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Decarbonization Partners leads the Series D round of funding to scale ConnectDER's portfolio of residential electrification solutions.
PHILADELPHIA, Dec. 3, 2024 /PRNewswire/ -- ConnectDER, a leading innovator in resilient home energy technology, has secured $35 million in Series D funding to accelerate its market expansion and product innovation. The round was led by Decarbonization Partners, a partnership between BlackRock and Temasek, with participation from MassMutual Ventures, both new investors. Existing investors Avista Development, Clean Energy Ventures, Energy Innovation Capital, Evergy Ventures, LG Technology Ventures, and Zoma Capital also participated.
"We are excited to partner with ConnectDER, which has built an elegant solution that solves a major adoption pain point for customers, enabling and accelerating affordable home electrification in North America," said Dr. Meghan Sharp, Global Head and Chief Investment Officer of Decarbonization Partners. "We look forward to supporting the ConnectDER team as they continue executing on their growth journey."
"With this latest Series D funding we're poised to not only expand our existing markets but also our offerings by bringing a transformative solution for energy storage systems to the market," said Ivo Steklac, CEO of ConnectDER. "Our forthcoming IslandDER enables homes to disconnect and reconnect from the grid enabling customers to harness stored energy from solar plus battery systems or EVs providing innovative backup power and resilience to market at an incredibly competitive cost point."
This transformative approach is endorsed by Blue Raven Solar, a company committed to simplifying the path to renewable energy for homeowners. "At Blue Raven Solar, we prioritize operational excellence and an outstanding customer journey," said Chris Lundell, interim Chief Executive Officer. "Leveraging innovative technologies and solar equipment like ConnectDER adapters allows us to streamline installation timelines, reduce complexity, and deliver reliable, affordable renewable energy solutions that enhance the homeowner experience from start to finish."
In the U.S., 60 million homes lack the capacity for solar, EV-charging, or resilient energy solutions without costly equipment upgrades1. ConnectDER's products are installed in minutes and cost 10%, or less, of the cost of upgrading a home's service panel and/or utility interconnect, thus removing a critical barrier to adoption and creating jobs through accelerated deployment and customer benefit realization.
By simplifying interconnections, ConnectDER's products reduce training complexity and installation errors, and create opportunities for entry-level positions, driving domestic job growth. The corresponding accelerated deployment and cost reductions also expand the pool of financially viable projects thereby growing the industry.
ConnectDER plans to use this investment for market expansion, scaling manufacturing, and continued product innovation - areas that will reduce consumers' energy costs, unlock domestic career paths, and enhance U.S. competitiveness. With over 25,000 adapters in operation and approved for use in many states ConnectDER expects to be selling nationwide in the next few years and invites stakeholders to join its mission of delivering affordable and resilient energy solutions.
About ConnectDER
ConnectDER unlocks the massive potential of Distributed Energy Resources (DERs) by turning an electricity meter socket into an all-in-one interconnection point for solar, battery storage, electric vehicle charging, and beyond, directly benefiting the user, the grid, and the environment. Our solutions accelerate interconnection, enhance safety, and eliminate typical installation costs such as in-home wiring and service panel replacements. The Company is currently approved to sell its solution in over 20 states currently covering over 16 million households. For more information, visit www.ConnectDER.com.
About Decarbonization Partners
Decarbonization Partners is a joint venture between Temasek and BlackRock focused on late-stage venture capital and early growth private equity investing in next-generation companies that provide solutions and technologies to help accelerate global efforts to achieve a net zero global economy by 2050. Decarbonization Partners combines Temasek and BlackRock's complementary platforms and expertise in sourcing and underwriting private investments, portfolio and risk management, and sustainable technology and analytics. Decarbonization Partners invests in a wide range of companies that have proven technology and need capital to scale. The partnership attracted $1.40 billion in capital from a diverse set of over 30 institutional investors across North America, Europe and Asia Pacific. To learn more, visit www.decarbpartners.com
About MassMutual Ventures
MassMutual Ventures (MMV) is a multistage global venture capital firm investing in financial technology, enterprise SaaS, healthtech, climate technology and cybersecurity companies. With teams based in Boston, London, and Singapore, MMV manages over $1 billion in investment capital across the globe. We help accelerate the growth of the companies we partner with by providing capital, connections and advice. With our deep expertise and extensive network, MMV helps entrepreneurs build compelling and scalable companies of value. For more information, visit www.massmutualventures.com.
Media Contact: Megan FlemingDirector of Marketing and Communications
1 Source: Rewiring America
SOURCE ConnectDER, Inc.
