On Thursday, OhmConnect, a California startup that pairs interactive technology and financial incentives to promote residential energy efficiency, announced that it has raised a $55 million Series D venture capital round. The round was led by ClearSky, Sidewalk Infrastructure Partners (SIP), and TELUS Ventures. Investors also include OhmConnect’s existing strategic business partners Carrier and SunPower.
OhmConnect’s value proposition is based on a gamification strategy, which pays residential energy customers via an interactive platform to limit their electricity usage during peak demand periods. The company plans to use the new funds to integrate its solution with new technology and appliance companies, adding to the approximately 30 companies and manufacturers that are already OhmConnect-compatible, entering new markets and supporting the buildout 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,” OhmConnect CEO Cisco DeVries said in a comment on the round. “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 at 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 a 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 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.”
In March of this year, OhmConnect’s strategic business partnership with Carrier and SunPower was announced, allowing customers of those companies to access OhmConnect’s gamified energy user solution.
