Tesseract Raises $78M in Funding


Tesseract, a London, UK-based new energy company, raised $78m in funding.

The round was led by Balderton Capital and Lakestar with participation from Accel, Creandum, Lowercarbon Capital, Ribbit and BoxGroup, along with strategic angels such as Tom Stafford (DST Global), Martin Mignot (Index Ventures), Chris Sacca (Lowercase and Lowercarbon Capital), John Doran and Nico Rosberg (Formula 1 World Champion and sustainability entrepreneur).

The company intends to use the funds to buy and build selected renewable energy assets and support the development of the platform. 

Founded in 2022 by Alan Chang, CEO, and Charles Orr, COO, Tesseract is a vertically-integrated energy startup that aims to decentralize the right to power, providing commission-free energy to customers without the need for rooftop solar panels. Instead of installing solar panels, customers will be able to buy a ‘virtual’ solar panel or wind turbine on the app which could cut their bill by as much as 100% and allow them to capitalise on selling the excess energy. By using co-located grid-scale batteries, Tesseract will also be able to effectively manage energy flexibility, creating a commercially attractive model.