The smart home industry is constantly evolving, with new companies and technologies emerging to make our lives more convenient and energy-efficient. In a recent development, Google’s Nest Renew service is leaving the tech giant and merging with the OhmConnect energy management platform to form a new company called Renew Home. This collaboration is set to create the country’s largest energy transition resource, leveraging smart home devices to prioritize cheaper and cleaner energy. Let’s take a closer look at this exciting development and what it means for smart home users.
Nest Renew and OhmConnect have been at the forefront of helping smart home users optimize their energy usage and save money. Launched in 2021, Nest Renew is a service specifically designed for Google Nest Thermostat users, allowing them to shift the energy consumption of their HVAC systems during off-peak hours to reduce costs. On the other hand, OhmConnect pays its users to reduce their electricity consumption during peak times, leveraging Ohm smart plugs and smart thermostats. The service is currently available to over 220,000 homeowners in California, Texas, and New York City. With their combined expertise, Nest Renew and OhmConnect have been enabling smart homes to take advantage of cheaper or cleaner power when available.
In a significant move, Nest Renew and OhmConnect are coming together to create Renew Home, a powerful entity focused on revolutionizing the energy transition landscape. The venture capitalist firm Sidewalk Infrastructure Partners (SIP), which has invested $100 million into the new company, announced this transformative merger. SIP, a backer of OhmConnect, believes that Renew Home will become the country’s largest energy transition resource. This collaboration aims to leverage OhmConnect’s home energy management platform and Google Nest’s expertise in energy products and services to accelerate the growth of virtual power plants (VPPs) and enable a more dynamic and sustainable energy grid.
Renew Home, in partnership with industry leaders and stakeholders, plans to harness the potential of virtual power plants (VPPs) to create a more sustainable future. VPPs utilize software to coordinate groups of smart homes that can contribute energy to the grid when needed. This can be achieved through various means, such as vehicle-to-grid charging, home solar systems, and home batteries. Additionally, VPPs have the capability to reduce grid demand by dynamically adjusting smart thermostats or turning off connected appliances. The combination of OhmConnect’s expertise in energy management and Google Nest’s leadership in energy products positions Renew Home to play a crucial role in enabling the transition to a carbon-free future.
SIP, a venture capitalist firm backed by Google’s parent company, Alphabet, has invested $100 million into Renew Home, showcasing its commitment to the company’s vision and goals. Google, while no longer the sole proprietor of Nest Renew, will remain a minority equity holder in Renew Home. However, the regulatory approval process still needs to be completed before the deal is finalized. The collaboration between Nest Renew and OhmConnect, in the form of Renew Home, brings forth exciting opportunities for enhanced experiences and offerings for smart home users.
Renew Home is set to become a game-changer in the smart home industry, providing users with advanced energy management solutions and promoting the adoption of renewable and clean power sources. The merger of Nest Renew and OhmConnect to form Renew Home will undoubtedly create a powerful force in the energy transition space. By leveraging the collective expertise and technological capabilities of both companies, Renew Home aims to accelerate the growth of virtual power plants and contribute to a more sustainable and carbon-free future. Smart home users can look forward to an enhanced and seamless experience, empowered by Renew Home’s innovative energy management platform.