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, email@example.com, +47 934 00 332