Axle energy raises $9M in seed funding for expanding software infrastructure to capture the U.K. renewable energy market
Description:
On August 1, 2024, U.K. startup Axle Energy announced it had raised $9M in seed funding led by Accel to decarbonize the grid by providing small-asset renewable energy consumers with flexibility incentives. Axle Energy has a unique software back-end infrastructure, connecting renewable energy assets (EVs, batteries, heat pumps, etc.) with energy markets to support the volatility of intermittent sources. This will serve as a key replacement of fossil fuels, both lowering costs of clean energy and lowering the CO2 emitted into the atmosphere. U.K.’s Octopus Energy and Sweden’s Greenely are also involved in the energy redistribution space, but none take the B2B route like Bach. Axle has currently connected 15,000 flexible assets to energy, which accounts for 85 MW of capacity. Karl Bach, co-founder and CEO of Axle Energy, believes that by the end of the year, the company can provide consumers a saving of up to £400 per EV or home battery per year. Bach believes that there will be an inflection point in the European and global energy market in the next 12-18 months, and Axle hopes to capitalize on this growth with its recent seed funding.
Leadership:
Karl Bach - Co-founder & CEO
Archy de Berker - Co-founder
Partner asset manufacturers:
SolarEdge - a company that creates smart energy solutions that power our lives and drive future progress.
Myenergi - a British designer and manufacturer of renewable energy products that increase the self-consumption of green energy.
Pod Point - a company that provides innovative electric vehicle charging solutions for homes, workplaces, and commercial organizations.
GivEnergy - a U.K. company that provides premium battery energy storage systems at an accessible price.
Investors:
Accel - a global VC firm that is the first partner to teams across the world, from inception through all phases of private company growth.
Eka Ventures - a VC firm that works with founders to build category-defining consumer technology companies that positively shape the world.
Picus Capital - an early-stage technology investment firm with a long-term investing philosophy, backing technology companies to build global companies.
Amit Gudka - founder and CEO of Field Energy
Sierra Peterson - founder of Voyager Ventures
Hanno Renner -founder and CEO of Personio
Nico Rosberg - Formula 1 World Champion and sustainability entrepreneur
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