Allumia, an Energy Efficiency-as-a-Service (EaaS) technology platform, raised $7.5 million in Series A2 funding. Existing investor JW Asset Management led the financing round with participation from American Electric Power (AEP) and Duke Investments.
The company plans to use the new funds to accelerate the development of its EaaS technology platform for large-scale deployment for commercial and industrial (C&I) customers.
Allumia says its EaaS technology platform lets utilities deliver and fund efficiency projects to their C&I customers at scale while minimizing costly investments in discovery, project management, metering, verification (M&V), and ongoing service. The platform provides software-based automation across the entire project lifecycle, including solution design, project workflow management, document generation and management, project performance monitoring, revenue-grade metering, M&V, monthly billing on behalf of utilities, and long-term maintenance support.
“Complexity is the enemy of progress,” explains Allumia’s Founder and CEO, Aaron Block. “It’s why the majority of decarbonization being done by utilities today is large-scale ESCO work or direct-install lighting programs.”
“Allumia’s platform is designed to simplify things for utilities and end-users, making it possible to bring decarbonization to the mass C&I market. I’m excited this funding will let us continue to develop our core technology and grow the team, helping us take our platform to the next level, added Aaron Block.
According to Mercom’s Q4 2021 and annual funding and M&A report for storage, grid, and efficiency, VC funding for energy efficiency companies came to $122 million in seven deals in 2021 compared to $291 million in 16 deals in 2020.