Matt Duesterberg, Co-founder of Ohmconnect, discusses building a virtual power plant using smartphones, software, and smart devices. Topics include their $100 million investment, challenges in clean tech fundraising, building a sustainable business, the future of Ohmconnect and energy, desire for sustainability, building a successful startup, and overcoming challenges.
Virtual power plants leverage smartphone technology and smart devices in homes to balance variable energy and make clean energy consumption more intelligible.
Regulatory support, partnerships, and collective action are crucial for driving the adoption of renewable energy and smart grid technologies.
Deep dives
Building a Carbon-Free Future with Virtual Power Plants
Matthew Dusterberg, co-founder of OmConnect, discusses how virtual power plants can play a crucial role in achieving 100% clean energy. OmConnect empowers individuals to adjust their energy usage to stabilize the grid, while earning money in the process. By leveraging smartphone technology and smart devices in homes, OmConnect aims to balance variable energy and make clean energy consumption more intelligible. The company has secured significant investments and is building a 550 megawatt virtual power plant in California, the largest project of its kind. Dusterberg highlights the importance of regulatory support and partnerships in driving the clean energy transition.
Parental Influence and Climate Awakening
Matt Dusterberg, inspired by his parents' entrepreneurship, embarked on a journey focused on clean energy. His climate awakening began with reading Jared Diamond's book, 'Collapse,' which highlighted the consequences of unsustainable societies. Additionally, a challenging exam in college revealed the unsolvable complexity of the world's future energy portfolio. Dusterberg later gained experience in the energy trading industry, which led him to found OmConnect and address the need for widespread adoption of renewable energy and smart grid technologies.
The Challenge of Regulatory Risk
OmConnect has faced numerous challenges due to the complex regulatory landscape and resistance from incumbent utilities. However, early investors, including prominent names like Mark Benioff and Tom Steyer, believed in the mission, providing crucial support. Dusterberg acknowledges that disrupting the trillion-dollar energy industry comes with pushback, but emphasizes the importance of breaking the status quo to drive sustainability. He calls for collective action and policy changes to achieve a 100% clean energy future.
Balancing Entrepreneurship and Personal Life
Matt Dusterberg shares the personal sacrifices made while building OmConnect, from living in a small apartment with limited space to bootstrapping the company through initial years without revenue. Dusterberg's wife, Van, played a pivotal role as a supportive partner, advocating for investing in their entrepreneurial careers rather than settling down. Balancing the demands of being a founder, partner, and parent requires dedication and being present for the family every day. Dusterberg emphasizes the importance of support networks and being driven by a clear vision and mission.
Power plants are massive, complicated pieces of machinery. Gears. Pipes. Boilers. Generators. Instruments.
But a new kind of model is taking shape: one that combines smartphones, software, and smart devices in homes. It’s called a virtual power plant. And it’s what our guest, Matt Duesterberg, is working to build every day.
Matt is the co-founder of a company called Ohmconnect. It was founded in 2014 to make it easy for individuals to help clean up the grid.
In December 2020, OhmConnect picked up a $100 million investment from Sidewalk Infrastructure Partners. The money will help the company build a 550-megawatt virtual power plant made up of hundreds of thousands of households across California -- the largest project of its kind.
In 2013, Matt joined a Powerhouse hackathon to start working on the idea. It’s come a long way since then. So, we invited him to a live conversation to hear about the sacrifices, close calls, and conflicts that he’s dealt with while building OhmConnect.
We’re brought to you by Google. Google is pioneering the electricity systems of the future with its effort to source 24/7 carbon-free energy by 2030 -- so that everyone can have round-the-clock, carbon-free energy everywhere they operate, in every hour of the day. Learn more.
We’re also brought to you by Nextracker. Nextracker is advancing the connected power plant of the future across five continents.
Powerhouse partners with leading corporations and investors to help them lead the next century of clean technology innovation. Our fund, Powerhouse Ventures, invests in founding teams building innovative software to rapidly transform our global energy and mobility systems. You can learn more about Powerhouse at https://www.powerhouse.fund/
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