Google's Nest Renew and OhmConnect Combine to Form Renew Home, the Nation's Largest Residential Virtual Power Plant [Yahoo! Finance]
SunPower Corporation (SPWR)
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Source: Yahoo! Finance
OAKLAND, Calif. May 9, 2024 /PRNewswire/ -- Renew Home North America's largest residential virtual power plant (VPP), has launched out of the combination of Google's Nest Renew service and OhmConnect . The new company brings together millions of customers across the nation, helping to stabilize the grid and to reduce home energy costs. Renew already controls nearly 3GW of electrical energy use, and is planning to expand to 50GW by 2030 – approximately 25% of the total VPP growth recently projected by the U.S. Department of Energy (DOE). DOE projects that by tripling the scale of VPPs, we could meet 10-20% of peak electricity demand by 2030 – which would avoid $10 billion in grid costs. Backed by a $100M investment from majority owner Sidewalk Infrastructure Partners (SIP), Renew Home will transform residential energy by enabling millions of homes across the country to collectively reduce and shift their energy use. "The marriage of Nest's innovative approach to managing energy
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SPWR
Earnings
- 2/15/24 - Miss
SPWR
Sec Filings
- 5/13/24 - Form NT
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- SPWR's page on the SEC website