Tibber Homepage

Tibber

Company details

Year Aquired

2022

Location

Førde, Norway

Revenue (2020)

Sector

Energy

Employees

160+

Investment Themes

Tech-Enabled Transformation

Contact

If you want to know more about Tibber please contact Tim He at: tim.he@summaequity.com

Tibber at a glance

Tibber replaces traditional utilities with a digital energy deal and technology for smarter consumption of energy. Tibber’s vision is to make sustainable energy consumption simple and affordable for all households, and their mission is to reduce the residential energy consumption for European households by 20 %. This is made possible through their app that provides consumers with real-time analytics into energy usage, and that can be paired with a large variety of smart home devices to reduce energy consumption at home.

Key developments in 2021

  • Tibber reached >300k subscriptions, a 100x increase since 2018, across Norway, Sweden, and Germany
  • Increased run rate revenues by 3x over the year
  • Achieved best in class customer engagement metrics with ~80% monthly active users

Impact Dimensions

The challenges we face

Global energy production is currently responsible for 87% of global greenhouse gas emissions, and decarbonizing it is a crucial step towards global net zero commitments. While electricity is only a part of the global energy mix, consuming clean electricity is ever more important as the other main emission drivers, namely transport and heating, are significantly harder to decarbonize. Thus, renewable electricity provision and electrification of the energy system are key pillars in de-carbonizing our economy. To efficiently electrify the energy system and manage increasing volatility in supply, we need to change the way we consume electricity. We need smart solutions and technology that give us full control of our electricity consumption and allows us to manage where and how much electricity is consumed to smoothen the grid load.

What is the outcome?

Tibber mainly sells renewable electricity to its customers and brings them the solutions needed to reduce electricity consumption. Tibber can support its customers in reducing electricity consumption like no other utility company can, as it does not profit from selling more electricity. Tibber does not add a mark-up on spot prices, making the purchase of clean electricity as cheap as possible for customers. Further, trough demand response management, Tibber can influence where and how much energy is consumed in a given time to smoothen the grid load and reduce volatility in electricity prices.

Who are the stakeholders?

Individuals and organizations using Tibber’s solutions will reduce their carbon footprint and contribute to decarbonizing the energy system with their daily actions. Tibber’s ability to balance the grid will benefit all electricity consumers and providers by reducing the strain during peak hours in a more volatile energy production environment.

How big is the effect, and does it last?

Tibber helps its ~300k customers in Norway, Sweden and Germany reduce their electricity consumption, and the impact is expected to increase as Tibber expands to new markets and the electrification of our economy proceeds. Ultimately, Tibber’s mission is to reduce residential electricity consumption for European households by 20%, having a big positive impact on Europe’s overall decarbonization ambitions.

If Tibber didn’t exist...

Without Tibber, or a similar service, people would lack the tools necessary to reduce their electricity consumption. Individuals would have less power in advancing the decarbonization agenda if they had to rely on the traditional business models behind electricity retail.

Impact risk: what can go wrong?

Given that Tibber is an electricity retailer, it cannot directly address the production of renewable energy and is relying on other parties for that. This brings a risk of Tibber not being able to deliver on its promise to provide its customers with clean energy.

Year Aquired

2022

Revenue (2020)

Employees

160+

Investment Themes

Tech-Enabled Transformation

Sector

Energy

Location

Førde, Norway

Contact

If you want to know more about Tibber please contact Tim He at: tim.he@summaequity.com

Website

SDG Alignment
Tibber's service directly addresses SDGs #7, #12, and #13 to produce affordable and clean energy, enable responsible consumption and production, and combat climate change and its impacts.
SDG Wheel
SDG 7
SDG 12
SDG 13