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Financial boost from green investors to Estonian smart floor heating start-up

Updated: Jul 29, 2019


TEXT IN ESTONIAN BELOW

Smart Load Solutions OÜ (SLS) raised capital for development from the green investment focused Sunly Startup. With the investment SLS is developing a new function for their smart thermostat, which allows the consumers to rent out their floor heating to power grid operators, who will use it to stabilise the power grid.

Co-founder of SLS, Madis Uuemaa says he is happy to partner with Sunly Startup for several reasons. “These are investors who have been operating in the renewable energy sector for several years already. They are aiming to develop technologies that make power generation and consumption more environment-friendly,” Uuemaa said. “Furthermore, it is a sign for us that Estonia is willing to contribute to the digitalisation of power grids like it has done in other sectors.”

Also CEO of Cleantech ForEst Erki Ani sees with that step a huge growth in interest towards cleantech startups and what is most important, great interest from investors. Backed by public funding toward more hardware startups which kind of makes the future a bit brighter.


Picture: Handshake deal between Madis Uuemaa from SLS and Priit Lepasepp from Sunly Startup.

“Future electricity grids need to find a solution for intelligently managing and storing electricity consumption. Themo thermostat developed by SLS is a good example of successful resolution of this task. Something that both electricity consumers and network operators will benefit from,” Priit Lepasepp, Member of Board at Sunly Startup, commented on the news. He pointed out that the investment is particularly important because the product range of SLS helps the consumers to partake in a market which so far was unavailable for home consumers, without giving up any comforts.

With the help of the investment, SLS is planning to develop an intelligent network of thermostats that would take into account demand response signals of the utilities and power grids, in addition to electricity price. “The new development allows home owners to make their electrical heating and heat generation work for the power network as well and thereby decrease their monthly electricity bill by up to 60%,” Uuemaa stated. He added that as the flexible management of electrical heating helps smooth out the peaks in consumption and renewable energy production as well as low points in power networks, both consumers and network operators will benefit.

The floor heating thermostat Themo developed by SLS and already launched on the market, relies on thousands of data points to make the right decision on when to consume electricity. Themo is mobile phone controlled, observes the electricity price and the outdoor weather, and lowers electricity costs up to 60% due to its intelligent management system. On average, Themo reduces heating bills by 8 euros per square meter a year.


Picture: In purple: the cost (eur) for floor heating after optimization. In green: the win of optimization (eur).


Smart Load Solutions is an Estonian start-up company with a vision to ensure sustainable and environment-friendly power consumption through the development of smart home technologies. Themo floor heating thermostat is the first thermostat to use artificial intelligence and information from the electricity market to find the perfect balance between user convenience and the needs of the power network. SLS was founded in 2014 by three Estonian engineers: the brothers Madis and Märt Uuemaa, and Allan Puusepp. In 2015, Smart Load Solutions participated in the Ajujaht TV-show and earned the fourth place with its optimisation technology.


Picture: Madis Uuemaa and his team from SLS.


Sunly Startup is an Estonian capital based investor focused on cleantech innovation and investing in startups engaged in the field of renewable energy and electrification. Sunly Startup brings together investors including the former shareholders of Nelja Energia AS, incl. Vardar A/S, IVARD OÜ (Peeter Mänd), AS Vestman Energia (Aivar Berzin), HTB Investeeringute OÜ (Hannes Tamjärv), Solarcom OÜ (Martin Kruus) and Atradius OÜ (Kalle Kiigske).



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