Prosumer-Focused Retail Energy Start-up Seeks Texas Retail Electric Provider Certificate
April 12, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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David Energy Supply (Texas) LLC applied for an Option 1 Texas retail electric provider certificate
As previously reported, David Energy emphasizes a prosumer business model and recently announced the close of $19 million in new financing and the hiring of several retail market veterans (see details here)
"We’re a new kind of retail electricity supplier—vertically integrated and powered by technology. We bring electricity supply and demand response together to keep things simple and to save you money on your bill," David Energy says on its website
In addition to fixed, index, and fixed energy/float capacity products, David Energy offers a "shared savings plan"
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.
"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," the company said in a recent news release
"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, said recently. "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," the company said recently
In its Texas application, David Energy sought authorization to have the option of collecting deposits or advance payments from customers