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Google's Nest Renew Merges with Alphabet Spinoff to Create Renew Home

A groundbreaking merge! Google's Nest Renew merges with OhmConnect to birth Renew Home, set to redefine smart homes as energy transition powerhouses. A $100 million-backed transformation awaits!

Nest Renew Merges with OhmConnect: Forming Renew Home, A Giant in Energy Transition!

Google's Nest Renew service is embarking on a monumental transformation, departing Google's fold to amalgamate with the OhmConnect energy management platform, ultimately birthing a new entity named Renew Home. Venture capitalist firm Sidewalk Infrastructure Partners (SIP), injecting $100 million into this venture, heralds it as a transformative force in the nation's energy landscape.

"Renew Home will serve as a catalyst for the burgeoning virtual power plant (VPP) industry," stated SIP CEO Jonathan Winer.

Both Nest Renew and OhmConnect have been instrumental in enabling smart home users to harness connected devices for optimal power usage, be it cost-effective or eco-friendly. Launched in 2021, Nest Renew empowered Google Nest Thermostat users to modulate HVAC system energy use for financial savings.

On the other hand, OhmConnect incentivizes users to curtail consumption during peak hours. It aids over 220,000 homeowners across California, Texas, and New York City, leveraging Ohm smart plugs and thermostats. Collaborating with utility giants like PG&E in California and New York, and functioning as an electricity provider in Texas, OhmConnect revolutionizes energy management.

Google spokesperson Patrick Seybold confirmed to The Verge that Nest Renew customers won't face interruptions with Renew Home's takeover. Seybold assured a seamless transition, promising enhanced experiences and offerings moving forward.

Renew Home envisages uniting OhmConnect's home energy platform with Google Nest's expertise, fostering a synergy that drives smart homes and devices toward becoming virtual power plants. SIP's CEO Jonathan Winer envisions Renew Home's pivotal role in facilitating a dynamic energy grid, a crucial stride towards a carbon-neutral future.

Virtual power plants, coordinated by software, aggregate smart homes to supply energy to the grid during demand peaks. SIP's $100 million investment into Renew Home, with Alphabet as a principal investor, affirms its commitment to the energy transition. Google will retain minority equity post-merger, subject to regulatory green lights, keeping Nest Renew under its wing until the deal finalizes.