Solar power optimization and EV charging tech provider Enteligent raised $7 million in seed funding from strategic and institutional investors to fast-track the commercialization of its solar optimization platform, a DC-to-DC solar hybrid bi-directional EV charger, the world’s first.
This seed round included investments from several strategic investors, including NOVA, the venture arm of Saint-Gobain, a building material company, and Taronga Ventures, a real-asset technology investor, and other institutional investors.
The capital raised will fund efforts to fast-track the company’s solar optimization and solar-EV technology that will enable consumers to shift energy consumption habits by providing technology, making it affordable and convenient to charge during the day.
The company’s solar optimization technology—with rapid shutdown safety capabilities—optimizes local delivery and the use of solar panel electricity generation providing intelligent monitoring to maintain maximum solar array production. Similarly, the Enteligent solar EV charger takes DC electricity directly from solar with dramatically more usable energy leading to significant cost savings per kW. Enteligent is targeting residential, commercial, and industrial customers.
Avi Naidu, the Managing Partner at Taronga Ventures, said, “there is a growing demand for EV charging to become more accessible. We are seeing this across our real asset partners globally. Enteligent’s DC-input EV charger significantly improves energy efficiency and price-point, which is crucial to encourage the adoption of clean energy in commercial assets.”
Sean Burke, Enteligent Founder and CEO, said, “our goal is to provide technology that addresses the immediate electrification challenges posed by the EV revolution, enabling widespread daytime EV charging using clean, on-site generated solar electricity.”
Smart grid companies experienced a substantial increase in VC funding during 2022: $3.3 billion raised in 46 deals, representing a 175% increase from the previous year’s $1.2 billion and 35 deals. Smart charging companies had the largest share of VC funding in the sector in 2022, with $2.2 billion in 26 deals, according to Mercom Capital Research.
Enteligent is a client of Mercom Communications, a division of Mercom Capital Group.