Empowering 10 million households to embrace a fossil free future
Tibber at a glance
Tibber’s purpose is to empower ten million households to embrace a fossil free future. This is made possible through its app that provides consumers with real-time analytics on energy usage, and can be paired with a large variety of smart home devices. These devices empower customers to reduce energy consumption at home and to shift their consumption to cheaper hours when the electricity mix is more renewable, and the power grid is less constrained. Further, Tibber’s volume of controllable energy load has increased.
- Year acquired
- 2022
- Sector
- Energy
- Revenue
- EUR 39m
- Location
- Norway
- Employees
- 291
- Website
- https://tibber.com
- Investment theme
- Tech-Enabled Transformation
- Contact
- christian.melby@summaequity.com
Key developments in 2023
In 2023, Tibber revamped the board, expanded the product suite, and implemented cost-cutting initiatives. The company welcomed its new board chair, Gordon Willoughby. His previous experience with leading digital companies is expected to bring valuable experience to Tibber. In addition,
Tibber engaged in a joint venture with Polarium to launch Homevolt, a smart home battery. This drove cost reductions across the firm by implementing a workforce reduction plan in combination with operational efficiencies unlocked through artificial intelligence.
What are the challenges Tibber addresses
-
32.5%
reduction in energy consumption needed to reach EU targets
-
2x
increase in the need for flexible energy consumption in the European electricity system by 2030
How does Tibber help?
Reality today
Europe’s ongoing energy transition and current smart energy scarcity emphasizes the need for smart energy usage. As renewables increase, flexible consumption becomes vital to adapt to fluctuating weather. Despite grid limitations, investment in infrastructure could optimize existing resources and balance consumption peaks.
Tibber approach
Tibber offers smart solutions and technology to provide full control of the consumer’s electricity consumption, allowing consumers to manage when and how much electricity is consumed, ultimately smoothing the grid load, and shifting consumption to hours where the energy mix is more renewable.
Aspirational future
Affordable and sustainable energy consumption for all European households.
Who is impacted?
~500k customers in Norway, Sweden, the Netherlands, and Germany are impacted directly by having access to solutions offering more effective and flexible electricity consumption.
Contribution
Tibber is pioneering solutions for sustainable electricity consumption and contributes to driving change in how electricity is consumed in the markets in which it operates.
Risks
Given that Tibber is an electricity retailer, it cannot directly address the production of renewable energy and is relying on competitive prices of guarantees of origin to deliver renewable energy to the entire customer base. This explains why Tibber is not able to deliver guaranteed renewable energy in the Norwegian market today.
