Thermondo secures €23.5 million in investment

Thermondo, German market leader for heating retrofitting in detached and semi-detached houses and Climate-KIC Accelerator Alumnus, has secured €23.5 million from the existing shareholders in a C series.

The raised capital will be used for further growth of the company. In addition, the product portfolio will be expanded to include a gas product as well as heating at a monthly rate (the heat lease). The aim is to develop the business gradually into an integrated energy company.

“We set Thermondo up in 2012 as we realised that the energy transition (‘Energiewende’) can only work if concrete and workable measures are taken. These include an increase in efficiency, expansion of distributed energy supplies and the transition to green technology. We have already made it possible for thousands of home owners to heat using less CO2. And this is just the beginning”, says Philipp Pausder, co-founder and managing director of Thermondo.

Strong commitment of existing shareholders

The capital increase was carried out by Global Founders Capital, E.ON, Holtzbrinck Ventures, Investitionsbank Berlin and Picus Capital, all of which are already shareholders. Thermondo has grown by an average 650 percent in the last two years and has 220 employees across Germany. Over 300,000 visitors a month go to Thermondo’s website to find information on energy transition topics, innovative products and the opportunities of reducing CO2 emissions and costs.

The core business, the installation of gas and oil heating as well as solar heat and maintenance, were extended successfully at the beginning of the year to include combined heat and power-heating, based on fuel cell technology. Over 100 fuel cells were sold from January to mid-May, of these 50 were installed.

Focus on solutions for the energy transition

Thermondo is the pioneer in digitalising distributed energy services. “We developed software enabling us to plan, control and carry out the heating retrofit precisely. Examples include ‘Manfred’, the algorithm for planning and creating the bill of materials, and ‘Diego’, the project management software for implementing the building project, including funding – both unique products in their line.”

“We see it as our responsibility to actively promote the energy transition with simple solutions that also make sense for the customer. In the past three years we have shown that home owners are very open to modern tools and processes. It is our job to add further products to give home owners the opportunity to play an active role in shaping the energy transition”, says Pausder.

Climate-KIC Accelerator

Thermondo was supported by Climate-KIC Accelerator in Germany from 2012 to 2014.

The Climate-KIC Accelerator is the only EU business acceleration programme focused on cleantech commercialisation. With fast track entrepreneurship education, top-notch tools & techniques and intensive coaching, we have set up the world’s first real-life business school for cleantech entrepreneurs. In three phases we take start-ups through a rock-solid 18-month programme to grow great ideas into great businesses.

 

 
Location
Articles you may be interested in
In Detail
Exploring frontiers in sustainability: Bringing futures literacy to financia...

As part of EIT Climate-KIC’s Long-termism Deep Demonstration, Riyong Kim, Director of Decision Metrics and Finance at EIT Climate-KIC, has co-authored a new report,...

Exploring frontiers in sustainability: Bringing futures literacy to financial services in Ireland and France
Opinion
Long democracies
Dark Matter
Long democracies
Opinion
Long financing in a volatile world
Dark Matter
Long financing in a volatile world
Opinion
Long welfare
Dark Matter
Long welfare
Opinion
Abstracted to entangled organisation
Dark Matter
Abstracted to entangled organisation
Opinion
Persistent things
Dark Matter
Persistent things
Opinion
Persistent selves
Dark Matter
Persistent selves
Opinion
Futures in long-termism
Dark Matter
Futures in long-termism
In our community
Strengthening community ties and supporting each other through the COVID-19 ...
Strengthening community ties and supporting each other through the COVID-19 crisis
Opinion
The Corona canvas: How to deal with the crisis as a founder
Marc Mogalle & Anje Kluth Business Buddies & EIT Climate-KIC
The Corona canvas: How to deal with the crisis as a founder
In The News
Lilium completes funding round worth over €224 million

EIT Climate-KIC supported Lilium, a Munich-based aviation company developing...

Lilium completes funding round worth over €224 million
In The News
TWAICE raises €11 million series A to power internationalisation efforts and...

EIT Climate-KIC supported TWAICE, a Munich-based battery specialist, has...

TWAICE raises €11 million series A to power internationalisation efforts and scaling
In our community
Madrid: A city turning eco-fictions into eco-futures through systems innovat...
Madrid: A city turning eco-fictions into eco-futures through systems innovation
In The News
EIT Community shines on Forbes 30 under 30 Europe list

Eight EIT Climate-KIC innovators are featured in the prestigious...

EIT Community shines on Forbes 30 under 30 Europe list
Opinion
Trees as infrastructure: Part two
Dark Matter
Trees as infrastructure: Part two
Opinion
Trees as infrastructure: Part one
Dark Matter
Trees as infrastructure: Part one
Opinion
Could COVID-19 usher in massive systemic change?
EIT Climate-KIC Italy
Could COVID-19 usher in massive systemic change?
Opinion
Working during corona lockdown: EIT Climate-KIC Italy sets an example
EIT Climate-KIC Italy
Working during corona lockdown: EIT Climate-KIC Italy sets an example
Innovation Spotlight
How to improve building energy performance without up-front capital

Air-conditioning equipment, office furniture, lighting systems and even floor coverings are being leased, so why can’t a...

How to improve building energy performance without up-front capital
In The News
EU Taxonomy shows the way to net zero by 2050

The Technical Expert Group (TEG) on Sustainable Finance has...

EU Taxonomy shows the way to net zero by 2050
In The News
Regine Kreitz new EIT Climate-KIC Director of Marketing and Communications

Regine Kreitz will join EIT Climate-KIC, the European Union’s...

Regine Kreitz new EIT Climate-KIC Director of Marketing and Communications
In The News
KICs tackling water scarcity in Southern Europe

How EIT and KICs are working to address one...

KICs tackling water scarcity in Southern Europe
In The News
EIT Climate-KIC and partners launch Massive Open Online Course on e-waste

EIT Climate-KIC, together with its partners the UN, the...

EIT Climate-KIC and partners launch Massive Open Online Course on e-waste
In The News
Five EIT Climate-KIC innovators featured in Global Cleantech 100

Five EIT Climate-KIC supported innovative ventures included in the...

Five EIT Climate-KIC innovators featured in Global Cleantech 100
In The News
The journey to zero-emissions transport – part three

The transport sector already accounts for a quarter of...

The journey to zero-emissions transport – part three
In The News
The journey to zero-emissions transport – part two

The transport sector already accounts for a quarter of...

The journey to zero-emissions transport – part two
In The News
The journey to zero-emissions transport – part one

The transport sector already accounts for a quarter of...

The journey to zero-emissions transport – part one
In The News
Malaysia and Estonia win Climathon Global Awards at ChangeNOW summit

The city of Penang, Malaysia, and a team of...

Malaysia and Estonia win Climathon Global Awards at ChangeNOW summit
Opinion
Redesigning venture capital (part III): A hypothesis
Dominic Hofstetter Transformation Capital, EIT Climate-KIC
Redesigning venture capital (part III): A hypothesis
Opinion
The Long Time
Beatrice Pembroke & Ella Saltmarshe Co-founders, The Long Time Project
The Long Time