Google is creating a new entity named Renew Home by spinning out its Google Nest Renew business and merging it with OhmConnect in collaboration with Sidewalk Infrastructure Partners (SIP). SIP is set to make an initial $100 million investment, becoming the majority shareholder upon Federal Energy Regulatory Commission approval. While Google will be a minority shareholder, Renew Home aims to revolutionize energy markets with a focus on residential users. The company plans to facilitate homeowners in electrifying their homes using smart devices, optimizing energy consumption during peak times, and actively participating in virtual power plants, ultimately reducing electricity bills and carbon production.
Renew Home, set to launch with 1.4 gigawatts of peak energy capacity, has ambitious plans to install 10 gigawatts by 2030. Led by SIP's co-founder Jonathan Winer, the company aims to tap into the growing demand response market, emphasizing residential users' active involvement in virtual power plants. The investment from SIP will support marketing efforts to expand Renew Home's reach beyond the three states where OhmConnect operates. Google, while taking a silent role, continues to contribute through Google thermostats in this venture by focusing on fostering sustainable energy practices at the residential level.
