Solar connection start-up ConnectDER banks USD 27m in fund-raiser
SeeNews Renewables
May 25 (Renewables Now) - ConnectDER, a US provider of meter collars for home solar connection, has pulled in USD 27 million (EUR 25.1m) in fresh capital to expand its business in a Series C financing round led by Energy Innovation Capital (EIC). The Falls Church, Virginia-headquartered firm simplifies the grid integration of distributed energy resources (DER) like solar photovoltaic (PV) systems. It offers a single device to turn the meter socket into an all-in-one plug-in point for solar, storage and electric vehicles (EVs). ConnectDER said it will use the funds to advance its solar adapter into new markets, launch a new EV product line and develop new solutions for multi-asset electrification and integration. The company, which was founded in 2011, has already deployed over 15,000 units. It is present in 17 states, including New York, Arizona, Vermont and Colorado. The fund-raiser attracted various new backers, including LG Technology Ventures, Evergy Ventures and Riverstone. It also saw participation from a number of existing investors such as Skyview Ventures, Clean Energy Ventures and Avista Development. (USD 1 = EUR 0.932)