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 supported report shows how to reduce industrial CO2 emissions

A new joint report, published by RWTH Aachen University...

EIT Climate-KIC supported report shows how to reduce industrial CO2 emissions
In The News
London event showcases innovation behind new investor climate tool

Yesterday’s event, titled “Applying Climate Risk Data to Investment...

London event showcases innovation behind new investor climate tool
In our community
Interview with Francisco de la Torre, Mayor of Malaga, Spain
Interview with Francisco de la Torre, Mayor of Malaga, Spain
Opinion
Adapting to climate change in Europe: Building a systemic and urgent vision
Susannah Fisher, EIT Climate-KIC and Andrew Norton, IIED
Adapting to climate change in Europe: Building a systemic and urgent vision
In our community
Interview with Andrzej Wiszniewski, President of the Board, National Energy ...
Interview with Andrzej Wiszniewski, President of the Board, National Energy Conservation Agency Poland
In The News
FEED-X programme aims to transform global feed industry

Supported by EIT Climate-KIC, global feed supplier Skretting, WWF...

FEED-X programme aims to transform global feed industry
In The News
New reports say net-zero emission EU heavy industry by 2050 is achievable

Achieving net-zero emissions by 2050 for European energy-intensive industries...

New reports say net-zero emission EU heavy industry by 2050 is achievable
In The News
Five EIT Climate-KIC startups announced as Cleantech Innovate finalists

Five EIT Climate-KIC supported startups are among the 30...

Five EIT Climate-KIC startups announced as Cleantech Innovate finalists
In The News
Drawdown book: Global warming is reversible

Climate protection initiative gives a preview of the German...

Drawdown book: Global warming is reversible
In The News
International effort launched to determine best CO2 capture & utilisation ...

Economic and environmental guidelines will support new industries and...

International effort launched to determine best CO2 capture & utilisation technologies
In Detail
New report cements wood as the future of construction

In a new report, 25 examples of using wood in construction showcase that reducing the carbon footprint of our buildings is not only possible,...

New report cements wood as the future of construction
In The News
Transatlantic bridge for European innovation: EIT Community opens its first Hu...

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

Transatlantic bridge for European innovation: EIT Community opens its first Hub in Silicon Valley
In The News
EIT Climate-KIC supported Beyond Ratings registered as credit rating agency by...

EIT Climate-KIC supported firm Beyond Ratings, a financial services...

EIT Climate-KIC supported Beyond Ratings registered as credit rating agency by European Securities and Markets Authority
In our community
Interview with Nico Wolf, CFO, Endless Energy – Winner of the EIT Climate-...
Interview with Nico Wolf, CFO, Endless Energy – Winner of the EIT Climate-KIC Finance Incubator Competition
In The News
EIT Climate-KIC supported Ombrea raises €1 million to commercialise its smar...

EIT Climate-KIC supported start-up Ombrea, which offers a tool...

EIT Climate-KIC supported Ombrea raises €1 million to commercialise its smart agriculture system
In The News
EIT Climate-KIC announces partnership with Silicon Valley innovation hub

EIT Climate-KIC has announced its partnership with cleantech innovation...

EIT Climate-KIC announces partnership with Silicon Valley innovation hub
In The News
Eight EIT Climate-KIC innovators in prestigious Forbes 30 Under 30 Europe List...

In the last four years, the EIT Community has...

Eight EIT Climate-KIC innovators in prestigious Forbes 30 Under 30 Europe List 2019
In The News
Bill Gates lists EIT Climate-KIC’s Climeworks on 2019 Breakthrough Techn...

Bill Gates was invited to be the first guest...

Bill Gates lists EIT Climate-KIC’s Climeworks on 2019 Breakthrough Technologies list
Innovation Spotlight
AI and robotics could revolutionise municipal waste sorting

Ferrovial, a leading infrastructure operators and municipal services company, and EIT Climate-KIC partner, is collaborating with start-up...

AI and robotics could revolutionise municipal waste sorting
In Detail
Accelerating the transition to a circular economy

A new report, “Accelerating the transition to a circular economy: Improving access to finance for circular economy projects,” provides key recommendations to drive increased...

Accelerating the transition to a circular economy
In The News
EIT Climate-KIC launches ‘Call to Action’

This week, EIT Climate-KIC launched its call for proposals....

EIT Climate-KIC launches ‘Call to Action’
In The News
EIT Climate-KIC supported Ÿnsect raises €110 million, becoming global leade...

Ÿnsect announced yesterday that it has raised €110 million...

EIT Climate-KIC supported Ÿnsect raises €110 million, becoming global leader in alternative protein
Opinion
Policy: The circular designer’s secret weapon
Joe Iles & Simon Widmer Circulate News & The Circular Design Guide
Policy: The circular designer’s secret weapon
In The News
EIT Climate-KIC supported Climetrics announces top ten European equity funds f...

Climetrics, the world’s first and only independent climate rating...

EIT Climate-KIC supported Climetrics announces top ten European equity funds for climate performance
In The News
EIT Climate-KIC supported WINnERS secures over €1.5 million in funding

WINnERS, an agricultural supply chain de-risking service supported by...

EIT Climate-KIC supported WINnERS secures over €1.5 million in funding
In our community
Interview with Marian-Constantin Vasile, Trainer, EIT Climate-KIC
Interview with Marian-Constantin Vasile, Trainer, EIT Climate-KIC
In our community
Interview with Piotr Magnuszewski, Programme Leader, Centre for Systems Solu...
Travis Hendrix tbd
Interview with Piotr Magnuszewski, Programme Leader, Centre for Systems Solutions
Opinion
How the climate community breeds its own inaction
Dominic Hofstetter EIT Climate-KIC
How the climate community breeds its own inaction
Innovation Spotlight
Not your ordinary reusable bag: Plant trees & earn discounts while you s...

Remember a time when you’d carry your purchases home in a plastic bag? Neither can we. That’s...

Not your ordinary reusable bag: Plant trees & earn discounts while you shop with goodbag
In our community
Interview with Mike Asquith, Project Manager – Integrated Environmental As...
Interview with Mike Asquith, Project Manager – Integrated Environmental Assessment, European Environmental Agency