Elephant Energy Raises $3.5 Million to Accelerate Home Electrification
Fueled by the Inflation Reduction Act, innovative Colorado-based climate tech company is scaling its platform designed to make electrification upgrades seamless.
BOULDER, Colo., November 30, 2022 (Newswire.com) - Elephant Energy, the leading home electrification platform for homeowners and contractors, recently closed a $3.5M seed round led by Building Ventures, with participation from Daniel Gulati, Workshop, Reuben Munger, and others.
Elephant Energy was founded in 2021 to simplify residential electrification - said differently, make it easy for homeowners to get off of gas. