PARIS, Sept. 10, 2024 /PRNewswire/ -- Elum Energy, a
leading provider of advanced energy management solutions for
renewable energy systems, has secured $13
million in Series B funding led by Energize Capital, with
participation from existing investors Alter Equity and Cota
Capital. This investment will support the company's ambitious
growth plans to address the booming global renewable market,
including a U.S. launch, as well as product evolution within the
energy storage and EV integration categories.
The solar industry is rapidly evolving as the installed asset
base grows and project sites increase in complexity, as batteries,
EV charging and other asset types are deployed alongside solar. The
global capacity for renewable electricity is predicted to grow by
65% from 2023 to 2027, and it's expected that 30% of distributed
solar projects will be paired with battery storage by the same
year. As the renewables industry matures and the grid becomes more
dynamic, asset owners need advanced and reliable operations and
maintenance (O&M) solutions. Elum Energy specializes in
industrializing the monitoring and control of standard and hybrid
solar PV projects, ensuring seamless integration across commercial
and industrial (C&I) installations, microgrids, and
utility-scale projects.
"The challenge of integrating diverse renewable energy sources
into existing power grids remains critical amidst global demand for
sustainable solutions," said Cyril
Colin, CEO and co-founder of Elum Energy. "Elum provides a
future-proof, interoperable solution for monitoring and control of
today's energy systems. We are excited to partner with Energize, an
investor with energy expertise and a shared vision, to build
an intelligent, robust and flexible grid powered by renewables and
managed by scalable software technology."
In 2023, Elum Energy extended its worldwide presence in opening
three new offices in Spain,
Nigeria and Madagascar. The company kept its high growth
trajectory, and now has over 2,500 projects in 50 countries and
more than 350 clients.
"As the market for solar and other renewable energy assets has
increased in scale and complexity in recent years, demand for a
modern operating system that can evolve with the energy grid has
become apparent," said Eileen Waris,
principal at Energize Capital and a member of Elum's board of
directors. "Elum provides the solution that customers across
C&I and utility-scale applications are looking for: easily
configurable, multi-asset control, visibility and analytics. We're
thrilled to partner with the Elum team to expand their product and
geographic reach and fuel the next phase of growth."
Elum Energy's solutions optimize renewable energy assets
globally, leveraging advanced technology for real-time insights and
predictive maintenance. The company is a trusted partner in the
renewable energy sector, enhancing operational efficiency and
energy yield.
About Elum Energy:
Elum Energy is a leading provider of advanced energy management
solutions for renewable energy systems. Based in Paris, France, the company leverages
cutting-edge technology to optimize the performance and reliability
of solar and storage systems worldwide. Elum Energy's mission is to
make renewable energy more accessible and efficient, contributing
to a sustainable future. For more information visit:
www.elum-energy.com.
About Energize Capital:
Energize Capital is a leading investor in climate solutions.
Founded in 2016 and based in Chicago, Energize seeks to scale sustainable
innovation by partnering with the builders and operators shaping
the future. To date, Energize has funded 28 companies and deployed
more than $500 million through its
venture capital and growth equity strategies. Anchored by founding
partner Invenergy, the firm is backed by strategic, institutional,
and impact LPs including CDPQ, Credit Suisse, GE Vernova, Xcel
Energy, Caterpillar, HASI and more. For more information on
Energize, please visit www.energizecap.com.
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