Funding will Enable Expansion into New Markets, Accelerate Residential Energy Flexibility, and Help Prevent Blackouts
OAKLAND, Calif., June 9, 2022 /PRNewswire/ — OhmConnect, the leading provider of residential energy flexibility, today announced a $55 million Series D round, led by ClearSky, Sidewalk Infrastructure Partners (SIP), and TELUS Ventures. Investors also include Carrier and SunPower; the strategic partnership with both companies was announced in March 2022.
OhmConnect, which pays households to reduce electricity usage during times of peak demand, will use the investment to integrate with dozens of new technology and appliance companies. This will expand its energy flexibility solution into new markets and support the build out of several gigawatts of flexible electric load across the United States.
"As we head into a summer of record-setting energy costs and grid instability, OhmConnect is helping residents save on their bills by giving them the tools to reduce electricity usage when it is most expensive," said Cisco DeVries, CEO of OhmConnect. "This investment signifies the commitment to flexible demand and highlights the critical role people can play in grid resiliency. As OhmConnect expands to millions of homes nationwide, broadscale participation will be the ultimate game changer for aging electric infrastructure."
The funding round includes continued support from SIP, which previously led OhmConnect’s Series C round. Other repeat investors include City Light Capital, Floodgate, Citi Impact Fund, Elemental Excelerator, and Radicle Impact. In addition to ClearSky, TELUS Ventures, Carrier and SunPower, Japan Energy Fund has also joined as a new investor on this round. Barclays acted as sole placement agent to OhmConnect on the capital raise.
"Consumers have seen first-hand the limitations of our electrical grid. As extreme weather events increase in frequency and ferocity, we must build resilient and sustainable infrastructure," said Brian Barlow, Co-CEO of Sidewalk Infrastructure Partners. "OhmConnect has been instrumental in stabilizing the grid during periods of peak demand while making clean energy accessible for all."
"At Carrier, we’re focused on investments in sustainable innovations and disruptive technologies. With our residential heating and cooling units installed across the country, teaming up with OhmConnect will enable more households to adjust their cooling in response to stress on the grid," said Jennifer Anderson, Chief Sustainability Officer, Carrier. "It’s a win-win for our customers and the planet, allowing them to save money and reduce energy usage and emissions – a shared goal of both companies."
Collectively, the Series D partners will allow OhmConnect to dramatically expand its reach to millions of new customers in national and international energy markets. Building on the partnership with Google announced last year, OhmConnect currently integrates with appliances and devices from 30 companies and manufacturers. The addition of SunPower and Carrier to the OhmConnect ecosystem will expand OhmConnect’s energy platform to a network of millions of grid-responsive devices, and enable dramatically greater levels of load flexibility for the average home.
"By integrating SunPower’s solar solutions with OhmConnect, homeowners can supercharge their home’s energy earning potential while creating a more resilient grid," said Shawn Fitzgerald, Vice President of Corporate Development at SunPower. "Our investment in OhmConnect and the work we are doing together directly reflects our mission to change the way our world is powered."
"To achieve a 100% clean energy future, we need everyone to participate," continued DeVries. "By partnering with these leading consumer appliance, energy storage, and HVAC companies, we’re well-positioned to be the hub for saving electricity in homes across the world."
OhmConnect, winner of the 2021 Fast Company World Changing Ideas Award, helps hundreds of thousands of customers manage their at-home electricity and rewards them for smarter energy use. The company pays its customers for saving electricity when the grid is stressed and likely to utilize dirty power, unlocking clean, affordable, and reliable energy. With more than $17 million in rewards paid to its customers, OhmConnect is making a future of 100% clean energy accessible to everyone. Customers of the three major California electric utilities – Pacific Gas & Electric (PG&E), Southern California Edison (SCE), and San Diego Gas & Electric (SDG&E) – as well as Con Edison in New York, can sign up with OhmConnect for free at ohmconnect.com. Texas residents can select OhmConnect as their retail electric provider. Follow OhmConnect on Twitter @OhmConnect, read the OhmConnect blog or check them out on Facebook and LinkedIn.