Enovato GmbH, a Munich-based company operating the online energy retrofitting platform 42watt, has raised an undisclosed sum in a seed financing round led by Lithuania-based investor Contrarian Ventures.
The company said it will use the funds to expand the business and its services that support homeowners with retrofitting advice. Existing investors include social impact investor, BonVenture, real estate-oriented Proptech1, and private investors, such as Felix Jahn, founder of McMakler, and Christoph Behn, founder of impact-oriented business angel club Better Ventures.
The 42watt technology platform has an algorithm that uses ten data points, such as electricity consumption, or year of construction, to drive the modeling and information modules.
“The algorithm, developed in collaboration with the Technical University of Munich, provides information on the right measures, investment and subsidy amounts, energy cost savings, return on investment and payback period,” Marcus Dietmann, co-founder of 42watt, told pv magazine.
Measures and investments related to items like solar PV, heat pumps, new windows, or better insulation are some of the things that the company offers. Furthermore, there are savings calculators, and guidance on grants at the local, regional, and federal level.
“The data points are used to create a 3D model of the house to simulate energy potentials, such as heating load and PV coverage. In addition, other information such as transmission heat losses (U-values) are calculated over the age of the building,” said Dietmann.
In the future, 42watt plans to offer specialized energy advice modules. “Energy retrofitting a building must become as easy as subscribing to Netflix,” said the company's CEO, Jörg Überla. “That’s why our services will help millions of homeowners on their way to a carbon-neutral home and help Germany achieve its climate goals.”
The name 42watt refers to the goal of reducing energy consumption of existing buildings to less than 42 kWh per year and m2 on average to meet Germany’s climate targets in the building sector by 2045.
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