Renewable software start-up David Energy raises $19 million
David Energy - billed as a novel retail electricity provider whose software-driven approach slashes costs while simplifying the energy management process - has closed $19 million in new financing.
The new capital includes a $4.1M Seed round led by Equal Ventures and a $15 million working capital facility from Hartree Partners, a global merchant commodities firm specializing in energy and associate industries.
Its Mycor platform analyzes and controls customer demand in real-time by integrating with devices in customers' homes and buildings such as battery storage, EV chargers, smart thermostats and solar.
"We intend to build the Standard Oil of renewable energy, and the first step of vertical-integration is becoming a supplier," said James McGinniss, Co-Founder and CEO of David Energy.
"Renewable energy generators are fundamentally different in their variable, distributed, and digitally-native nature compared to their fossil fuel predecessors, while customer loads like heating and driving are shifting to electricity consumption from gas.
"The sands of market power are shifting and incumbents are poorly positioned to adapt to evolving customer needs, so there’s a massive opportunity for us to capitalize."
Through Mycor, David Energy helped Jack Resnick & Sons monitor its New York daily operations, deliver actionable recommendations and optimum setpoints and enable engineers develop better management practices.
In March 2020, it closed $1.5 million Pre-Seed round co-led by Box Group and Greycroft.
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