Parent Of Texas Retail Provider Raises $55M In Series D Round

June 9, 2022

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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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OhmConnect, which operates a Texas retail electric provider in addition to its responsive demand offerings in other states, announced a $55 million Series D round, led by ClearSky, Sidewalk Infrastructure Partners (SIP), and TELUS Ventures.

Investors also include Carrier and SunPower; the strategic partnership with both companies was previously announced in March 2022 (see story here)

In addition to ClearSky, TELUS Ventures, Carrier and SunPower, Japan Energy Fund has also joined as a new investor on this round

"Collectively, the Series D partners will allow OhmConnect to dramatically expand its reach to millions of new customers in national and international energy markets," OhmConnect said

"This will expand its energy flexibility solution into new markets and support the build out of several gigawatts of flexible electric load across the United States," OhmConnect said

OhmConnect said that it, "will use the investment to integrate with dozens of new technology and appliance companies."

"Building on the partnership with Google announced last year, OhmConnect currently integrates with appliances and devices from 30 companies and manufacturers. The addition of SunPower and Carrier to the OhmConnect ecosystem will expand OhmConnect's energy platform to a network of millions of grid-responsive devices, and enable dramatically greater levels of load flexibility for the average home," OhmConnect said

The funding round includes continued support from SIP, which previously led OhmConnect's Series C round. Other repeat investors include City Light Capital, Floodgate, Citi Impact Fund, Elemental Excelerator, and Radicle Impact, OhmConnect said

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