Climate-KIC start-up 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.