ConnectDER, a company specializing in fast connection adapters for solar and other distributed energy resources, has recently concluded a successful Series C funding round, raising $27 million. The funding will be instrumental in advancing ConnectDER's innovative meter collar technology, which offers a cost-effective and expedited solution for upgrading residential electric power systems.
One of the key benefits of ConnectDER's technology is its ability to facilitate upgrades without the need for complex and expensive modifications to circuit-breaker panels or in-home wiring. By eliminating the requirement for additional amperage from utility companies, ConnectDER's solution enables homeowners to save significant amounts of money on installation costs and components. Moreover, the technology significantly reduces the time required for installation, potentially shaving off weeks or even months from the process.
According to a report from Pecan Street, a decarbonization think tank, as many as 48 million single-family homes in the United States may necessitate electric service panel upgrades in order to fully transition to electrification. ConnectDER's innovative solution addresses this challenge head-on, offering a streamlined and cost-efficient alternative for homeowners.
The Series C funding round was led by Energy Innovation Capital and saw the participation of notable investors such as LG Technology Ventures, Evergy Ventures, Riverstone, Skyview Ventures, Clean Energy Ventures, Avista Development, and others. This injection of capital will support ConnectDER in scaling up its existing solar adapter into new markets, introducing a new product line focused on electric vehicles (EVs), and developing a next-generation suite of products for multi-asset electrification and integration.
ConnectDER's presence is already established in 17 states across the United States, and the company has successfully deployed 15,000 units nationwide to date. With the latest funding secured, ConnectDER is poised to expand its reach and make a significant impact in the field of residential energy system upgrades, further contributing to the country's transition to clean and sustainable energy sources.
