Google Nest Renew joins Alphabet-backed firm to form Renew Home
Google's Nest Renew is partnering with OhmConnect, an energy management platform, to form a new company called Renew Home. The goal is to create the largest energy transition resource in US. Venture capitalist firm Sidewalk Infrastructure Partners (SIP), which has Alphabet as a principal investor, poured $100 million into Renew Home. Google will keep a minority equity stake in the new company. Nest Renew, which helps users optimize electricity consumption, will remain under Google until the deal's finalized.
'Renew Home will accelerate the growth of virtual power plants'
SIP CEO Jonathan Winer believes Renew Home will "help accelerate the growth of the virtual power plant (VPP) industry." Virtual power plants use software to connect groups of smart homes that can supply energy to the grid when needed through vehicle-to-grid charging, home solar systems, and home batteries. They also cut down grid demand by adjusting smart thermostats or turning off connected appliances.
More about Nest Renew and OhmConnect
Nest Renew service, which launched in 2021, lets Google Nest Thermostat users shift the usage time of their HVAC systems to save money. Meanwhile, OhmConnect pays its customers to cut down on consumption at peak times. At present, it helps over 220,000 people in California, New York, and Texas to save money via Ohm smart plugs and smart thermostats.
Combining energy management and smart home technologies
Renew Home aims to combine OhmConnect's home energy management platform with Google Nest's know-how in energy products and services. The plan is to focus on more affordable and eco-friendly energy while transforming smart homes and devices into virtual power plants. Google spokesperson Patrick Seybold told The Verge that current Nest Renew customers won't be affected and that they can look forward to "improved experiences and offerings over time."
