Another development today in Google’s long-term strategy to streamline some of its less important business operations. Google Nest renewal – Load shifting service for Google Nest owners that lets them consume power during off-peak times when power is less expensive, or when there are “cleaner” grid options available when your grid is cleaner or power is less expensive – Produced by Google and combined with omconnect, part of Sidewalk Infrastructure Labs that helps manage load shifting services for Nest and other smart thermostat brands. The new company will be called “Renew Home.”
As part of the deal, SIP will inject $100 million into the new entity, and will become its majority owner. Google is not currently investing and remains as a minority shareholder. A company spokesman said no evaluation had been disclosed. The spokesperson added that OhmConnect is currently active in California, Texas and New York, and the new company, Renew Home, plans to expand into new markets once it launches.
The deal brings together partners and entities that have been investing and working together for some time already. Although companies will argue that this is a sign of how this opportunity is being multiplied, it also highlights how Google, SIP and the ecosystem that has been created around them are continuing to try to figure out more solid, long-term business models in the clean area. Energy industry.
More applications will also be utilized for energy use. The company said future plans will focus on “whole home energy management,” which includes electric vehicle charging, solar power systems and more. This will include working on more hardware partnerships as well, she said.
“We are incredibly excited about this deal. Renew Home will improve the way households across the country consume energy and interact with the electric grid, strategically aligning their energy consumption to reduce their energy bills while reducing stress on the grid,” Especially during moments of peak pressure and times when clean energy is less readily available (for example, in the evening, when solar is offline), Jonathan Weiner, co-founder and co-CEO of Sidewalk Infrastructure Partners, said in a statement provided to TechCurnch. ).” “This is critical: by mitigating renewable energy outages, Renew Home – and the broader virtual power plant (VPP) industry – will be instrumental in allowing us to bring more renewable energy to the grid.”
The company has set a goal of achieving 30 GW of switchable loads and operating in 10 million homes by 2030.
The surprising events in this story may be enough to make you feel dizzy. Sidewalk Infrastructure Partners itself was previously part of Sidewalk Labs, which originally began as a Google “pilot project” in 2015 with the lofty goal of using technology to improve urban life. SIP was then spun out of Sidewalk Labs in 2020 with A $400 million investment from Google.
Sidewalk Labs was then spun off as a subsidiary of Alphabet, before being folded into Google itself in 2021, downsizing and spinning off one piece (Canopy) while effectively shutting down as a separate venture.
Meanwhile, OhmConnect was initially nurtured as a side project of SIP, of which the latter continues to be a minority shareholder. Nest Renew has been an OhmConnect customer, along with Sensi, ecobee, Carrier and others. It said it also works with hot water heater manufacturers, appliance manufacturers, and solar and battery storage manufacturers.
The deal has some scope for it. OhmConnect says it currently has more than 225,000 customers across the various thermostat brands and other companies it works with. Although millions of Nest thermostats are in use in the U.S. and abroad, they are not necessarily used in conjunction with Nest Renew.
There is some competition for this part of the business: for consumers who want to participate in load shifting, there are a number of other players in the market, including the electricity companies themselves that offer these services directly as well. (In the United Kingdom for example, National network It also offers load shifting.) One of Renew Home’s goals will be to try to earn more from this business.