Google Nest Renew is leaving Google and merging with energy management platform OmConnect to create a new company called Renew Home. Venture capital firm Sidewalk Infrastructure Partners (SIP), which is backing OmConnect and investing $100 million in the new company, announced the move, saying it would create “the nation’s largest energy transition resource.”
Both Nest Renew and OmConnect help smart home users use connected devices to take advantage of cheaper or cleaner energy when it becomes available. Launching in 2021, Nest Renew is a service for Google Nest Thermostat users that allows them to change their HVAC system’s energy consumption to save money.
OmConnect pays its users to reduce their consumption during peak hours. Currently helping over 220,000 homeowners in California, Texas and New York save money by leveraging OEM smart plugs and smart thermostats. In California and New York, utilities such as PG&E; In Texas, it is an independent electricity supplier.
In a statement to The Verge, Google spokesperson Patrick Sebold confirmed the news, stating that existing Nest Renew customers will not be disrupted: “The Nest Renew Home renewal will power the Nest Renew service for the foreseeable future, and we hope customers’ experience will be seamless, too thanks to improvements.” Experiences and offers over time.”
As a “source of energy transformation,” Renew Home plans to combine its OhmConnect home energy management platform with “Google Nest’s leadership in energy products and services that help customers prioritize clean, affordable energy.”
“We believe that Renew Home, working with partners across the industry, will help accelerate the development of the virtual power plant (VPP) industry, enabling the creation of more dynamic energy networks needed to ensure a zero-emission future.” This is an important step towards making this possible.” – wrote SIP CEO Jonathan Winer in a blog post.
Virtual power plants use software to coordinate groups of smart homes that can supply power to the grid when needed – grid vehicle charging, home solar systems and home batteries – and dynamically control smart thermostats. They can reduce demand on the network by adjusting or disabling Downlink. equipment
SIP – whose main investor is Google’s parent company, Alphabet – says it has invested $100 million in Renew Home. Google will remain a minority shareholder in the new company. Nest Renew will remain under Google’s ownership until the deal is finalized, which is subject to regulatory approval.