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geo acquires disaggregation specialist ONZO as it closes successful funding round

Image: geo.

Image: geo.

Smart energy specialist geo has acquired disaggregation specialist ONZO, in a strategic move for the company’s plan to deploy its Whole Home Optimisation smart energy system across the UK and Europe.

ONZO’s technology details how devices consume energy and drive energy bills. Together with geo’s home optimisation service – which uses machine learning to optimise a home's use of an energy tariff – consumers will be able to use the software to automatically obtain the biggest energy saving.

Steve Cunningham, chief executive officer at geo said it was great to have the “innovative and creative team at ONZO” join them, adding “real strength” to the company.

“2021 is going to be an exciting time for geo and our partners: we commenced the delivery of our new EV charging and home heating optimisation capabilities earlier in the year. And as we complete the integration of ONZO’s capabilities, we will introduce the ability for the millions of households to automatically reduce their energy consumption further still through Whole Home Optimisation.”

The announcement comes as geo completes a successful funding round, with strategic investors Low Carbon Investment Fund, Schneider Electric and West Coast Capital joining the business.

geo currently provides technology to around 50% of UK homes under the government’s smart meter rollout, as well as operating in the Netherlands and the Nordics where it provides in-home energy displays. ONZO’s service is being used by a quarter of a million homes currently, with more than 7,000 new users joining monthly.

Rob Merrington, managing director of ONZO said becoming part of the geo team was the “perfect platform for ONZO’s evolution”.

“It’s clear there is genuine synergy within the current product suite provided by both businesses, and a significant opportunity for future developments, that will benefit both GEO and ONZO’s current and future customers.”

In November 2019, geo announced it had partnered with electric vehicle charger developer Wallbox, to offer a solution that combined its home energy management and home battery systems and Wallbox’s smart chargers for electric and hybrid cars.

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