ConnectDER – a company that provides fast connection adapters for solar and other distributed energy resources (DER) – announced it has closed $27 million in Series C funding. The company’s innovative meter collar technology provides a low-cost / one-hour install in a single device for upgrading residential electric power systems so homeowners can easily integrate grid-ready solar photovoltaic systems regardless of a home’s age or amperage limits.
The funding round was led by Energy Innovation Capital (EIC) and it includes new participation from LG Technology Ventures, Evergy Ventures, Riverstone, and existing investors Skyview Ventures, Clean Energy Ventures, and Avista Development, among others. This funding round will be used to scale up ConnectDER’s existing solar adapter into new markets, launch a new EV product line and develop a next-generation product suite for multi-asset electrification and integration.
ConnectDER’s solution enables the installation of these systems without complex and expensive upgrades to circuit-breaker panels or in-home wiring, and without adding more amperage from the utility company. And as a result, consumers save thousands of dollars in installation costs and components and shave off weeks to months of installation time. This is a highly scalable decarbonization solution for many lower-and moderate-income households who are unable to afford to upgrade their circuit-breaker panels in order to install solar systems addressing critical energy access and equity issues. The company’s product is also well-positioned and can be optimized to offer easy connections for electric vehicle chargers and backup power systems in the near future.
ConnectDER’s innovative meter adapter platform helps bridge that gap, especially for underserved populations that frequently live in older and underpowered homes. Already operating in 17 states – including New York, Arizona, Vermont and Colorado- ConnectDER has deployed over 15,000 units nationally to date.
KEY QUOTES:
“We’re blazing a technology path that will enable more people to switch to clean, safe, and resilient energy faster and at a dramatically lower cost. We couldn’t be more pleased with Rajan Gupta and the team at EIC — they’ve been enormously helpful in positioning us for our next phase of growth. We’ve already demonstrated the fundamental value of our high reliability and lowest cost offering and this new round gives us the fuel we need to manufacture and deliver our game-changing technology.”
— Founder and CEO Whit Fulton
“Increasing home electrification is a powerful trend driven by solar, storage, EV charging, and electrification of other home appliances,” Gupta said. “ConnectDER’s meter adapter packs in functionality right behind the electric meter, and dramatically reduces the cost and time for residential customers to adopt electrical solutions. We are thrilled to partner with the ConnectDER team on its journey to enable faster and cheaper electrification and decarbonization for the residential mass market.”
— EIC Senior Managing Director Rajan Gupta – who will join the ConnectDER Board
