In a bid to drive clean energy and conservation efforts, Google is spinning out its Google Nest Renew business and partnering with Sidewalk Infrastructure Partners (SIP) to create a new company called Renew Home. SIP will invest $100 million in the venture and become the majority shareholder, while Google will hold a minority stake. The merger formalizes the existing collaboration between Google Nest and OhmConnect and aims to expand into both existing and new markets.
Renew Home will build on the success of OhmConnect, which currently has 226,000 homes on its platform in California, Texas, and New York. During the recent heat emergency in California, OhmConnect was able to provide the independent system operator, CalISO, with power equivalent to that generated by three power plants. With an initial capacity of 1.4 gigawatts of peak energy, Renew Home aims to have 10 gigawatts installed by 2030.
