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Exclusive: Optiwatt raises $7M to shift grid demand

Illustration of an electrical plug and cord forming the shape of a dollar sign.

Illustration: Gabriella Turrisi/Axios

Climate tech startup Optiwatt closed a $7 million Series A as the company builds out its software that eases grid demand.

Driving the news: The company says it runs the largest charge-management network in North America, with more than 70,000 vehicles enrolled.

How it works: Electric utilities pay Optiwatt to shift electricity demand from peak times, which in turn frees capacity on the grid.

  • Consumers enroll via an app, and see lower costs from charging at off-peak times.
  • The software eases grid demand by adjusting when electric vehicles, smart thermostats and other devices draw power

Driving the news: Navitas Capital led the all-equity round, which closed in September.

  • Skyview Ventures joined with existing investors GV, Active Impact Investments, Urban Innovation Fund and Thin Line Capital.
  • Navitas managing partner Louis Schotsky is joining Optiwatt's board.
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