True Energy adds more capital and utility grid knowledge

GEVinvestment

Via a capital injection from GEW, RAH, and Thy-Mors Energy, True Energy increases its ability to help balance the energy grid. GEV, RAH, and Thy-Mors Energi have, through their joint company, RGT Holding A/S, acquired part of True Energy with the intention to further support balancing of the energy grid through collaborating directly with energy consumers. 

Environmentally friendly and cheap 

True Energy has developed an app that enables consumers to automate their electricity use to match the times when electricity is cheapest and/or most environmentally friendly. The starting point is the automatic timing of tasks such as charging electric vehicles to the hours where electricity is the cheapest and most environmentally friendly. Simultaneously, the electric vehicles’ batteries can assist with regulating the Danish energy grid. True Energy is, with its patented ”Big Battery” concept, the first Energinet-approved decentral system to participate in load balancing the Danish electricity grid. Delaying electricity consumption and balancing energy grid are some of the biggest economic challenges created by the green transition and move away from fossil fuels. True Energy’s ability to address these challenges has been a deciding factor for GEV, RAH, and Thy-Mors Energi’s decision to partner with the company.

Green transition with a focus on electric vehicles

One of the biggest opportunities created by True Energy is the automatic charging of electric vehicles where users, via the app, can time their charging to the times of day where electricity is cheapest and/or most environmentally friendly. The same applies to the use of energy-hungry appliances such as dishwashers and dryers. 

The more vehicles there are attached to True Energy’s solution, the better and cheaper it becomes. At the same time, there are society-level advantages such as negating the need to expand the energy grid to previously projected levels. Charging of electric vehicles can be delayed to avoid critical times, such as the morning and around dinner time, where energy use is particularly high. Thereby True Energy’s solutions contribute to balance the energy consumption and support our joint green transition. 

True Energy founder and CEO, Charlotte Sand, says: 

”There is no doubt that consumers both in Denmark and abroad want to support the green transition. True Energy’s solutions enable consumers to think and automatically act more environmentally friendly in their daily lives. I have no doubts that the new collaboration will help further develop services and products that will benifit both True Energy, our partners, as well as both our and their customers.”

Her viewpoint is supported by chairman of RGT Holding, Robert Hove, who is delighted by the future opportunities.

”True Energy is an exciting company in the energy space and their compentences will indubitably help challenge our traditional approach to think about energy and energy solutions. We see this as an opportunity to influence the development of tools that will help to balance the energy grid. This not only helps us reduce the need for further expansion of the grid but also creates new synergies between the energy grid and its consumers through an intuitive tool that can help underpin our green transition.”

FACTS: 

RGT Holding A/S is the party which is a new co-owner of True Energy. RGT Holding is owned by GEV, RAH, and Thy-Mors Energi. René Heiselberg Gier will become a representative of the three companies as a board member in True Energy.

RAH, Thy-Mors Energi, and GEV delivers electricity via the grid to customers in the middle and west of Jutland and have, via their respective utility companies, including go’energi and Samstrøm, many local customers. These customers will now be able to participate in the exciting new collaboration. This will, amongst other ways, including the ability to use the True Energy app via go´energi og Samstrøm, which grants access to a spectrum of environmentally friendly opportunities and monetary savings. 

About True Energy:

True Energy was formed in 2018 and works to make it easy for customers to automatically use electricity when it is the cheapest and most environmentally friendly. True Energy’s solutions also help balance our future, green energy grid. Through our solutions, we and our customers support the transition to renewable energy. 

For more information, please contact 

Contact for True Energy: Charlotte Sand, Director 53 81 81 04

Contact for the three companies: René Heiselberg Gier, Director in GEV 30 31 11 90