tado° has announced an investment of €30m, or £25m, by Panasonic Corporation.
A company statement said the funding will help tado° continue in its mission to lead the green energy transition with its smart thermostat, heat pump optimiser, dynamic energy tariffs and software solutions.
The investment, announced at ISH in Frankfurt, comes a year after the two companies signed a new partnership agreement that combined Panasonic’s heat pump products and technology with tado°’s smart heating control and energy management services. The statement added that customers have benefitted from specifically tailored heat pump management software that optimised their Panasonic AQUAREA heat pump settings automatically and shifted its electricity demand to times when renewable energy was available and prices were lower.
In addition, it noted that the Heat Pump Optimizer X automatically adjusts to changing outside temperatures to improve the COP coefficient and to adjust the heating curve. Customers with a photovoltaic (PV) system on their roof can benefit from self-optimisation algorithms to make best use of self-produced electricity, it said.
Christian Deilmann, tado° co-founder, said: “We warmly welcome Panasonic as the newest shareholder in tado°. We are delighted to strengthen our partnership and deliver outstanding mutual propositions for our customers in Europe. We are thankful for the trust by Panasonic and are looking forward to driving the green energy transition together.”
Eiichi Katayama, president of the Heating & Ventilation A/C Company of Panasonic Corporation, added: “We are delighted to invest in tado° because working together has only increased our belief that both companies are aligned in our missions to contribute to both comfortable living and a sustainable environment on the planet.
“We believe tado° is the best partner in this aim because its solutions only strengthen the compelling proposition Panasonic AQUAREA heat pumps offer our customers.”