ConnectDER, a provider of home adapters for electric vehicles (EVs) and solar panels, announced it has raised $35 million in a funding round led by Decarbonization Partners, a joint venture between BlackRock and Singapore-based investment firm Temasek. The funding round also introduced new investor MassMutual Ventures alongside six existing investors, including LG Corporation, Clean Energy Ventures, and Evergy Ventures.
The funds will enable ConnectDER to expand its market presence, scale manufacturing, and launch its latest innovation, the “IslandDER” meter-socket adapter. This product integrates seamlessly with utility grids, allowing homes to disconnect and reconnect to the grid for whole-home energy backup and resiliency. By leveraging stored energy from solar systems, battery storage, or EVs, the adapter offers a cost-effective solution for backup power and enhanced energy reliability.
“Our forthcoming IslandDER enables homes to harness stored energy, providing innovative backup power and resilience to market at an incredibly competitive cost point,” said ConnectDER CEO Ivo Steklac. “This funding round allows us to scale manufacturing, expand our offerings in existing markets, and bring the IslandDER to customers.”
The IslandDER adapter aims to address significant barriers to the adoption of solar and EV-charging solutions by reducing the high costs associated with upgrading a home’s service panel or utility interconnection. ConnectDER estimates its products cost less than 10% of traditional upgrade expenses, removing a key obstacle for the estimated 60 million U.S. homes lacking sufficient capacity for distributed energy solutions.
“The ConnectDER team built an elegant solution that solves a major adoption pain point for customers, enabling and accelerating affordable home electrification in North America,” said Meghan Sharp, Global Head and Chief Investment Officer at Decarbonization Partners.
The funding round also saw participation from previous investors, including Energy Innovation Capital, Avista Development, and Zoma Capital. LG Corporation’s technology investment arm, which had already backed ConnectDER, reaffirmed its confidence in the company’s innovative solutions.
