Saturday, June 22, 2024

Ivy Energy Secures $18 Million in Series A Funding: A Leap Forward in Democratizing Solar Energy for Communal Living Spaces


Ivy Energy, the pioneering developer behind the innovative Virtual Grid Cloud software, has announced the close of a significant $18 million Series A funding round. This financial infusion, led by the smart energy technology leader, SolarEdge, propels Ivy Energy forward in their mission to revolutionize solar energy adoption in communal living spaces, thereby advancing sustainability efforts in a traditionally overlooked sector and fighting against climate change.

Despite the challenges posed by the current financial environment, Ivy Energy attracted significant investments reflecting strong market confidence. Notable contributors to this funding round include GreenSoil PropTech Ventures, American Family Insurance Institute for Corporate and Social Impact (AmFam Institute), Legacy Capital Ventures, Enki Solar Investments, and Unit Leader. This diverse group of investors underscores the broad support for Ivy Energy’s vision to usher in a new era of distributed power, offering more resilience and benefits to communities and property owners.

Dover Janis, CEO of Ivy Energy, spoke on the company’s foundational mission: “Ivy was established with the goal of democratizing clean energy access by directly tackling the obstacles impeding renewable energy investments in multi-unit settings. Our platform is designed to unlock new net operating income for our clients and savings for renters, while simultaneously enhancing grid value and aligning stakeholder interests. This investment equips us with the resources needed to scale our efforts significantly, applying our top-of-the-line software solution to facilitate onsite solar and distributed energy resources for multi-tenant properties.”

Dave Kolada, Managing Partner, GreenSoil PropTech Ventures and Ivy Energy Board Member, remarked on the firm’s investment focus: “As investors in ClimateTech, we seek solutions that contribute to the decarbonization of the built environment across all asset types. With the rapid expansion of onsite solar power generation, sectors like multifamily housing risk being overlooked. We are optimistic about Ivy because its SaaS solution unlocks a vast new asset class for clean energy production, creating a win-win situation for both real estate owners and tenants.”

Ivy Energy is on a path to making clean energy more accessible in shared community settings. With the recent Series A funding, the company aims to expand its solutions to more markets and customer segments.

“The Series A funding equips us with the necessary resources to scale up our operations, applying our premium software solution to unlock onsite solar and distributed energy resources for multi-tenant properties,” Adam Masser, COO of Ivy Energy, stated. “Ivy is leading the charge in democratizing access to the economic and environmental benefits of local sustainable energy, while driving increased net operating income for our clients. Additionally, we are excited to launch new products and end-user experiences that will offer greater value to our customers and the grid, establishing Ivy as the premier end-to-end digital platform for managing shared onsite energy programs.”

Through its flagship Virtual Grid Cloud software, equipped with proprietary algorithms and smart grid technology, Ivy Energy guarantees solar energy access to all residents and maximizes returns for property owners. This innovative technology addresses the split incentive dilemma, allowing property owners to protect against utility inflation, comply with rising sustainability mandates, and achieve notable asset value increases. Residents benefit from reduced energy bills and the fulfillment of contributing to a more sustainable planet.

Natalie Kimura
Natalie Kimura
Natalie Kimura is a business correspondent known for her in-depth interviews and feature articles. With a background in International Business and a passion for global economic affairs, Natalie has traveled extensively, providing her with a unique perspective on international trade and global market dynamics. She started her career in Tokyo, contributing to various financial journals, and later moved to London to expand her expertise in European markets. Natalie's expertise lies in international trade agreements, foreign investment patterns, and economic policy analysis.

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