Eddy Grid, an energy storage startup, secured €1.5 million (~$1.63 million) in a funding round led by the Graduate Entrepreneur fund, Herberth Samsom, alongside Rockstart’s Energy Fund and Volve Capital.
Several angel investors also joined the round, including Jan Saan of CM.com, Thijs Verheul and Sjuul Berden of United Wardrobe, and Bastiaan van de Rakt of WhyCommitCapital.
Eddy Grid provides energy storage and management solutions to businesses. The company provides an analysis of energy consumption and generation, enabling customers to select the appropriate battery, along with financing, preparation, and installation of the battery.
This capital will be utilized to expedite the company’s growth. The team aims to expand its offerings to serve customers more broadly and accelerate the rollout of collaborations, such as the Energy Hubs in partnership with Skoon Energy.
“We are thrilled to have Eddy Grid on board in our portfolio and our accelerator program. They have an impressive team with strong commercial skills and a proven track record in building scalable businesses. Their energy management and storage solutions address the urgent pain of grid capacity limitations for C&I customers, which is reflected in their strong traction so far. We look forward to supporting Eddy Grid in expanding their business and impact on the energy transition,” said Max ter Horst, Managing Partner at Rockstart Energy.
According to Mercom’s 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Energy Storage in the first nine months (9M) 2023 was up by 115% year-over-year with $8.6 billion in 68 deals compared to $4 billion in 74 deals in 9M 2022.
Recurrent, an electric vehicle (EV) and battery health data company, recently secured $16 million in an oversubscribed Series A funding round led by ArcTern Ventures. The funding round witnessed additional investments from Automotive Ventures, Goodyear Ventures, Wireframe Ventures, Pioneer Square Labs, and others.