THEMO
14.3.2024 08:01:33 CET | Business Wire | Press release
The smart thermostat technology of the Estonian-Finnish cleantech company Themo has passed the requirements for Fingrid's Frequency Containment Reserve in Finland. This means that the frequency of Finland's national electricity grid can in the future be balanced quickly and easily through the heating systems of all Finnish electrically heated households and other residential and accommodation spaces. Themo's smart thermostats save money for their users by optimizing electricity consumption while considering the current market price. In addition, the owners will now be compensated for the utilization of thermostats in the reserve market. Themo also secured a growth funding of 1.3 million euros for product development.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240313357001/en/
Pictured from left: Joonas Rantala, Sales Director of Themo, Madis Uuemaa, CEO and Markus Perkkiö, CFO. (Photo: Business Wire)
Themo's core innovation is an efficient electricity optimization algorithm on which the company's smart thermostats are based. In addition to many other parameters such as time of day and weather forecast, the algorithm considers fluctuations in the price of electricity on the stock exchange when optimizing electric heating.
Themo thermostats can now also be used to balance the frequency of Fingrid's grid. The reserve market operated by Fingrid is used to adjust the grid to balance electricity consumption and production. Themo's technology can control many relatively low-power, standard electric heaters with a fast response time.
“We have successfully verified the operation of 1 MW of power mass under test conditions organized by Fingrid. To pass Fingrid's FCR-D market requirements, the reserve market supplier must be able to detect the frequency deviation and make the necessary adjustment itself within 7.5 seconds. With our sophisticated cloud solution, aggregation and adjustment of devices is possible in seconds," says Madis Uuemaa, CEO and technology developer at Themo.
Aggregated power from 20,000 smart thermostats balances the frequency of the grid
Frequency Containment Reserve for Normal Operation (FCR-N) and Frequency Containment Reserve for Disturbances (FCR-D) are active power reserves that are automatically controlled based on the frequency deviation. The Frequency Containment Reserve for Disturbances (FCR-D), the control test which Themo smart thermostats have now passed, maintains a frequency of at least 49.5 Hz or up to 50.5 Hz when the frequency deviates from the standard range. At equilibrium, the frequency is 50.0 Hz.
“In practice, this means that when a frequency deviation is detected, the algorithm automatically switches on all Themo smart thermostats for a short period of time, for instance 20 seconds. Switching on does not affect the heating of the home or heating costs, but with 20,000 electric heaters in the Finnish market alone, aggregated power has a significant balancing effect on the frequency. In addition, Fingrid will pay a compensation based on marginal pricing," says Uuemaa.
Themo's b2b customers involved in the reserve market
Intelligent and rapidly adjustable electrical innovations like Themo are key to the transition from fossil fuels to more sustainable energy solutions. New energy solutions such as solar and wind are more volatile for the grid. To balance the frequency deviations of the grid, reserves are needed and Fingrid will purchase them from the market it operates. Such reserves are for examples power plants, consumption targets, and energy storage facilities that change their output as needed.
“It is a great achievement and socially important that we can use the large reserves of existing electric heaters to balance the grid. In the past, balancing was done mainly by fossil power plants. The technology developed by Themo is an important part of future smart electricity grids," says Joonas Rantala, Sales Director at Themo.
Themo's b2b customers, such as Sato, Y-Foundation, Asuntosäätiö, rental housing companies owned by the largest Finnish cities, Holiday Club resorts, and some other companies offering rental housing and other types of accommodation or care services participated in the approved test. In the future, Themo's b2c customers will also be able to participate in the reserve market.
Themo manages around 10 MW under its current customer base. The aim is to manage 60 MW by the end of 2026.
EUR 1.3 million growth funding for product development
In addition to passing Fingrid's reserve market regulation test, Themo also secured EUR 1.3 million in growth funding for product development. This funding will strengthen Themo's position in the market and enable it to invest increasingly in smart energy solutions. The company's long-term goal is to secure emission-free and affordable electricity for everyone. With smart thermostats, customers can save up to 50% of electricity compared to manual thermostats. For a large rental property operators or hotels, financial savings can amount to tens of thousands of euros.
The lead investor in the funding round is Sunly, an Estonian company investing in renewable energy and modern technology. Sunly has already participated in Themo's previous funding rounds. The second largest investor is Finnish Indie Investments, owned by Heikki Nakari. Other Finnish angel investors such as Henry Nilert and Ali Omar are also involved.
