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Comwatt, a startup finding its place in the sun

Information updated on 21/01/19

Comwatt provides innovative “box" to optimize self-consumption of renewable energies. Incubated at Montpellier BIC since 2013, the company now leads its market in France and seeks to become #1 in Europe for smart energy management.

Grégory Lamotte, PDG de Comwatt

Grégory Lamotte, CEO of Comwatt

Eight years ago, environmental and geotechnical engineer Grégory Lamotte was managing a subsidiary of the Swiss company Tritec, a major player for the solar sector in Europe. “I realized that photovoltaic panels were becoming the least expensive way to produce energy per KwH, while transport represented 50% of the cost of electricity,” he explains, now CEO of Comwatt. From that moment on, he became a firm believer in the development of solar solutions for self-consumption. On one condition: “You need to match peaks of energy production with those of consumption.”

Eighteen months and a few patents later, the motivated entrepreneur founded Comwatt in Montpellier and launched his solution: a “box” integrating smart algorithms. The box uses connected objects to power the most energy-hungry electrical devices while the sun shines. What’s at stake? An average reduction of 50% on electrical bills.

Third round of fundraising

Hosted at Cap Omega, I was able to benefit from a stimulating ecosystem, surrounded by national champions in renewable energies as well as digital technologies, everything Comwatt needed to produce a high-level product. That, and some sun! ” exclaims the Montpellier native.

The startup had a staff of 25 employees in 2018 and expects to double its revenue, which reached €2 million in 2017.

Half will be reinvested in R&D so that we can continue equipping our tools with artificial intelligence and provide an even simpler offering, with more performance and at a lower cost, while securing the customer experience.

With that goal, Comwatt worked with its partners to build a network of two hundred installers, all trained by the company and subject to quality control. Comwatt also plans to accelerate its business development in France and Europe thanks to a third round of fundraising for an amount of €2.3 million finalized in July 2018.

According to Grégory Lamotte, “nearly four million French homes will be concerned by self-consumption within the next twelve years, compared to 30,000 today.”


 

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