FranklinWH, a residential energy management solutions provider, secured $25 million in Series B funding led by Particle Future. The funding is expected to help the company expand its R&D capabilities, optimize its supply chain, and scale up its operations and sales network.
“Battery storage systems are positioned to expand in the energy market because they are strong alternatives to the vulnerable, outdated, and expensive energy grid. This funding from Particle Future will help FranklinWH advance home battery technology and make renewable energy options more accessible,” said Gary Lam, Co-Founder of FranklinWH.
“Solar panels had their day in the sun over the past few years, but homeowners are becoming interested in pairing solar with other energy-efficient technologies to balance a home’s energy supply,” said Vincent Ambrose, Chief Commercial Officer at FranklinWH. “Our Franklin Home Power system is designed to integrate seamlessly with existing infrastructure and a mix of energy sources, including traditional generators and renewable energy technologies. This provides a smooth, pragmatic transition that minimizes disruption in households adopting renewable energy.”
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, dcbel, a smart home energy company, raised over $50 million in Series B funding. The funding round saw participation from existing investors Volvo Cars, Coatue, Kevin Mahaffey, Real Ventures, and new investor Idealist Capital. Investissement Québec also participated in the funding round. The funding will enable the company to accelerate the delivery of its Home Energy Solutions.