Enode raises $15M to accelerate the world’s energy transition
We’ve raised a $15M Series A to build the digital infrastructure for a sustainable energy system, and make it easier for the world to transition towards renewable energy. Creandum led the round with participation from Lowercarbon Capital, BoxGroup, MCJ Capital, Skyfall Ventures, and business angels including Andreas Lundgren (Tink) and Matt Cohler (Benchmark).
The challenge
In the last few months, the war in Ukraine has led to a spike in European energy prices, and in the long term, we’re facing a catastrophic climate disaster. It’s a discouraging picture, and one in which everyone will be affected. Increasingly, consumers are seeking to be part of the solution, with many looking for ways to reduce their energy usage and ensure that the origin of that energy is renewable.
Doubling the supply of clean energy by 2030 is one of the most critical things we need to do in order to limit global average temperature increase to 1.5°C above pre-industrial levels. The energy sector is the source of around three-quarters of global greenhouse gas emissions, and as a result, energy providers are looking for ways to deliver clean energy and offer more intelligent ways to monitor and optimise energy usage. But it’s hard for them to build reliable integrations with the hundreds of disparate energy hardware systems, including EVs, home batteries, heating, and cooling, and accelerate their adoption among consumers.
The solution
The long-term solution to climate change includes electrifying everything and deploying as much renewable energy production as possible. Enode builds the digital infrastructure that makes distributed energy resources interoperable. It enables energy companies to connect their apps to a universe of energy hardware systems, increasing their value and adoption among end-users. It also enables smart control of the flow of energy to those devices, taking pressure off the grid and optimising the distribution of renewable energy. The result is better utilisation of renewable energy, which creates a competitive advantage for energy companies and a dramatic reduction in costs for consumers. It also gives consumers control over their own carbon footprint, as well as what data they want to share, with whom, and when.
Our story so far
We built Enode to help accelerate the world’s transition to a renewable energy system. We do this by enabling our customers to connect to energy hardware systems faster. In addition to innovative established players like E.ON and OVO, we are also seeing a wave of exciting new companies like Monta and Greenely build the next generation of green energy apps and services. Today, Enode supports more than 400 different hardware models and a wide range of optimization and aggregation solutions.
Although the current energy situation is daunting, we see plenty of reasons to be excited about the future. Together with thousands of other companies, Enode will play a vital role in building tomorrow’s intelligent energy system by leveraging the power of software and the internet. The Enode API helps forward-thinking energy companies build the next generation of green energy apps and accelerate the pace of the energy transition.
We’re a team of 25, but we’re growing fast. If you want to be part of the journey, join us! Check out our careers page.
