Summa Equity backs smart energy player Tibber in $100M Series C round
Summa Equity Fund III has invested in Tibber, a Norwegian smart energy provider with a clear sustainability-driven purpose, focused on empowering consumers to be more conscious and efficient about their electricity consumption.
Stockholm/Oslo/Munich: Summa Equity Fund III (“Summa”) has invested in Tibber, a Norwegian energy provider that delivers smart energy and provides consumer-centric digital solutions to minimize their customers’ consumption and costs. The investment in Tibber aligns with Summa’s focus on solving global challenges supporting the UN Sustainable Development Goals and fits within Summa’s tech-enabled transformation and resource efficiency investment themes.
Since its inception in 2016, Tibber has been on a journey to assist consumers in lowering their energy bills and making more intelligent decisions around their electricity consumption. As of today, Tibber counts over 400,000 household customers in Norway, Sweden, and Germany and is looking to expand further within Europe.
As the transition towards clean and sustainable energy sources is one of the most significant challenges in the coming decades, 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.
As the energy transition from fossil and nuclear to renewables accelerates, Summa is supporting the company in its journey to becoming a leading smart energy player to smoothen the grid loads while offering clean and affordable energy to its customers.
Edgeir Aksnes Vardal, CEO of Tibber said:
“Tibber’s mission is to empower consumers to use energy in a smarter way. Therefore, we never profit from the customer’s consumption – instead, customers buy renewable energy at wholesale price with nothing added except legal and mandatory fees. Consumers need better tools to effectively take control over their own energy consumption. We have already pioneered smart analysis for households, smart charging for electric cars and smart heating for connected thermostats. With this funding, we are set to launch new products to further reduce consumption and make homes more independent from the national grid.”
Tim He, Partner at Summa Equity, commented:
“We are excited to partner with Edgeir, Daniel and the Tibber team to take part of their journey to help households transition to sustainable energy in a smart and efficient way. We are impressed by their vision to build the world’s largest virtual battery – consumers are increasingly sitting on large energy reservoirs in their EVs and connected home devices. By leveraging technology, Tibber’s customers save money and energy whilst helping to smoothen the energy transition to renewable sources.”
Tibber is the smart digital energy provider founded in 2016 by the Norwegian Edgeir Vårdal Aksnes and the Swedish Daniel Lindén.
The Tibber app 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.