ConnectDER, a Philadelphia, PA-based company that provides fast connection adapters for solar and other distributed energy resources (DER), closed a $27m Series C funding round.
The round was led by Energy Innovation Capital (EIC), with participation from LG Technology Ventures, Evergy Ventures, Riverstone, and existing investors Skyview Ventures, Clean Energy Ventures, and Avista Development, among others. EIC Senior Managing Director, Rajan Gupta, will join the ConnectDER Board.
The company intends to use the funds to scale up its 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.
Led by Founder and CEO Whit Fulton, ConnectDER has developed innovative meter collar technology that provides a low-cost, one-hour install in a single device for upgrading residential electric power systems so homeowners can integrate grid-ready solar photovoltaic systems regardless of a home’s age or amperage limits. The solution allows the installation of these systems without complex and expensive upgrades to circuit-breaker panels or in-home wiring, and without adding more amperage from the utility company. ConnectDER’s product can be optimized to offer connections for electric vehicle chargers and backup power systems in the near future.
Already operating in 17 states, including New York, Arizona, Vermont and Colorado, ConnectDER has deployed over 15,000 units nationally to date.
FinSMEs
25/05/2023