We advised renewable energy developer Sunly on managing an investment round for Estonian startup Themo, raising EUR 1.3 million from investors. Sunly headed the funding round through its investment arm, Sunly Innovation 2.
Themo strengthens its market position with smart energy solutions
Themo is an Estonian-Finnish cleantech startup consisting of Smart Load Solutions and its subsidiary Themo Nordic Oy. Themo believes in a sustainable future through green power generation and smart electricity consumption.
Themo’s key innovation is an efficient algorithm for optimising electricity use in the company’s smart thermostats. When optimising heating, the algorithm accounts for heat storage, the weather forecast and the market price for electricity.
Themo’s thermostats successfully passed the frequency containment reserve test of Finland’s transmission system operator, Fingrid, strengthening Themo’s market position and enabling the company to increase investments in smart energy solutions.
Fingrid operates Finland’s frequency containment reserves (FCR) market, which serves to balance electricity demand and generation in real-time. Baltic electrical grid operators plan to launch a frequency reserve market in 2025 when they decouple from the Russian grid.
Sunly is a leading supporter of green innovation
Sunly’s mission is to create a cleaner and better energy future, and the company invests in renewable energy and electrification startups.
“Consumption management is one of the most interesting areas of the major green energy transition. Themo takes any existing electric heater and seeks to turn it into a source of revenue for the customer. This is exactly the type of complementary business model we are looking for with our startup investments,” said Rasmus Udde of Sunly Innovation 2.
Themo’s goal is to ensure emission-free and affordable electricity for all users. With smart thermostats, customers can save up to 50% on electricity costs compared to manually adjustable thermostats. The savings can amount to tens of thousands of euros annually for large rental property operators or hotels.
Our services and client team
We advised the client on the preparation of investment documents. Our client team was led by senior associate Mirell Prosa, supported by partner Toomas Prangli and associate Kadri Puu.
