On December 14, 2023, Google Nest Renew, a load shifting 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, announced that it is spinning out from Google and combining with OhmConnect, a start-up that Sidewalk Infrastructure Partners (SIP) invests in that helps manage load shifting services for Nest and other smart thermostat brands. The new company will be called "Renew Home." Wilson Sonsini Goodrich & Rosati is advising OhmConnect on the transaction.
SIP will combine their platform company, OhmConnect, with assets from Google Nest’s Renew service business to form Renew Home, which 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. 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 is also investing $100 million in fresh capital to drive Renew Home’s future growth as a SIP platform company. The closing of the transaction is subject to regulatory approvals and other customary closing conditions.
The Wilson Sonsini team advising OhmConnect on the transaction includes:
Corporate
Bob O’Connor
Seth Helfgott
Avi Emanuel
Virginia Harris
Angela Chan
Kristy Strohm
Mergers & Acquisitions
Jason Breen
Brian Chan
David Adler
Joy-Annette Atsegbua
Robert Gunn
Technology Transactions
Barath Chari
Barclay Oudersluys
Waen Vejjajiva
Ariel Friedman
Privacy
Matthew Staples
Michael O’Brien
Diya Jajal
Employment and Trade Secrets
Alison Renner
Allison Ivey Toth
Employment Benefits and Compensation
Scott McCall
Jaqueline Tokuda
Emma Wilcox
Energy Regulatory
Nic Gladd
Antitrust
Beau Buffier
Robin Crauthers
Kimberley Biagioli
Delaware
Ryan Greecher
Adrian Broderick
Sarah Hand
Exports and Sanctions
Jahna Hartwig
For more information, please see SIP’s news release or coverage from Yahoo Finance.