Themo is an Estonian-Finnish cleantech company founded in 2014. Themo consists of the parent company Smart Load Solutions OÜ and its wholly owned Finnish subsidiary Themo Nordic Oy. The technology developed by Themo is an important part of the smarter electricity grid of the future. The company's long-term mission is to enable clean and affordable electricity for all. www.themo.io
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313357001/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Accertify and Liminal Release First Empirical Study Proving Fraud-Cyber Convergence Works - and Defining How to Do It Right22.7.2026 13:00:00 CEST | Press release
New research across 250 senior leaders identifies four organizational behaviors associated with a 3.4x performance advantage over siloed organizations Accertify, a leading fraud decisioning provider whose Predictive Yes Platform enables merchants to say yes to more good customers, more revenue, and more growth, today released The Convergence Dividend: Quantifying What Fraud-Cyber Convergence Actually Delivers, a landmark proprietary study conducted in partnership with Liminal. The research - spanning 250 Director-level and above fraud, risk, and security leaders across Retail/eCommerce, Travel, Restaurants/QSR, Entertainment & Media, and Marketplaces - is the first large-scale empirical proof that fraud-cyber convergence produces better business outcomes, and the first to identify the specific behaviors that separate top-performing organizations from the rest. While fraud-cyber convergence is a nearly unanimous (94%) recognized priority by respondents, the research found that many orga
New Visa Data Reveals How the FIFA World Cup 2026™ Created Pop-Up Economies Across Canada, Mexico and the United States22.7.2026 13:00:00 CEST | Press release
New Visa data reveals the FIFA World Cup 26™ drove a nearly 20% surge in cross-border transactions across host cities in Canada, Mexico and the United States. After the final whistle blew on the FIFA World Cup 2026™, millions of fans returned home with unforgettable memories and a trail of economic activity that stretched across countries. Every tap to pay left a lasting impact, as spending throughout the tournament delivered a meaningful boost to merchants and local economies across host cities in Canada, Mexico and the United States. According to new data from Visa, the tournament drove significant growth in cross-border spending, international travel, and digital commerce across host cities. The findings show how a major global event creates “pop-up economies,” defined by Visa as temporary, highly concentrated periods of commercial activity that emerge around major cultural, entertainment and sporting events. The data reveals that fans traveled from around the world to follow their
NIQ and Circle K Expand Global Analytics Collaboration Across More Than 12 Countries22.7.2026 12:00:00 CEST | Press release
Expanded agreement enables Circle K’s Business Units to accelerate smarter merchandising, pricing, and operational decisions across North America and Europe NielsenIQ (NYSE: NIQ), a leading consumer intelligence company, and Circle K today announced a multi-year global agreement spanning more than 12 countries across North America and Europe. The collaboration brings together NIQ’s global scale, AI-powered analytics, and deep local market intelligence to help Circle K transform decision-making, accelerate growth, and deliver best-in-class customer experiences across its expanding global footprint. In an increasingly competitive and fast-changing retail landscape, the collaboration enables Circle K to stay ahead of evolving consumer demand, optimize performance, and unlock new growth opportunities across markets. Through NIQ’s AI-driven insights and decisioning platforms, Circle K’s Business Units and Global Center of Excellence will accelerate smarter merchandising, pricing, and operat
Japan's Cross-Border E-Commerce "WAFUU.COM" Unveils Official Mascot Character "Mochi"22.7.2026 10:00:00 CEST | Press release
A tiny happiness from Japan — WAFUU.COM introduces its new official character, Mochi, bringing more joy to fans around the world discovering Japanese products. QRESTIA Inc. (Headquarters: Shibuya, Tokyo; President & CEO: Hidemasa Fukada) is pleased to announce that WAFUU.COM, its cross-border e-commerce site, has unveiled its new official mascot character, Mochi. Mochi will represent WAFUU.COM's warmth and friendliness across its website, social media, campaigns, package inserts, and other creative materials, connecting with fans everywhere. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260721435469/en/ Mochi, WAFUU.COM's new official mascot character, embodies "A tiny happiness from Japan." (Photo: WAFUU.COM) The debut video is now live on Mochi's official website: https://mochi.wafuu.com/ 1. About Mochi Mochi was born to embody the simple joy of choosing Japanese products. Its soft, rounded silhouette, gentle expression,
New NEURA Gym with RWTH Aachen: NEURA Robotics Expands its Global Training Network for Physical AI22.7.2026 09:10:00 CEST | Press release
NEURA Gym RWTH Aachen to open by end of 2026Ten NEURA Gyms under development, five operational by end of 2026 across Europe, the United States and ChinaIndustry partners gain access to the world’s first open infrastructure for training and deploying Physical AI NEURA Robotics ("NEURA"), the pioneer in cognitive robotics and creator of the Neuraverse, today announces a new partnership with RWTH Aachen University for the establishment of NEURA Gym RWTH Aachen. This continues the global rollout of NEURA Gyms, a worldwide network of purpose-built Physical AI training facilities that address the most significant barrier to intelligent robotics: the scarcity of real-world training data. The global rollout is backed by NEURA's Series C financing of up to $1.4 billion, the largest ever raised by a full-stack robotics company. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260721136838/en/ New NEURA Gym with RWTH Aachen: NEURA Roboti
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom