Philadelphia-based ConnectDER, a developer of home energy technology, has closed a $35 million Series D round led by Decarbonization Partners, a joint venture of BlackRock and Temasek focused on startups enabling net zero goals. MassMutual Ventures, also a new investor, participated, while existing investors who joined the round included Avista Development, Clean Energy Ventures, Energy Innovation Capital, Evergy Ventures, LG Technology Ventures and Zoma Capital.
Founded in 2011 by Whitman Fulton, a former ICF International executive and Johns Hopkins alumnus, ConnectDER makes products that help home owners integrate with the utility grid, enabling use of solar, battery storage, electric vehicles and other distributed energy resources. Together with the funding, the company also unveiled its next-generation Meter Socket Adapter, called IslandDER.
‘Transformative’
“With this latest Series D funding we’re poised to not only expand our existing markets but also our offerings by bringing a transformative solution for energy storage systems to the market,” said ConnectDER CEO Ivo Steklac, a former EVgo executive who took the helm in June. “Our forthcoming IslandDER enables homes to disconnect and reconnect from the grid enabling customers to harness stored energy from solar plus battery systems or EVs providing innovative backup power and resilience to market at an incredibly competitive cost point.”
Dr. Meghan Sharp, global head and chief investment officer of Decarbonization Partners, hailed the firm’s “elegant solution that solves a major adoption pain point for customers, enabling and accelerating affordable home electrification in North America.”
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Large Addressable Market
According to the company, an estimated 60 million U.S. homes lack the capacity for solar, EV-charging or resilient energy solutions. ConnectDER’s products enable these homeowners to install a suitable product in mere minutes at affordable cost, “removing a critical barrier to adoption.”
ConnectDER plans to use the new funding to expand markets, scale manufacturing and continue product innovation. It already has over 25,000 adapters approved for use in many states. The company expects to sell its range nationwide in the next few years.
Steklac, an engineer by training, was chief technology officer of EVgo, the EV charging company, before joining ConnectDER. During a career spanning over three decades, he has gained significant experience in the residential electrification market. Steklac has previously held senior positions at companies such as SunPower, Tendril and C3.ai.
