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
StructureCraft Scales Data-Driven Design on NetApp22.7.2026 14:00:00 CEST | Press release
Structural engineering firm modernizes data infrastructure to support global collaboration NetApp® (NASDAQ: NTAP), the Intelligent Data Infrastructure company, today announced that StructureCraft, an award-winning global structural engineering and construction firm known for complex timber and hybrid builds, is now using NetApp to modernize and create an AI-ready data infrastructure. The new infrastructure enables the company’s employees to collaborate globally, store and manage large-scale design workloads, and take advantage of AI-driven tools on a scalable, centralized platform. StructureCraft specializes in innovative timber engineering, structural design, and sustainable building solutions for large-scale architectural projects worldwide. Its globally distributed team delivers complex projects across North America, Europe, and Asia, guided by a core purpose to engineer and build beautiful, efficient structures. The StructureCraft team regularly takes on complex projects such as de
OneSpan Introduces DigipassONE, Bringing a Unified Platform Approach to Authentication Modernization22.7.2026 14:00:00 CEST | Press release
A new authentication platform helps financial institutions support diverse customer authentication preferences while modernizing at their own pace Organizations are under increasing pressure to modernize authentication while supporting existing infrastructure, meeting evolving regulatory requirements, deploying emerging technologies, and reducing operational complexity. For financial institutions in particular, authentication modernization must balance security, compliance, and operational efficiency while meeting the evolving expectations and preferences of their customers. Yet the journey to modern authentication is rarely a single technology transition. Organizations must continue supporting multiple authentication methods while gradually adopting new technologies, making it essential to modernize without disrupting existing environments, user experiences, or business operations. To help organizations navigate this transition, OneSpan Inc. (NASDAQ: OSPN) today announced DigipassONE™
Echodyne Announces ATAK Integration for MESA® Radar Platform22.7.2026 14:00:00 CEST | Press release
Integration enables Echodyne MESA radars to support ATAK-based operational workflows Echodyne, the radar platform company, today announced the availability of an Android Team Awareness Kit (ATAK) plugin for its MESA® radar platform. The integration enables users to configure, control, and visualize data from Echodyne radars within the ATAK environment, supporting military, public safety, and security operations that rely on TAK for shared situational awareness. The plugin extends radar management and visualization capabilities to ATAK users, allowing high-fidelity radar data and system controls to be accessed through a familiar operational interface. By integrating radar data into existing TAK workflows, organizations can streamline deployment, reduce operator workload, and improve access to real-time situational awareness. TAK is a government-developed geospatial platform used across U.S. military, federal, state, and local government organizations, as well as by U.S. partner nations.
Omilia Appoints Ryan Kam as Chief Marketing Officer to Lead Global Brand and Growth Strategy22.7.2026 14:00:00 CEST | Press release
Former Five9, Salesforce, LogicMonitor, AppDynamics and Egnyte marketing leader joins Omilia to scale global brand and demand generation for its self-learning agentic CX platform Omilia, a global leader in Self-Learning Agentic CX, today announced the appointment of Ryan Kam as Chief Marketing Officer (CMO). Ryan will be responsible for Omilia's global brand, demand generation, and marketing strategy as the company scales its go-to-market presence across enterprise markets. In his new role, Kam will own Omilia's global marketing function, spanning brand strategy, demand generation, product marketing, analyst relations and communications. He joins at a moment of significant commercial momentum: Omilia has seen accelerating enterprise demand across all industries and is investing in a marketing engine built to match the pace of its growth. Ryan Kam brings more than 20 years of marketing leadership across some of the most recognized names in enterprise technology. Most recently, he served
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
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