What a topsy-turvy year it was for the energy world! While Europe and the world faced the deepest energy crisis in years due to the Russia-Ukraine war, this has also accelerated Europe and Germany’s push for further independence from fossil fuels and more investment into renewables.
It was also in this tough environment where we saw our true believers, as Ostrom closed its Series A investment in December 2022 with our two new US-based investors: Union Square Ventures and Adjacent. We could not be more excited to have such strong backing to further our mission of being the leading energy management platform in Germany and in Europe.
On our second year, Ostrom continues to push further:
We could not be happier with all the milestones our entire team has achieved in such a short time. This is truly groundbreaking and we would like to use this time to thank our entire team, angels, investors and partners for helping us get where we are today!
The energy crisis of 2022 came on the back of the Kremlin’s invasion of Ukraine in February 2022. Fossil fuel imports were throttled, causing steep price increases continent-wide especially for natural gas. Given the merit order effect, this impacted all prices, including those for renewables. The impact was tough and led to a spike in inflation and a scramble for new energy sources.
But this crisis has led to an expedited timeline and importance in the renewable energy transition. Energy independence was not just environmental, it became geostrategic. From the Strompreisbremse, to new LNG terminals, to an overhaul of the bureaucratic red tape for new builds, to the new law pushing for smart meters—Germany, its government and consumers, have had a reinvigorated push for more renewables and better energy management.
As always, we remain committed to our goal of becoming the leading energy management platform in Europe by 2030. The impacts of climate crisis are coming fast yet still may be avertable. Our core thesis at Ostrom is empowering consumers to manage and use less energy through dynamic tariffs via a faster smart meter rollout and focusing on optimizing high energy-use items like EVs and heat pumps to make a marked impact on our targets.
We are rolling out significant new improvements to our customers on practically a weekly basis now, so watch this space. We have a lot of news over the next few months!
Ostrom reduces electricity costs for all customers once again! The unit rate will be decreased by 2.25 ct/kWh gross which translates to additional annual savings of 50€ per year, on top of the several hundred euros from our earlier price decreases for the average Ostrom customer.
As Ostrom turns two, we reflect on our challenges and wins and why we're excited about the future!