OhmConnect Raises $55 Million in Series D Funding

OhmConnect, a provider of residential energy solutions, raised $55 million in a Series D funding round led by ClearSky, Sidewalk Infrastructure Partners (SIP), and TELUS Ventures.

Other investors in the funding round include Carrier and SunPower.

In March 2022, Carrier and SunPower entered a strategic partnership with OhmConnect.

The funding helps the company expand its business reach into new markets and support flexible electric load across the U.S. The company also aims to use the investment to integrate with new technology and appliance companies.

The funding round includes investment support from SIP, which previously led OhmConnect’s Series C round. Other repeat investors include City Light Capital, Floodgate, Citi Impact Fund, Elemental Excelerator, and Radicle Impact. Barclays acted as the sole placement agent to OhmConnect on the capital raise.

In 2021, the company partnered with Google to incentivize energy-efficient behavior using Google’s Nest thermostats to reduce energy consumption during peak hours across homes in California.

OhmConnect currently integrates with appliances and devices from 30 companies and manufacturers. The addition of SunPower and Carrier to the OhmConnect ecosystem is expected to expand the company’s energy platform to a network of millions of grid-responsive devices and enable dramatically greater levels of load flexibility for the average home.

“By partnering with these leading consumer appliances, energy storage, and HVAC companies, we’re well-positioned to be the hub for saving electricity in homes across the world,” said Cisco DeVries, CEO of OhmConnect.

“By integrating SunPower’s solar solutions with OhmConnect, homeowners can supercharge their home’s energy earning potential while creating a more resilient grid,” said Shawn Fitzgerald, Vice President of Corporate Development at SunPower.

Earlier this year, Singularity Energy, a SaaS platform that reports on carbon emissions for the electricity grid, raised $4.5 million in a seed funding round. The funding round was led by Spero Ventures and Energy Impact Partners with existing investors, Third Sphere, J Ventures, and other individual investors.