Google and venture capitalist firm Sidewalk Infrastructure Partners (SIP) are partnering to create a new energy management platform, Renew Home, that is taking over the tech giant’s Nest Renew service business that helps customers shift energy usage to times when the electrical grid is cleaner or less expensive.
The new company is a combination of SIP’s platform company OhmConnect and assets from the Google Nest Renew service, which is designed to help customers and energy providers unlock energy savings and rewards to support a clean energy grid, the companies say.
Specifically, Renew Home will use OhmConnect’s home energy management platform and Google Nest’s energy products and services to power the Nest Renew service, according to SIP, which lists Google’s parent company Alphabet as a capital partner.
However, the service will offer improved experiences, the companies say, as Renew Home will work with partners across the energy industry to offer savings and rewards while accelerating the clean energy transition.
To signal its belief in the platform and clean energy, SIP is investing $100 million in fresh capital to drive Renew Home’s growth as a platform company.
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SIP also hopes to wok with partners across the industry to help accelerate the growth of the virtual power plant industry, which the investment firm calls a “critical step to enabling the more dynamic energy grid we need to power a carbon-free future.”
“The creation of Renew Home embodies SIP’s vision of harnessing technology to make infrastructure more resilient, sustainable, and inclusive,” the company says in a news release. “Through Renew Home’s unique offering, we are excited to drive innovation that strengthens and decarbonizes our country’s electrical grid. We’re grateful that Google will provide key support to the company as a minority equity holder.”
Until the transaction closes, Nest Renew services will continue to be operated by Google, and OhmConnect will continue to operate independently, according to SIP.
According to Google, Nest Renew is a free service for all compatible Nest thermostats that makes small adjustments to a Nest thermostat to help take advantage of times when energy is cleaner and less expensive. In addition, the service offers a clean energy dashboard that allows homeowners to view their home’s power mix to see times throughout the day when energy is cleaner to help them make more informed decisions.
Renew Home is expected to launch in 2024, and customers can join a waitlist for the service.
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