Elum Energy, a provider of advanced energy management solutions for renewable energy systems, secured $13 Million in Series B funding. This round was led by Energize Capital and existing investors Alter Equity and Cota Capital.
This funding will support the company’s plan to expand to the global market, including a U.S. launch.
“The challenge of integrating diverse renewable energy sources into existing power grids remains critical amidst global demand for sustainable solutions,” said Cyril Colin, CEO and co-founder of Elum Energy.
Elum Energy specializes in industrializing the monitoring and control of standard and hybrid solar PV projects, ensuring integration across commercial and industrial (C&I) installations, microgrids, and utility-scale projects.
“As the market for solar and other renewable energy assets has increased in scale and complexity in recent years, demand for a modern operating system that can evolve with the energy grid has become apparent,” said Eileen Waris, principal at Energize Capital and a member of Elum’s board of directors.
Last year, the company expanded its presence by opening three new offices in Spain, Nigeria, and Madagascar. The company says that it now has over 2,500 projects in 50 countries and more than 350 clients.
According to Mercom’s 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding for Smart Grid companies in 1H 2024 totaled $1.2 billion in 29 deals, 22% higher YoY compared to $986 million raised in 26 deals in 1H 2023.
Last month, SYSO, a market operations service provider dedicated to renewable and energy storage assets, raised $14.5 million in Series B funding led by Kimmeridge, an alternative asset manager specializing in the energy sector, with participation from existing SYSO investor Lacuna Sustainable Investments.
