US-based home energy technology provider ConnectDER has secured $35 million in Series D funding to accelerate its market expansion and development of its meter socket adapters for EV charging and solar power systems.
The financing round was led by new investors Decarbonization Partners, which is a partnership between BlackRock and Temasek, and MassMutual Ventures. Existing investors Avista Development, Clean Energy Ventures, Energy Innovation Capital, Evergy Ventures, LG Technology Ventures, and Zoma Capital also participated.
The investment comes as ConnectDER prepares to launch IslandDER, its next-generation meter socket adapter, which is designed to integrate with utility grids and enable islanding of solar, battery storage, EVs and other distributed energy resources, providing whole-home backup and resiliency.
Read our 2022 Interview: CEO of ConnectDER on its meter collar EV charging tech
ConnectDER has 25,000 adapters in operation and approved for use in many states, and expects to take its sales nationwide in the next few years.
“With this latest Series D funding we’re poised to not only expand our existing markets but also our offerings by bringing a solution for energy storage systems to the market,” said Ivo Steklac, CEO of ConnectDER. “Our upcoming IslandDER allows homes to disconnect and reconnect from the grid, enabling customers to harness stored energy from solar plus battery systems or EVs providing innovative backup power and resilience to market at a competitive cost point.”
Source: ConnectDER
