ConnectDER, a Philadelphia-based company that produces plug-and-play metre collar adapters for solar panels, battery storage and EV chargers, recently completed a $27 million Series C fundraising round.
In order to establish one point of access for distributed energy resource (DER) installation, ConnectDER manufactures metre collars (shown above), which are put between the home’s metre and the metre socket.
In order to accommodate the higher energy demand of DER items like EV charging, solar panels, heat pumps, and other smart appliances, expensive electrical panel upgrades are usually required in residences. The metre adaptor platform from ConnectDER aids in closing that gap, particularly for underprivileged groups that usually reside in outdated, powerless houses.
The collar increases the electrical service capacity, eliminating the need to replace the electrical panel. According to ConnectDER, installing the metre collar just takes an hour, and neither the duration of your property nor its amperage constraints matter.
Energy Innovation Capital served as the lead investor in ConnectDER’s $27 million Series C investment round, which also included participation from current investors Skyview Ventures, Clean Energy Ventures, and Avista as well as new investors LG Technology Ventures, Evergy Ventures, and Riverstone.
The Series C funds will be used by ConnectDER to expand the market reach of its current solar adapter, introduce a new EV product line, and create a next-generation solution portfolio for multi-asset electrification & integration.
ConnectDER’s founder and CEO, Whit Fulton, stated:
This fresh round gives us the gasoline we need to produce and distribute our game-changing technology. We’ve already shown the core value of our highly reliable and lowest cost solution.
There are already 17 states where the business is active, namely New York, Arizona, Vermont, and Colorado. According to the company, it has currently set up over 15,000 devices across the US.
Follow EAutoArena On Telegram, Twitter, Google News & Youtube