Amperon Holdings, a provider of energy analytics solutions, secured $20 Million in a Series B funding round led by Energize Capital. Other participants in this round include the D. E. Shaw group, Veriten, and existing investor HSBC Asset Management.
The round helped bring the company’s total funding raised to date to $30 million.
The company aims to use the funding to unlock more value from grid data and advance electricity forecasting innovation.
Amperon aims to address the grid interconnectivity issues with its data analytics software platform, which provides energy management solutions using hourly short- and long-term forecasts. The company plans to use the funding to advance an electricity demand forecasting platform to a comprehensive data analytics solution provider.
“With this funding, we are poised to leverage our cutting-edge AI models to enable customers to unlock more value from data and asset optimization, spanning from on-site solar to commercial load management with backup generation and microgrid deployment,” said Sean Kelly, CEO and co-founder of Amperon.
Grid interconnection has been a looming concern for some time now, with rising penetration of renewables. According to Wood Mackenzie, the number of new requests for interconnection rose every year from 2013 to 2021. As of the end of 2021, 8,133 projects were waiting in interconnection queues in the US, with a total generation capacity of over 1,000 GW and output from storage of 420 GW.
“Today’s electricity grid is facing uniquely modern challenges as we work to rapidly transform our energy assets and decarbonize our economy,” said Energize Capital Partner Tyler Lancaster, who joins the Amperon board of directors. “To facilitate the energy transition – a multitrillion-dollar market opportunity — we need more software tools custom-built to handle the complexities of our evolving energy markets.”
According to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Smart Grid companies in 1H 2023 was 32% higher, with $986 million compared to the $746 million raised in 1H 2022.
Recently, Openvolt, a provider of software solutions for energy data, secured €1.5 million (~$1.6 million) in a pre-seed round led by Berlin-based early-stage investor Cavalry Ventures, with participation from climate investor Übermorgen Ventures. The company is developing a smart meter API (Application Programming Interface) to unlock the data to plan and manage electrified assets.