ConnectDER’s meter collar nets $27M in funding, makes any home ‘solar ready’
ConnectDER has fast connection adapter that can make homes solar and EV ready while avoiding more expensive panel upgrades — regardless of a home’s age or amperage limits. This innovation just netted a $27 million Series C funding round.
According to a 2021 study, prohibitively expensive service panel upgrades are frequently required to support the additional energy demand of new, DER products like solar panels, EVs, heat pumps, and other smart appliances, representing a $100 billion impediment to residential electrification and the energy transition. ConnectDER’s innovative meter adapter platform helps bridge that gap, especially for underserved populations that more frequently live in older, underpowered homes.
ConnectDER’s meter collar technology provides a low-cost, one-hour install in a single device for upgrading residential electric power systems without upgrades to circuit-breaker panels or in-home wiring or adding more amperage from the utility company. Already operating in 17 states, including New York, Arizona, Vermont and Colorado, ConnectDER has deployed over 15,000 units nationally to date.
Led by Energy Innovation Capital (EIC), the funding round includes new participation from LG Technology Ventures, Evergy Ventures, Riverstone, and existing investors Skyview Ventures, Clean Energy Ventures, and Avista Development, among others. The funding will be used to scale up ConnectDER’s existing solar adapter into new markets, launch a new EV product line and develop a next-generation product suite for multi-asset electrification and integration.
“Increasing home electrification is a powerful trend driven by solar, storage, EV charging, and electrification of other home appliances,” stated EIC Senior Managing Director, Rajan Gupta, will join the ConnectDER Board. “ConnectDER’s meter adapter packs in functionality right behind the electric meter, and dramatically reduces the cost and time for residential customers to adopt electrical solutions. We are thrilled to partner with the ConnectDER team on its journey to enable faster and cheaper electrification and decarbonization for the residential mass market.”
ConnectDER’s product is also well-positioned and can be optimized to offer easy connections for electric vehicle chargers and backup power systems in the near future. In fact, ConnectDER is supplying Siemens with a proprietary plug-in adapter for electric vehicle chargers. The new device will enable electric vehicle (EV) owners to charge EVs by connecting chargers directly through the meter socket, a convenient and efficient location available on every home. By bypassing a home’s electric service panel, the adapter will save an estimated 60 to 80 percent of the charger installation cost by avoiding the need for electric panel upgrades.
By allowing for a simple, 15-minute EV charger install, the technology eliminates the need for complex and prohibitively expensive installations. Nearly half of US home panels would need upgrades to allow the installation of a typical Level 2 charger, typically a 7-11kW device requiring 40-60 Amps on a 240V line. This is a major roadblock for EV adoption, especially for low-and moderate-income homeowners. The adapter will be offered exclusively through Siemens.
“Siemens invests in initiatives that help the world embrace electrified transportation, and we are pleased to partner with ConnectDER on this important effort,” said Chris King, senior vice president of strategic partnerships, Siemens. “While the EV industry continues to show explosive growth, to meet critical net-zero carbon emission goals like we have at Siemens, we must remove obstacles to broader adoption. ConnectDER’s innovative solution to simplify home EV charging helps overcome these challenges and we are excited to work with its team to rapidly roll out this product.”
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