian Deilmann explained.