Philadelphia-based ConnectDER, which sells plug-and-play meter collar adapters for EV chargers, solar, and battery storage, just closed a $27 million Series C funding round.
ConnectDER makes meter collars (pictured above) that are installed between the home’s meter and the meter socket to create a single access point for distributed energy resources (DER) installation.
Expensive electrical panel upgrades are frequently needed in homes in order to support the additional energy demand of DER products like EV charging, solar panels, heat pumps, and other smart appliances. ConnectDER’s meter adapter platform helps bridge that gap, especially for underserved populations that more frequently live in older, underpowered homes.
The collar adds new electrical service capacity, thus making an electrical panel upgrade unnecessary. ConnectDER says it only takes an hour to install the meter collar, and the age of your house and your home’s amperage limits are irrelevant.
ConnectDER’s $27 million Series C funding round, which was led by Energy Innovation Capital, includes new participation from LG Technology Ventures, Evergy Ventures, and Riverstone, as well as existing investors Skyview Ventures, Clean Energy Ventures, and Avista, among others.
ConnectDER will use the Series C funds to scale up its existing solar adapter into new markets, launch a new EV product line, and develop a next-gen product suite for multi-asset electrification and integration.
Whit Fulton, founder and CEO of ConnectDER, said:
We’ve already demonstrated the fundamental value of our high reliability and lowest cost offering, and this new round gives us the fuel we need to manufacture and deliver our game-changing technology.
The company is already operating in 17 states, including New York, Arizona, Vermont, and Colorado. The company says it’s deployed more than 15,000 units across the US to date.
You can click here to see whether ConnectDER’s solar meter collars are approved by your state or utility.
Read more: Siemens’ new home EV charger adapter ends need for electrical panel upgrades
UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.
Author: Michelle Lewis