Hello Watt’s role in the energy transition
Residential energy usage accounts for around 12.5% of global greenhouse gas emissions1. Founded in 2017 by Sylvain Le Falher and Xavier Coudert, Hello Watt helps households reduce their carbon footprint by providing the insights needed to assess and cut energy consumption.
The Hello Watt platform supports householders who are looking to install renewable and energy-efficient technology such as solar panels, smart thermostats and heat pumps. Thanks to the customer information gathered from an app developed by Hello Watt, the firm is ideally placed to assess the potential benefits of such technology: it manages the whole process for its customers, from the initial assessment and order to the installation and even the warranty.
The app connects directly to domestic smart energy meters, giving users real-time information on their gas and electricity usage. Its technology not only identifies the areas where consumers could save the most energy, but also finds the most suitable – and greenest – gas and electricity tariffs.
To date, the app has been downloaded by more than a million customers in France. Some 600,000 households share their daily consumption data with Hello Watt and 300,000 homes are using the app on a regular basis. But the company’s real edge – and the likely key to its long-term success – is the potential to convert app engagement into renovation projects.
Identifying the opportunity
Solutions to the climate crisis exist, but they are scattered across countless companies. BNP Paribas Solar Impulse Venture Capital mission is to identify the most effective solutions and scale them globally.
“We identified Hello Watt a few years ago as precisely the kind of business we would like to get involved in, then made our initial investment in 2023,” explains Olivier Warnan, Partner at BNP Paribas Solar Impulse Venture Capital. “The company was unusual in that it had been bootstrapped by the founders: they had used the cash flow from their energy-provider comparison service to build the installation business.”
Joined by Starquest Capital, we co-led the €12 million financing round, Hello Watt’s first external equity raise and a pivotal step in accelerating the startup’s mission to scale its impact. Since then, the company’s revenues have more than doubled.
“Our aim is to invest in companies that have moved beyond the very early stage, and which are already generating revenues,” Warnan adds. “In particular, we are looking for firms that need to scale and that will eventually look to operate in overseas markets – which is where we can leverage the BNP Paribas global network to help them grow.”
This focus on scaling aligns perfectly with companies like Hello Watt, which leverage innovative solutions to meet growing consumer demand in sustainable energy markets. “The fact that the platform via the app has so many users, all of whom are looking to reduce their energy consumption and carbon footprint, means Hello Watt can give valuable advice, but also deliver solutions such as solar panels and heat pumps,” Warnan says. “Its competitive advantage is that the cost of acquisition is so low compared to other providers, allowing Hello Watt to offer the best prices to their customers.”
The company has also been able to address issues such as the reliability of installers by only working with trusted third parties. Hello Watt stays up to date with what subsidies are available and what installation restrictions might be in place in a particular area, helping homeowners navigate this complex environment.
Opportunities and challenges ahead
Hello Watt’s current ventures include expansion into southern Europe. In 2024, the company made inroads in Spain, opening an office in Valencia. Other countries are also on the roadmap. The company is discussing several business opportunities with the wider BNP Paribas group. Benefitting from the Group’s deep market knowledge in the US and Europe, bringing valuable insights on similar business models around the world.
Meanwhile, the energy transition remains dependant on public policies that have proven to be quite changeable in the recent past. In that context, Hello Watt’s diversified revenue streams and strong management team inspire confidence. “Hello Watt’s unique tech-driven business model gives us confidence in the company’s long-term success and sustainability – and so too the founders. Our philosophy is to identify management teams that have the capabilities to grow and develop with the company, and Sylvain and Xavier definitely fit that bill.” Concludes Warnan.
Key figures
proportion of global carbon emissions thought to be generated by domestic heat and energy
the typical reduction in energy consumption observed by first-time users of the Hello Watt app
registered downloads of Hello Watt app
households sharing their consumption data with Hello Watt every day
French households regularly using the app
Series A round total financing in 2023
typical annual electricity bill saving from solar panels
average payback period for solar panel investments
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