Leap, a San Francisco, CA- and Utrecht, the Netherlands-based provider of a universal distributed energy marketplace, raised $8.2m in a combination of equity and debt financing.
The Series A funding round was led by Union Square Ventures with participation from Congruent Ventures, National Grid Partners, Powerhouse Ventures, Elemental Excelerator, and FJ Labs. Silicon Valley Bank funded the debt portion of the capital raise.
The new funds, which brought Leap’s total capital raised to approximately $11m, will be used to enhance and expand operations in new markets and industries, and grow the team in the United States and the Netherlands.
Led by Thomas Folker, co-founder and CEO, Leap provides a marketplace that grants energy resources including battery energy storage, electric vehicles, and HVAC systems access to global demand response programs, wholesale markets, and real-time pricing through a single API.
In 2019, the company announced a partnership with Google Nest to allow its residential smart thermostat customers to contribute demand response services to the grid for the first time. Connected devices across Northern California can provide flexible power to enhance the resiliency of the grid and increase capacity to integrate additional renewable energy. Leap’s marketplace for grid flexibility.