ConnectDER raises $27M to collar electrical meters
ConnectDER closed a $27 million Series C to expand production of its collar-like adapter that enables homes to add solar panels or EV chargers without having to upgrade their electrical panels.
Why it matters: Upgrading an electrical panel costs thousands of dollars. ConnectDER's product allows low- and moderate-income homes to more easily go green without that upfront expense.
Details: Energy Innovation Capital led the all-equity round, which closed in mid-March.
- New investors LG Technology Ventures, Evergy Ventures and Riverstone participated, with existing investors Skyview Ventures, Clean Energy Ventures and Avista Development.
- Energy Innovation Capital senior managing director Rajan Gupta is joining the startup's board, which is seeking a fifth member.
How it works: Investing in rooftop solar or a new electric vehicle often requires homeowners to upgrade their electrical panels. The lowest quote for our house in Rhode Island: $4,000.
- ConnectDER’s collar is $500. Its first product, generically known as a “solar meter adapter,” effectively acts as a plug and socket connection, with a circuit breaker like you’d find in a service panel.
- It plans to introduce a collar for charging an EV later this year, and a multi-device collar next year.
State of play: The company frequently draws comparisons to Span, the SF-based startup that recently raised $186 million for its $4,500 software-equipped electrical panels.
- "It costs a lot of money to put in, and it has a lot of value," ConnectDER CEO Whit Fulton tells Axios. "We take the opposite tactic: extremely low-cost intervention that allows you to connect these assets incredibly quickly."
What's next: ConnectDER has sold about 15,000 of its solar collars across 17 states. It plans to use the capital from this round to expand to additional markets and ramp-up production of its EV-focused collar.