Google Nest Renew Service leaves Google and merges with the OhmConnect energy management platform to form a new company called Renew the house. Venture capital firm Sidewalk Infrastructure Partners (SIP), which is backing OhmConnect and investing $100 million in the new company, announced the movesaying it will create “the country’s largest energy transition resource.”
“Renew Home…will help accelerate the growth of the virtual power plant (VPP) sector,” Jonathan Winer, CEO of SIP
OhmConnect pays its users to reduce their consumption during peak hours. He currently helps more than 220,000 homeowners in California, Texas, and New York save money by leveraging Ohm. smart sockets And smart thermostats. In California and New York, it works with electric utilities like PG&E; in Texas, it is itself an electricity supplier.
In a statement to The edge, Google spokesperson Patrick Seybold confirmed the news, saying that current Nest Renew customers will not be disrupted: “Renew Home will power the Nest Renew service in the future, and we hope customers will benefit from seamless experience, as well as improved experiences and offers over time.
As an “energy transition resource,” Renew Home plans to combine OhmConnect’s home energy management platform with Google Nest’s “leadership in energy products and services that help customers achieve Prioritizing Cheaper, Cleaner Energy” to help smart homes and devices run like virtual energy. plants.
“We believe that Renew Home, together with partners across the industry, will help accelerate the growth of the virtual power plant (VPP) sector, a crucial step in enabling the more dynamic energy network we need to power a carbon-free future. » Jonathan Winer, CEO of SIP wrote in the blog post.
Virtual power plants use software to coordinate groups of smart homes that can provide energy to the grid when needed – via vehicle-to-grid charging, home solar systems and home batteries – and reduce demand on the grid by dynamically adjusting the smart thermostats or by turning off connected devices.
SIP — which counts Google parent Alphabet as a lead investor — says it has invested $100 million in Renew the house. Google will remain a minority shareholder in the new company. The Nest Renew service will remain under Google until the deal, which is subject to regulatory approval, is finalized.
