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Shifted expands Grid-Interactive Buildings
- March 14, 2023
- William Payne
Distributed energy resources platform Shifted Energy has closed a $4.3M funding round. The company creates virtual power plants out of single and multi-family homes by connecting electrical appliances such as water heaters and EV chargers to a cloud-based platform. Low-cost distributed energy control is combined with machine learning, and dispatch optimisation.
The company aggregates and optimises the networked distributed energy resources from participating homes, which become energy grid-interactive buildings. Grid utilities benefit from increased energy storage, load reduction and fast-frequency response. Utility customers benefit from bill credits and financial incentives.
According to Shifted Energy, its technology is scalable, cost-effective, and able to connect to any cloud-connected smart device.
Co-led by EPIC Ventures and Kapor Capital, with participating investors Buoyant Ventures, Startup Capital Ventures x SBI Fund, and Hunt Development, the funding round will be used for talent acquisition and expanding coverage areas throughout the US, Canada, and Australia.
“We started Shifted Energy with the mission of an equitable transformation of utilities markets and we are excited for the positive impact that this new round of funding will unlock,” said Olin Lagon, co-founder and CTO, Shifted Energy. “Our proprietary solutions have been developed, tested and perfected to help utilities throughout the world stabilise their grids while accelerating the integration of intermittent wind and solar power generation.”
“Our platform was built as a way to engage with hard-to-reach communities who typically don’t have access to rooftop solar or EV charging by targeting renters and multi-family buildings,” said Forest Frizzell, co-founder and CEO of Shifted Energy.
“These technological solutions create inclusivity in the transition to a clean and healthy energy future.”
“Securing this funding for Shifted Energy represents the value that the company brings to addressing the large renewable energy needs that exist worldwide,” said Nick Efstratis of EPIC Ventures.
“We look forward to seeing the results of this impactful investment.”
“As the energy transition continues to gain steam, we see a tremendous opportunity for Shifted Energy to bring new technologies to local communities for the benefit of both individual ratepayers and large-scale utilities,” said Allison Myers, co-founder and general partner at Buoyant Ventures.
“Both Forest and Olin have unique backgrounds that will enable them to deliver community-based results that other companies often overlook.”
Shifted Energy was founded in 2016 as a spin-off from the energy efficiency and justice efforts of nonprofit Kanu Hawaii, a 40,000-member grass-roots organisation focused on environmental sustainability and community empowerment in Hawaii.