Introducing Renew Home

At SIP, we have long believed that innovative, tech-enabled infrastructure is the best way to address the critical — and increasingly urgent — need to strengthen and decarbonize our country’s electrical grid. It’s why one of the first platforms we launched is focused on creating innovative demand response capabilities that support a cleaner, more resilient grid.

And it’s why we are proud to announce today that we signed an agreement to deepen our partnership with Google and its Nest Renew platform, a service for Google Nest thermostats that help customers shift their energy usage to times when the electrical grid is cleaner or energy is less expensive. This past year, Nest Renew has helped customers make over 1 billion energy adjustments to their Nest thermostats to prioritize cheaper and cleaner energy.

We will combine our platform company, OhmConnect, with assets from Google Nest’s Renew service business to form Renew Home, a new company that will help customers and energy providers unlock energy savings and rewards in a way that supports a clean energy grid. Renew Home will combine OhmConnect’s innovative home energy management platform, which has helped California avoid dangerous blackouts, with Google Nest’s leadership in energy products and services that help customers prioritize cheaper and cleaner energy. This new company will power the Nest Renew service going forward.

Nest Renew and OhmConnect customers will have improved experiences and offerings, as Renew Home works with partners across the energy industry to offer savings and rewards while accelerating the clean energy transition. SIP believes deeply in Renew Home's transformative potential, and we are investing $100 million in fresh capital to drive its future growth as a SIP platform company.

In addition to providing immediate benefits to consumers and their local electrical grids, we believe that Renew Home, working with partners across the industry, will help accelerate the growth of the virtual power plant (VPP) industry, a critical step to enabling the more dynamic energy grid we need to power a carbon free-future.

The creation of Renew Home embodies SIP’s vision of harnessing technology to make infrastructure more resilient, sustainable, and inclusive. Through Renew Home’s unique offering, we are excited to drive innovation that strengthens and decarbonizes our country’s electrical grid. We’re grateful that Google will provide key support to the company as a minority equity holder.

The closing of the transaction is subject to regulatory approvals and other customary closing conditions. We expect a seamless transition for customers currently on the OhmConnect and Google Nest Renew platforms. Until then, Nest Renew services will remain operated by Google, and OhmConnect will continue to operate independently.

We look forward to sharing more details in 2024 about how Renew Home will help customers and partners save, earn rewards, and increase their positive impact.