Cleantech company Themo raises €1.3M
Estonian smart thermostat maker Themo has raised €1.3M from Estonian independent energy producer Sunly (lead investor), Finnish Indie Investments, and two Finnish business angels, Henry Nielert and Ali Omar.
Founded in Tallinn in 2014 by Markus Perkkijo and Madis Uuemaa, Themo develops smart thermostats that optimize electric heating based on stock prices. The technology uses an algorithm that takes into account thermal inertia, weather forecasts, and the stock price of electricity when optimizing heating.
The startup has developed a product called Themo DIN, an electric heating controller that attaches to a home's switchboard. This device takes advantage of the lowest electricity exchange rates when, for example, a resident needs to heat domestic water and control heat pumps or underfloor heating, and it helps them save money on energy consumption.
Founded in Tallinn in 2019 by Priit Lepasepp, Sunly plans, develops, builds, and operates renewable energy power plants in Poland and the Baltics. The company also invests in early-stage startups focused on electrification, renewable energy and storage, battery technology, the Internet of Things, energy technologies, and smart city applications. Its portfolio includes Estonian Skeleton Technologies, Commodule, UP Catalyst, Vok Bikes, and others.
