Elum Energy – a provider of advanced energy management solutions for renewable energy systems – announced it secured $13 million in Series B funding led by Energize Capital, with participation from existing investors Alter Equity and Cota Capital. This funding will support the company’s ambitious growth plans to address the booming global renewable market, such as a U.S. launch and product evolution within the energy storage and EV integration categories.
The global capacity for renewable electricity is expected to grow substantially over the next few years and a large number of distributed solar projects will be paired with battery storage by the same year. And as the renewables industry matures and the grid becomes more dynamic, asset owners need advanced and reliable operations and maintenance (O&M) solutions. Elum Energy specializes in industrializing the control of standard and hybrid solar PV projects, ensuring seamless integration across commercial and industrial (C&I) installations, microgrids, and utility-scale projects.
Last year, Elum Energy extended its worldwide presence in opening three new offices in Spain, Nigeria and Madagascar. And the company kept its high growth trajectory, and now has over 2,500 projects in 50 countries and more than 350 clients.
Elum Energy’s solutions optimize renewable energy assets globally, utilizing advanced technology for real-time insights and predictive maintenance. And the company is a trusted partner in the renewable energy sector, enhancing operational efficiency and energy yield.
KEY QUOTES:
“The challenge of integrating diverse renewable energy sources into existing power grids remains critical amidst global demand for sustainable solutions. Elum provides a future-proof, interoperable solution for monitoring and control of today’s energy systems. We are excited to partner with Energize, an investor with energy expertise and a shared vision, to build an intelligent, robust and flexible grid powered by renewables and managed by scalable software technology.”
– Cyril Colin, CEO and co-founder of Elum Energy
“As the market for solar and other renewable energy assets has increased in scale and complexity in recent years, demand for a modern operating system that can evolve with the energy grid has become apparent. Elum provides the solution that customers across C&I and utility-scale applications are looking for: easily configurable, multi-asset control, visibility and analytics. We’re thrilled to partner with the Elum team to expand their product and geographic reach and fuel the next phase of growth.”
– Eileen Waris, principal at Energize Capital and a member of Elum’s board of directors
