SpotmyEnergy, a German cleantech company specializing in smart energy solutions, has secured €10.5 million (USD $11 million) in seed funding. The funds will support the company’s growth, expand its team, and further develop its smart energy management technology to meet rising demand.

Founded in 2023 by German cleantech entrepreneur Jochen Schwill, SpotmyEnergy offers solutions for optimizing energy use, generation, and storage. The system integrates with various devices, including heat pumps, EVs, and rooftop photovoltaic systems, helping users save on energy costs and maximize sustainability efforts.

Schwill highlighted the growing demand for the company’s solutions, stating, “Over the past year, we successfully launched our product in the market and have seen significant demand for our solutions. To meet this demand more quickly and unlock the much-needed potential of connected flexibility behind millions of meters, we decided to raise fresh capital.”

The investment will be used to expand SpotmyEnergy’s core team, enhance its sales capacity, and accelerate the development of its system for connected households. The focus will include device compatibility and intelligent trading algorithms for residential battery storage.

According to SpotmyEnergy, less than 2% of Germany’s 53 million electricity customers currently own a smart meter, presenting a significant opportunity for growth. The company aims to integrate private households into the energy market through intelligent networking, leveraging this flexibility to accelerate the energy transition.

The funding round was led by Norrsken VC, with participation from Vorwerk Ventures and existing investor Picus Capital. Fabian Erici, Principal at Norrsken VC, explained the potential of SpotmyEnergy’s solutions, saying, “Households are key to a green energy future—both as producers of green power and managers of flexible energy assets. Yet, their potential remains untapped, and installers lack the tools to unlock it. That’s why we’re thrilled to back the experienced SpotmyEnergy team empowering households with an all-in-one solution that cuts energy bills while driving the green energy revolution forward.”

Schwill expressed gratitude for the backing, adding, “We are thrilled to have found three investors – Norrsken, Vorwerk Ventures, and Picus Capital – who share our vision of a transparent, affordable, and sustainable energy supply for private households and who also bring cleantech expertise to the table.”

With this new funding, SpotmyEnergy is well-positioned to address the challenges of home energy management, helping households reduce costs and participate in the energy transition. By providing innovative tools and integrating homes into the energy market, the company aims to make a significant impact on the path to a sustainable future.