Copper is a company that launched its award-winning induction range last fall, which marked the beginning of a new category of home appliances equipped with internal batteries. These batteries not only provide impressive performance enhancements but also play a pivotal role in supporting the electrical grid, all while helping homeowners avoid the significant costs associated with upgrading their building’s electrical infrastructure.
As Copper gains traction, it’s now on the verge of closing a substantial $28 million Series A financing round aimed at expanding its operations into new markets and developing additional products. This round of financing, which consists of both equity and debt, has attracted notable investors, led by Prelude Ventures, a firm dedicated to backing startups with substantial potential for combating climate change. Other contributors include Building Ventures and various existing investors, such as Voyager, Collaborative Fund, Climactic, Designer Fund, Necessary Ventures, Leap Forward Ventures, and Climate Capital.
Since its founding, Copper has made remarkable strides, with nearly a thousand of its induction ranges already delivered to customers across the United States. The response has been overwhelmingly positive, with NYT Wirecutter referring to it as “the holy grail of induction.”
While the company operates its own website for direct sales, it’s important to note that a significant portion of its business model revolves around B2B sales. Copper caters to building owners and real estate portfolio managers, who often grapple with exorbitant costs linked to repairing aging gas distribution pipes or upgrading outdated electrical systems. Copper’s innovative solution addresses both challenges, creating a pathway to save substantial amounts of capital and reduce complexity, all while phasing out reliance on gas infrastructure. This comes with the added benefits of delivering enhanced performance and resilience to the residents of these buildings.
A notable example of Copper’s growing demand came when the New York Housing Authority awarded the company a contract for 10,000 units. This contract sparked interest from associated parties for an additional 300,000 units, demonstrating an ever-increasing need for Copper’s pioneering technology. Once these appliances are deployed, the embedded batteries will provide valuable support to the electric grid, effectively functioning as a virtual power plant (VPP).
Copper initiated a pilot program for its California VPP in the summer of 2024, showcasing how a network of distributed energy storage assets can deliver verified capacity while simultaneously reducing dependence on costly gas peaker plants. By integrating batteries within residential appliances, such as their induction ranges, Copper offers a cost-effective solution for energy storage, bringing it closer to the edge of the grid where it can have the most significant impact.
KEY QUOTES:
“Copper has built a category-defining company. We were particularly impressed with the team’s relentless execution and capital efficiency, the scale of their vision, and the strength of their patent portfolio covering batteries in appliances.”
Mark Cupta, Managing Director at Prelude Ventures
“This new capital will enable Copper to continue to scale its technology platform into additional products, helping millions of people upgrade their homes, ditch gas, and support the clean grid.”
Sam Calisch, CEO and co-founder of Copper
