ConnectDER has secured $35 million in Series D funding to support its meter socket adapter (MSA) business, which integrates solar, storage, EV charging and more while avoiding major electrical panel upgrades.
ConnectDER, a provider of home energy technology, announced it has secured $35 million in Series D funding to scale its meter connection adapter business.
ConnectDER’s product, a meter socket adapter (MSA) called IslandDER, is designed to cost-effectively connect home energy devices, such as solar, battery storage, EV chargers and other distributed energy sources, to the electric grid.
Many homes in the United States were built 40 to 60 years ago with electrical boxes inadequate to support distributed energy sources such as solar and home storage. ConnectDER said approximately 60 million homes in the United States do not have 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 the adoption of new technologies. Pecan Street Inc said this poses a potential $100 billion roadblock to residential electrification.
The company said the solution can be installed in minutes and costs 10% or less of a typical main panel upgrade.
ConnectDER’s MSA solution enables rapid connection of solar, storage and EV charging without the need for a main panel upgrade. This device allows homes to disconnect and reconnect from the grid, allowing customers to tap into stored energy from solar and battery systems, or EVs.
“By leveraging innovative technologies and solar equipment like ConnectDER adapters, we can 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 by 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 between 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 financing round to support market expansion, scale-up production and continued product innovation. It reports that it currently has more than 25,000 adapters in use. The MSA has been approved for use in many states and ConnectDER expects to sell the device nationwide in the coming years.
The company partners with major solar installers such as Sunrun, allowing for a coordinated installation alongside a home solar or energy storage project.
ConnectDER says the suggested retail price for its solar MSA product is $559, with variations depending on model and region. The EV meter connection adapter has a suggested retail price of $875.
The company’s solutions are UL certified, NEC compliant and approved for installation in more than 20 states.
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