ConnectDER, a provider of home energy technology solutions, secured $35 million in Series D funding. The funding round was led by Decarbonization Partners, a partnership between BlackRock and Temasek, with participation from MassMutual Ventures.
Existing investors, including Avista Development, Clean Energy Ventures, Energy Innovation Capital, Evergy Ventures, LG Technology Ventures, and Zoma Capital, participated in this round.
The company offers solutions for optimizing Distributed Energy Resources (DERs) by transforming electricity meter sockets into all-in-one interconnection points.
ConnectDER recently introduced its latest Meter Socket Adapter (MSA), the ‘IslandDER’. According to Ivo Steklac, CEO of ConnectDER, the IslandDER enables homes to disconnect and reconnect from the grid, allowing the customers to harness stored energy from solar plus battery systems or EVs, providing backup power and resilience.
According to the company, it has 25,000 adapters currently in operation and approved for use across multiple states. ConnectDER anticipates expanding to nationwide sales within the next few years.
“We are excited to partner with ConnectDER, which has built an elegant solution that solves a major adoption pain point for customers, enabling and accelerating affordable home electrification in North America; we look forward to supporting the ConnectDER team as they continue executing their growth journey,” said Dr. Meghan Sharp, Global Head and Chief Investment Officer of Decarbonization Partners.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding across all Smart Grid companies in 9M 2024 totaled $1.4 billion in 43 deals, 13% higher year-over-year than the $1.2 billion raised in 37 deals in 9M 2023.
In August, dcbel, a smart home energy company, raised over $50 million in Series B funding. The funding round saw participation from existing investors Volvo Cars, Coatue, Kevin Mahaffey, Real Ventures, and new investor Idealist Capital. Investissement Québec also participated in the funding round.
