Start-up Retail Supplier Secures $19 Million In New Financing; Adds Market Vets To Team
February 9, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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David Energy, a start-up retail electricity supplier, announced the close of $19 million in new financing.
The new capital includes a $4.1M Seed round led by Equal Ventures and a $15 million working capital facility from Hartree Partners.
Additional seed investors include Operator Partners, Box Group, Greycroft, Sandeep Jain and Xuan Yong of RigUp, returning angel investor Kiran Bhatraju of Arcadia, and Jason Jacobs’ recently launched MCJ Collective, an early-stage climate tech fund.
David Energy plans to use the additional financing to bring its offering to the Northeast markets and rapidly expand its customer footprint.
Co-founders James McGinniss, Brian Maxwell, and Ahmed Salman founded David Energy in 2019
The trio are joined by two new hires, Head of Retail Chaitu Parikh, former COO at Crius Energy, and Vice President of Supply Abhi Mandhana, former Director of Portfolio Optimization at EDF Energy North America.
"David Energy is an electricity supplier whose software platform analyzes and controls customer demand in real-time. By integrating with devices in customer homes and buildings such as battery storage, EV chargers, smart thermostats, solar, and more, and leveraging those devices directly into electricity markets, David Energy is able to buy and deliver power to customers far cheaper and more efficiently than incumbent providers. Their software driven approach introduces transparency and simplicity to an opaque, commoditized industry," David Energy said
"We intend to build the Standard Oil of renewable energy, and the first step of vertical-integration is becoming a supplier," said James McGinniss, Co-Founder and CEO of David Energy. "Renewable energy generators are fundamentally different in their variable, distributed, and digitally-native nature compared to their fossil fuel predecessors, while customer loads like heating and driving are shifting to electricity consumption from gas. The sands of market power are shifting and incumbents are poorly positioned to adapt to evolving customer needs, so there’s a massive opportunity for us to capitalize."
"David Energy’s software platform, Mycor, and personalized method to energy supply contracts take a different approach with unprecedented control and visibility while addressing many of the problems inherent in the shift to distributed and variable sources of electricity. By leveraging building demand data and the assets the building has at its disposal, Mycor can intelligently shift user consumption to the times when renewable power is most available, and cheapest," David Energy said
Since David Energy’s $1.5 million Pre-Seed in March 2020, the company has launched its product, secured its first portfolio of customers, and obtained retail electricity licenses in New York, New Jersey, and Massachusetts.