EV, Energy Storage and Solar Plug-and-Play Leader ConnectDER Closes $27 Million "C" Round Funding
Utility-Friendly Solutions Support Rapid, Low-Cost Electrification
PHILADELPHIA, May 24, 2023 /PRNewswire/ -- ConnectDER, the company that provides fast connection adapters for solar and other distributed energy resources (DER), has announced the closing of a $27 million Series C funding round.
ConnectDER's innovative meter collar technology provides a low-cost, one-hour install in a single device for upgrading residential electric power systems so homeowners can easily integrate grid-ready solar photovoltaic systems regardless of a home's age or amperage limits. ConnectDER's solution allows the installation of these systems without complex and expensive upgrades to circuit-breaker panels or in-home wiring, and without adding more amperage from the utility company. As a result, consumers save thousands of dollars in installation costs and components and shave off weeks to months of installation time. This is a highly scalable decarbonization solution for many lower-and moderate-income households who cannot afford to upgrade their circuit-breaker panels in order to install solar systems addressing critical energy access and equity issues. ConnectDER's product is also well-positioned and can be optimized to offer easy connections for electric vehicle chargers and backup power systems in the near future.
According to a 2021 study, prohibitively expensive service panel upgrades are frequently required to support the additional energy demand of new, DER products like solar panels, EVs, heat pumps, and other smart appliances, representing a $100 billion impediment to residential electrification and the energy transition. ConnectDER's innovative meter adapter platform helps bridge that gap, especially for underserved populations that more frequently live in older, underpowered homes.
Led by Energy Innovation Capital (EIC), the round includes new participation from LG Technology Ventures, Evergy Ventures, Riverstone, and existing investors Skyview Ventures, Clean Energy Ventures, and Avista Development, among others. The funding will be used to scale up ConnectDER's existing solar adapter into new markets, launch a new EV product line and develop a next-generation product suite for multi-asset electrification and integration.
According to Founder and CEO, Whit Fulton, "We're blazing a technology path that will enable more people to switch to clean, safe, and resilient energy faster and at a dramatically lower cost. We couldn't be more pleased with Rajan Gupta and the team at EIC — they've been enormously helpful in positioning us for our next phase of growth. We've already demonstrated the fundamental value of our high reliability and lowest cost offering and this new round gives us the fuel we need to manufacture and deliver our game-changing technology."
Already operating in 17 states, including New York, Arizona, Vermont and Colorado, ConnectDER has deployed over 15,000 units nationally to date.
EIC Senior Managing Director, Rajan Gupta, will join the ConnectDER Board. "Increasing home electrification is a powerful trend driven by solar, storage, EV charging, and electrification of other home appliances," Gupta said. "ConnectDER's meter adapter packs in functionality right behind the electric meter, and dramatically reduces the cost and time for residential customers to adopt electrical solutions. We are thrilled to partner with the ConnectDER team on its journey to enable faster and cheaper electrification and decarbonization for the residential mass market."
About ConnectDER
ConnectDER unlocks the massive potential of Distributed Energy Resources (DERs) by turning the meter socket into an all-in-one plug-in point for solar and storage systems, electric vehicles, and beyond, with specific benefits for the user, utility, and the environment. Our solutions decrease interconnection time, enhance safety, and decrease balance-of-system costs. For more information, visit www.ConnectDER.com.
About Energy Innovation Capital
Energy Innovation Capital is the premier capital provider for innovators serving the energy industry. EIC provides early and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions. EIC's team leverages our industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what's possible and build great companies. To learn more, visit www.energyinnovationcapital.com.
Contact:
Daysa Corrington
212-220-6045
[email protected]
SOURCE ConnectDER
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