Start-up Retail Energy Supplier Announces Multi-Million Dollar Seed Funding
Round Led By Comcast Ventures
Renewables-Focused Supplier Will Also Offer Smart Device Analytics, Installation
August 11, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
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Branch Energy, which describes itself as a, "tech-powered, green energy provider," announced that it has raised $4.5 million in its seed round
Branch Energy said that this round of financing was led by Comcast Ventures with participation from Global Founders Capital, Inovia Capital, and Assaf Wand -- CEO of home insurance "unicorn" Hippo. Comcast Ventures is the venture capital affiliate of Comcast Corporation
As previously reported, Branch Energy was co-founded by Alex Ince-Cushman, Daniel MacDonald, and Todd Burgess. All three previously held roles at Just Energy, in addition to various other experience.
Branch Energy will use the funds to expand its team and to support, "the data and analytic infrastructure development at the heart of the company’s approach."
Branch Energy will initially launch in the U.S. in states with deregulated energy markets, where the supplier will offer customers 100% green energy, be the customer's interface for billing, payment and customer service, and help customers install and finance smart energy devices.
Branch Energy is aiming to sign up its first customers in Texas this fall.
"Despite the considerable energy-saving benefits of modern devices such as smart thermostats, smart water heaters, solar arrays, etc, the installation rate for these devices remains persistently low in the U.S. These low deployment rates are in large part due to the hurdles the average residential customer faces in getting devices installed," Branch said
"In addition to delivering 100% green energy to its customers at a great price, Branch Energy will help customers save even more by doing the heavy lifting of device installation. By combining energy usage data, satellite imagery, hyper-local weather forecasts, AI and more, Branch Energy will calculate the economic benefit of each of these devices for each customer, and then coordinate financing and installations," Branch Energy said
On its website, Branch Energy states, "Branch was founded by a team of tech nerds who saw the chance to make things better by changing the way we use energy. We’re more than a renewable energy provider -- we’re champions for intelligent energy management. That means we leverage smart home technology and analytics to help our customers save, reduce power consumption, and support clean energy projects."
"Branch Energy is setting out to help by showing consumers that green energy can actually save them money, time and hassle -- and by providing a dramatically better customer experience than incumbent energy providers," Branch Energy said