Elum Energy, a leading provider of advanced energy management solutions for renewable energy systems, has secured $13 million in Series B funding led by Energize Capital, with participation from existing investors Alter Equity and Cota Capital. This investment will support the company’s ambitious growth plans to address the booming global renewable market, including a U.S. launch, as well as product evolution within the energy storage and EV integration categories.
The solar industry is rapidly evolving as the installed asset base grows and project sites increase in complexity, as batteries, EV charging and other asset types are deployed alongside solar. The global capacity for renewable electricity is predicted to grow by 65% from 2023 to 2027, and it’s expected that 30% of distributed solar projects will be paired with battery storage by the same year. As the renewables industry matures and the grid becomes more dynamic, asset owners need advanced and reliable operations and maintenance (O&M) solutions. Elum Energy specializes in industrializing the monitoring and control of standard and hybrid solar PV projects, ensuring seamless integration across commercial and industrial (C&I) installations, microgrids, and utility-scale projects.
“The challenge of integrating diverse renewable energy sources into existing power grids remains critical amidst global demand for sustainable solutions,” said Cyril Colin, CEO and co-founder of Elum Energy. “Elum provides a future-proof, interoperable solution for monitoring and control of today’s energy systems. We are excited to partner with Energize, an investor with energy expertise and a shared vision, to build an intelligent, robust and flexible grid powered by renewables and managed by scalable software technology.”
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In 2023, Elum Energy extended its worldwide presence in opening three new offices in Spain, Nigeria and Madagascar. The company kept its high growth trajectory, and now has over 2,500 projects in 50 countries and more than 350 clients.
“As the market for solar and other renewable energy assets has increased in scale and complexity in recent years, demand for a modern operating system that can evolve with the energy grid has become apparent,” said Eileen Waris, principal at Energize Capital and a member of Elum’s board of directors. “Elum provides the solution that customers across C&I and utility-scale applications are looking for: easily configurable, multi-asset control, visibility and analytics. We’re thrilled to partner with the Elum team to expand their product and geographic reach and fuel the next phase of growth.”
SOURCE: PRNewswire