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Exclusive: Rock Rabbit raises $3.1M for energy rebates

Illustration of a series of lightning bolts with roofs on them

Illustration: Sarah Grillo/Axios

Rock Rabbit has closed a $3.1 million seed round to build out its software for energy rebates, the company tells Axios exclusively.

Why it matters: The Inflation Reduction Act has unleashed billions of dollars for home energy upgrades and spurred a market for tapping into available cash.

Details: Powerhouse Ventures led the round for the year-old startup, founded by longtime energy executive Aimee Gotway Bailey and data engineer Riyad Muradov.

Zoom in: Rock Rabbit — another name for the climate change-sensitive American Pika — is initially focused on incentives for heat pumps.

  • Bailey says the company has already processed hundreds of thousands of dollars in incentives for its customers.
  • The software, a kind of Turbo Tax for electrification incentives, can be used by homeowners, contractors or incentives providers, like a state agency.

Big picture: While the IRA has unlocked billions of dollars for home energy rebates, the reality is that accessing those rebates is totally confusing and utterly time-consuming.

  • But there are some young companies, beyond Rock Rabbit, emerging to try to change that.
  • This week startup Eli Technologies announced its own software for contractors and incentive providers to access rebates, tax credits and financing for home electrification.

Zoom out: Other investors in Rock Rabbit's round include Better Ventures, MUUS Climate Partners, and Berkeley SkyDeck. Individual angel investors include SunPower's former CEO Tom Werner and AutoGrid founder Amit Narayan.

  • Lisa Lambert, the former founding president of National Grid Partners, and Richard Lowenthal, the founder and former CTO of ChargePoint, are also early investors in the Palo Alto, California-based company.
  • Bailey said the startup will use the funds to continue to develop the software product, integrate additional data sets and expand geographically.

Thought bubble: The electricity and energy sectors in general have been largely underserved by software and AI tools.

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