Solar and Storage Developer Nexamp Secures $520 Million

Haven Energy, a provider of home battery solutions, secured a total of $7 million in Series A funding. The round includes returning investors Lerer Hippeau, Giant Ventures, and Raven One Ventures, as well as new participation from Comcast Ventures, LifeX, TO VC, and Habitat Partners.

The company guides homeowners through the selection, quoting, and financing of a home battery system, pairing them with vetted, qualified electricians to perform the installation. Home batteries allow homeowners to store excess solar energy, backup power during outages, and reduce their reliance on the grid.

Post-installation, Haven Energy works with homeowners to integrate their batteries into an aggregated virtual power plant (VPP), which is a network of distributed energy resources that can be controlled and optimized by a central platform.

“We anticipate that over half of US homes will have energy storage by 2030, and we want to be front and center to help lead the transition,” said Vinnie Campo, founder and CEO of Haven Energy. “Home battery systems are one of the best investments a homeowner can make – lowering monthly electric bills, putting an end to power outages, and paving the way to energy independence.”

The company will use its latest raise to grow its footprint in new markets and launch its software platform for selling home battery storage at scale, opening new revenue streams for solar and home energy partners.

“Battery storage is crucial in the race to net zero because it solves one of the major barriers to renewable energy scaling: intermittency,” said Tommy Stadlen, Co-Founder of Giant Ventures, who led the round. “We are doubling down on our previous investment in the company after witnessing first-hand the extraordinary demand generated by what is one of the strongest teams building in the climate technology space globally.”

According to Mercom’s recently released Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.