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
Clean and Healthy Construction

Insights from the C40 Worlds Mayor Summit in Copenhagen: Master Class and Market Dialogue for Clean and Healthy Construction. Why clean construction? Kevin Austin,...

Clean and Healthy Construction
Opinion
If we have figured out transformation, why is the world still in such a mess?
Susannah Fisher Research, EIT-Climate-KIC
If we have figured out transformation, why is the world still in such a mess?
Opinion
The tyranny of categorisation
Dominic Hofstetter Transformation Capital, EIT Climate-KIC
The tyranny of categorisation
Opinion
EIT Climate-KIC strengthens biodiversity through systems change
Felicity Spors Head of International Affairs, EIT Climate-KIC
EIT Climate-KIC strengthens biodiversity through systems change
Opinion
Why our cities must act as beacons for ambitious climate action
Tom Mitchell Chief Strategy Officer, EIT Climate-KIC
Why our cities must act as beacons for ambitious climate action
In The News
Biggest-ever global hackathon to tackle climate breakdown

Over 100 Climathon events around the world turn grassroots...

Biggest-ever global hackathon to tackle climate breakdown
In The News
Global call for transformative solutions to tackle the climate emergency

EIT Climate-KIC launches Climathon Global Awards and Healthy, Clean...

Global call for transformative solutions to tackle the climate emergency
In The News
EIT Climate-KIC supported crop insurance project acquired by world’s largest...

The insurance sector is well aware of the rising...

EIT Climate-KIC supported crop insurance project acquired by world’s largest re-insurer
In The News
EIT Climate-KIC innovators celebrated at 2019 EIT Awards

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

EIT Climate-KIC innovators celebrated at 2019 EIT Awards
Opinion
Part three: Climate action #NotinNewYork
Andy Kerr Director, UK & Ireland, EIT Climate-KIC
Part three: Climate action #NotinNewYork
In Detail
New EIT Climate-KIC supported report finds digital technologies can vastly a...

As part of the UN Climate Action Summit, the Global Enabling Sustainability Initiative (GeSI) and Deloitte launched a report today, supported by EIT Climate-KIC,...

New EIT Climate-KIC supported report finds digital technologies can vastly accelerate the SDGs
Opinion
Part two: Climate action #NotinNewYork
Andy Kerr Director, UK & Ireland, EIT Climate-KIC
Part two: Climate action #NotinNewYork
Opinion
Climate action #NotinNewYork
Andy Kerr Director, UK & Ireland, EIT Climate-KIC
Climate action #NotinNewYork
In The News
Circular Cars Initiative launched at United Nations Climate Action Summit

On the occasion of the United Nations Climate Action...

Circular Cars Initiative launched at United Nations Climate Action Summit
In The News
We’re closing for business in solidarity with #ClimateStrike

EIT Climate-KIC will close this Friday 20 September, the...

We’re closing for business in solidarity with #ClimateStrike
In The News
Open Innovation Call targeting air quality and urban heat island effect launch...

The City of Copenhagen’s department Resilient and Sustainable City Solutions within...

Open Innovation Call targeting air quality and urban heat island effect launched
In The News
EIT Climate-KIC cleantech start-up ZOLAR attracts 10 Million Euro Investment

The Berlin-based start-up Zolar raises a 10 million EUR...

EIT Climate-KIC cleantech start-up ZOLAR attracts 10 Million Euro Investment
In The News
Breaking down barriers to climate-finance: the City Finance Lab launches secon...

Competition for the five most innovative financing solutions for...

Breaking down barriers to climate-finance: the City Finance Lab launches second call for proposals
Opinion
Innovating in complexity: Systemic investing
Dominic Hofstetter Transformation Capital, EIT Climate-KIC
Innovating in complexity: Systemic investing
In The News
Climathon onboard ‘Sail to the COP’

On 2 October, 36 young climate change agents will...

Climathon onboard ‘Sail to the COP’
In The News
Research reveals surprising link between socio-economic indicators and sustain...

A new study by EIT Climate-KIC partner academic institutions...

Research reveals surprising link between socio-economic indicators and sustainability transition
Opinion
Transformation capital: A new investment logic for catalysing systems change
Dominic Hofstetter Transformation Capital, EIT Climate-KIC
Transformation capital: A new investment logic for catalysing systems change
Opinion
Innovating in complexity: From single-point solutions to directional systems innovation
Dominic Hofstetter TRANSFORMATION CAPITAL, EIT CLIMATE-KIC
Innovating in complexity: From single-point solutions to directional systems innovation
In The News
Four EIT Climate-KIC innovators nominated for annual EIT Awards

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

Four EIT Climate-KIC innovators nominated for annual EIT Awards
In Detail
Report offers recommendations for development of agricultural impact tool

A new report supported by EIT Climate-KIC’s CSA Booster programme proposes technical, governance and business arrangements for the development of a new tool for...

Report offers recommendations for development of agricultural impact tool
In Detail
Food value chains strategy report offers recommendations based on systemic i...

A new report details the work of EIT Climate-KIC and its partner Metabolic, a consulting company using systems thinking to tackle major sustainability challenges,...

Food value chains strategy report offers recommendations based on systemic impact
In The News
EIT Climate-KIC supports digital roadmap for a circular economy

EIT Climate-KIC, along with several European stakeholders, is advocating...

EIT Climate-KIC supports digital roadmap for a circular economy
In The News
EIT Climate-KIC urges London to lead in turning climate emergency into action

Climate innovation agency EIT Climate-KIC welcomed today the first...

EIT Climate-KIC urges London to lead in turning climate emergency into action
Opinion
London Climate Action Week: Climate Innovation Insights
London Climate Action Week: Climate Innovation Insights
Opinion
How can we deliver a net-zero emissions UK?
Andy Kerr Director, UK & Ireland, EIT Climate-KIC
How can we deliver a net-zero emissions UK?