Altor Fund V (“Altor”) has signed an agreement to acquire a minority stake in Tibber, the Norwegian smart energy provider and platform. The investment in Tibber has been done through acquisitions from existing shareholders, on the back of Tibber’s $100M Series C round in March 2022.
Since its inception in 2016, Tibber has been on a journey to assist consumers in lowering their energy bills, making more intelligent decisions around their electricity consumption, and empowering them to use energy smarter. At the beginning of the year Tibber had reached over 400,000 household customers in Norway, Sweden, and Germany and is looking to expand further within Europe.
As the hub in a smart home, Tibber connects independent and sustainable energy sources, such as solar photovoltaic (PV) cells, with smart hardware such as electric vehicle (EV) chargers, batteries, and heat pumps to make electricity production and consumption smarter, in addition to providing load balancing to the grid.
The investment fits Altor’s broader involvement in the green transition, with recent investments including Vianode and Svea Solar. Altor will support Tibber on its journey to become the leading home energy platform.
Herman Korsgaard, Director at Altor, commented:
“Tibber is a unique and rapidly growing company in the consumer-enabled green transition space. We are incredibly impressed by the position and platform the founders have created and are convinced Tibber will play an increasingly important role in providing renewable energy and smart solutions for households across Europe.”
For more information, please contact:
Herman Korsgaard at Altor, herman.korsgaard@altor.com, +47 934 00 332
About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 85 companies. The investments have been made in medium-sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are OX2, Vianode, Svea Solar, and Nordic Climate Group. For more information visit www.altor.com
About Tibber
Tibber is the smart digital energy provider founded in 2016 by the Norwegian Edgeir Vårdal Aksnes and the Swede Daniel Lindén.
The Tibber app replaces traditional utilities with a digital energy deal and technology for smarter consumption of energy. Tibber’s vision is to make sustainable energy consumption simple and affordable for all households, and their mission is to reduce the residential energy consumption for European households by 20 %.
This is made possible through their app that provides consumers with real-time analytics into energy usage, and that can be paired with a large variety of smart home devices to reduce energy consumption at home. For more information visit www.tibber.com
