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 The News
EIT Climate-KIC organises first Festival of Circular Economy and Bioeconomy in...

Running from November 28 to December 2, the activities...

EIT Climate-KIC organises first Festival of Circular Economy and Bioeconomy in Santander
In The News
What does climate action look like for the Culture and Creative Sector Industr...

The Culture and Creative Sector Industries (CCSI) can play...

What does climate action look like for the Culture and Creative Sector Industries?
In The News
Collaboration and knowledge sharing is key to unlocking capital for climate ne...

In order to reach net zero by 2030, or...

Collaboration and knowledge sharing is key to unlocking capital for climate neutrality
In The News
Gipuzkoa shapes the green future with local actors

Gipuzkoa is taking action towards sustainability through collaboration with...

Gipuzkoa shapes the green future with local actors
In The News
How can we enable African climate innovation to thrive?  

Much of the discussion around COP27 this year has...

How can we enable African climate innovation to thrive?  
In The News
EIT Climate-KIC and partners publish recommendations to include systemic lands...

The European Green Deal represents a unique opportunity for...

EIT Climate-KIC and partners publish recommendations to include systemic landscape thinking into EU policies to achieve the Green Deal
In The News
The challenges of building a resilient farmers’ community in Africa

Audrey S-Darko is a researcher and a farmer from...

The challenges of building a resilient farmers’ community in Africa
In The News
EIT Climate-KIC joins business and civil society to call on governments to uph...

As the official COP27 outcomes are being drafted this...

EIT Climate-KIC joins business and civil society to call on governments to uphold commitments to 1.5
In The News
Climate innovation: “The purpose is people, everything else is just the mean...

Massamba Thioye is leading the UN climate change Global...

Climate innovation: “The purpose is people, everything else is just the means”
In The News
Become a European Climate Leader

The Climate-KIC International Foundation is looking for a Supervisory...

Become a European Climate Leader
In The News
EIT Climate-KIC launches open-access database to map start-up ecosystem, now w...

Climate start-ups supported by EIT Climate-KIC are now worth...

EIT Climate-KIC launches open-access database to map start-up ecosystem, now worth €11.8 billion in combined enterprise value
In The News
Slovenia higher education reform aims to create a supportive environment for s...

Slovenia’s ministry of higher education is gearing up for...

Slovenia higher education reform aims to create a supportive environment for students and teachers
In The News
Co-designing the future of coal regions

EIT Climate-KIC launches the Post Coal Future Lab initiative...

Co-designing the future of coal regions
In The News
Bringing in business is key to achieving systems transformation on the climate...

“What does it mean to enable businesses to deal...

Bringing in business is key to achieving systems transformation on the climate crisis
In The News
What will it take to build the New European Bauhaus?

“Beautiful, Sustainable, Together”. These are the values – and...

What will it take to build the New European Bauhaus?
In The News
EIT Climate-KIC selects five partners in Global South to implement gender main...

The intersection of climate and innovation remains a male-dominated...

EIT Climate-KIC selects five partners in Global South to implement gender mainstreaming into entrepreneurship
In The News
Citizens inspire a car-free Leuven

A broad survey, possible solutions displayed on screens, inspirational...

Citizens inspire a car-free Leuven
In The News
EIT Climate-KIC accelerates climate tech solutions for a net-zero Africa 

Climate-focused start-up teams in developing countries face distinct challenges...

EIT Climate-KIC accelerates climate tech solutions for a net-zero Africa 
In The News
New European Bauhaus Hackathons will reward most innovative solutions

EIT Community New European Bauhaus partners will be hosting...

New European Bauhaus Hackathons will reward most innovative solutions
In The News
Slovenia takes a pivotal turn towards circularity

Slovenia has decided to actively combat climate change by...

Slovenia takes a pivotal turn towards circularity
In The News
Innovative climate projects part of EIT Community New European Bauhaus initiat...

The European Institute of Innovation and Technology (EIT) has...

Innovative climate projects part of EIT Community New European Bauhaus initiative
In The News
A new air and climate plan for Milan

The City Council of Milan approved the Air and...

A new air and climate plan for Milan
In The News
Meet the three EIT Climate-KIC innovators nominated for EIT Awards

Three innovators from EIT Climate-KIC’s community have been nominated...

Meet the three EIT Climate-KIC innovators nominated for EIT Awards
In The News
100 European cities take up the challenge to become carbon neutral by 2030

On Monday 13 June, the representatives of the 100...

100 European cities take up the challenge to become carbon neutral by 2030
In The News
The role of cities and regions in transforming wood value chains

Climate smart forest economies It’s a crucial decade for...

The role of cities and regions in transforming wood value chains
In The News
Glasgow City Region pioneering forest economy innovation to drive climate acti...

Scotland’s largest city region is actively tackling climate change...

Glasgow City Region pioneering forest economy innovation to drive climate action
In The News
Forging sustainable timber construction in Europe

EIT Climate-KIC and Built by Nature, announce an initiative...

Forging sustainable timber construction in Europe
In The News
EIT Climate-KIC launches new Circularity Thinking training programme

EIT Climate-KIC is launching Circularity Thinking courses to tackle...

EIT Climate-KIC launches new Circularity Thinking training programme
In The News
EIT Climate-KIC announces four winners of EIT Community Booster

EIT Climate-KIC selected four cleantech start-ups to be part...

EIT Climate-KIC announces four winners of EIT Community Booster
In The News
Science reveals last paths to stop irreversible planetary damage

Climate change is going to get worse, but curbing global warming is...

Science reveals last paths to stop irreversible planetary damage