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ConnectDER has raised $35 million in Series D funding to support its meter socket adapter (MSA) business, which integrates solar, storage, EV charging and more while avoiding main electrical panel upgrades.
Home energy technology provider ConnectDER has announced it has raised $35 million in Series D funding to expand its meter socket adapter business.
ConnectDER’s product, a meter outlet adapter (MSA) called IslandDER, is designed to cost-effectively connect home energy devices such as solar, battery storage, electric vehicle chargers, and other distributed energy resources to the electric grid.
Many US homes were built 40 to 60 years ago, with electrical panels inadequate to support distributed energy resources such as home solar and storage. According to ConnectDER, about 60 million US homes lack modern equipment to support these technologies. Upgrading a home electrical panel can cost anywhere from $2,000 to more than $15,000, creating a barrier to adoption of new technologies. According to Pecan Street Inc, this represents a potential $100 billion barrier to home electrification.
The company says its solution must be installed by a licensed electrician or solar professional, but can be installed in minutes and costs 10% or less than a typical main panel upgrade.
ConnectDER’s MSA solution enables rapid connection of solar, storage and EV charging without the need to upgrade the main panel. The device enables homes to disconnect and reconnect to the grid, allowing customers to take advantage of stored energy from solar plus battery systems or EVs.
“Leveraging innovative solar technologies and equipment like ConnectDER adapters allows us to streamline installation timelines, reduce complexity, and deliver reliable, affordable renewable energy solutions that improve the homeowner experience from start to finish,” said Chris Lundell, interim CEO of Blue Raven Solar.
The round was led by Decarbonization Partners and MassMutual Ventures, both new investors in the company. Decarbonization Partners is a joint venture of multinational investment groups BlackRock and Temasek. Existing investors Avista Development, Clean Energy Ventures, Energy Innovation Capital, Evergy Ventures, LG Technology Ventures and Zoma Capital also participated.
The company said it plans to use the Series D funding round to support market expansion, manufacturing scale-up, and continued product innovation. It currently has more than 25,000 adapters in operation. The MSA is approved for use in many states, and ConnectDER said it expects to sell the device nationwide in the coming years.
The company has partnered with large solar installers like Sunrun, allowing for a coordinated installation alongside a home solar or energy storage project.
ConnectDER says the maximum recommended price of its MSA solar product is $559, with variations depending on model and region. The EV meter plug adapter costs $875 (manufacturers suggested retail price). |
