OhmConnect raises $55M Series D for gamifying demand-response
OhmConnect's consumer-facing, game-like approach to easing demand on the grid attracted a $55 million Series D.
Why it matters: Plenty of climate-tech startups are taking on demand-response. But OhmConnect's unusual approach not only stuck with investors, it stoked an eight-figure fundraise in what's otherwise become a punishing environment for later-stage rounds.
What's happening: OhmConnect pays households to reduce their electricity use during peak demand. Participants can win prizes, too.
- The virtual power plant program is active in three electricity markets and looking to expand to all seven major markets in the U.S., a spokesperson tells Axios.
Driving the news: The Series D was led by ClearSky, Sidewalk Infrastructure Partners and Telus Ventures.
- Carrier and SunPower, which announced a strategic partnership with OhmConnect in March, also participated.
- Further investors include City Light Capital, Floodgate, Citi Impact Fund, Elemental Excelerator, Radicle Impact and the Japan Energy Fund.
What they're saying: "Grid edge flexibility is incredibly difficult to aggregate and orchestrate at the residential level at scale," Brian Barlow, co-CEO of Sidewalk Infrastructure Partners, tells Axios.
- What caught his firm's eye: Bringing "a gamified engagement platform" with energy consumption.
- The big risk: "The regulatory environment not evolving fast enough for this to make an impact at scale," Barlow tells Axios.