Philadelphia-based ConnectDER, a home energy technology company, recently raised $35 million in Series D funding.
ConnectDER plans to use funding to increase manufacturing, and for market expansion and product innovation. The company specializes in the meter socket adapter (MSA), a device that turns an electricity meter socket into an all-in-one interconnection point for battery storage, electric vehicle (EV) charging, and solar power.
The company has more than 25,000 adapters in operation and approved for use in more than 20 states. Its IslandDERTM MSA is designed to integrate with the utility grid. It expects to be selling nationwide in a few years.
“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,” Ivo Steklac, ConnectDER CEO, said. “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.”
Decarbonization Partners, a joint venture investing in companies that provide solutions and technologies to help achieve a net zero global economy by 2050, led the funding round.