Frequently Asked Questions

Please refer to our glossary to learn more about the technical terms.

Who, what, when, where and why?

What does the word “Hygge” mean?

Hygge (pronounced hoo-gah) is a Danish concept that describes a special moment or atmosphere in which one feels enveloped in warmth, peace and contentment, whether by oneself or surrounded by loved ones.

What does Hygge Energy do?

Hygge Energy has created a renewable energy and carbon trading marketplace that will not only make renewable energy profitable, but also increase its penetration five-fold in communities. Nations around the world are being challenged to meet net-zero emissions by 2050 before irreversible damage is done to the planet. Our team of accomplished energy industry experts have created a next-generation platform that will fix today's broken renewable energy business models, making net-zero by 2050 not only feasible, but also profitable.

When was Hygge Energy founded?

2017

Is Hygge Energy working on any projects?

We have projects in Canada, USA, UK and India.

Where was the company incubated?

Hygge Energy originated as a startup idea that was selected by Tech Mahindra’s internal entrepreneurship program for incubation from 2015 to 2017 by Mr. Anand Mahindra. Tech Mahindra is a $5 billion company with over 130,000 employees across 90 countries. Since 2018, we have been incubated in and supported by MaRS Discovery District, Canada.

How many countries is Hygge incorporated in?

Hygge has offices in Canada, USA and India.

How do you roll out your solution in a community?

We have a rapid, low-risk rollout approach:

Step 1: Hardware installation – Hygge Box “plug and play” rollout by utility or partner

Step 2: Trial period data analysis – customize offering for best fit

Step 3: Push button “Go Live” – immediate use and benefits, full-scale rollout

What is the need for your solution?

Our solution is an economic necessity for utilities, enterprises and end-consumers in a renewables-based grid.

Over 700 cities in 53 countries committed to halve emissions by 2030 and reach net zero by 2050
- Municipalities play no part in the distributed renewable energy business model, giving them no leverage to achieve this goal
Payback for solar ranges from 4 years in sunny states like California and Hawaii to 12 years in states like Wisconsin who don't receive as much sunlight
- The payback for solar generation owners is not sufficient

Utilities in North America oppose net metering programs as customers face extremely high electricity bills
- San Diego Gas & Electric customers pay 80% more per kWh than the national average
- Southern California Edison charges 45% more than the national average

Net metering only benefits the developers, leaves out every other stakeholder
- Battery storage is not financeable due to lack of bankable revenue earning opportunity

How do you differentiate yourself and stand out from your competitors?

Our competitors fall under two main categories: traditional transactive energy companies, and blockchain transactive energy companies.

Neither category offers the ability to trade carbon credits through a transparent and reliable platform. The Hygge Platform tracks the power flow from multiple resources, allocates and trades renewable energy to local customers, and optimizes and coordinates storage management. These elements create an end-to-end renewable energy trail, making it possible to trade carbon credits.

What is your revenue model?

We sell our customers the Hygge Platform license for a one-time fee, and Hygge Boxes are sold or leased. The licensee rolls out the program. We charge an annual maintenance for software and the Box. We charge a fee per energy transaction.

How does the utility benefit from your solution?

The utility is paid for the use of its distribution infrastructure. Even during grid blackouts as a result of climate disasters, when the transmission system is shut down, the distribution system infrastructure can be used for supply and consumption of electricity.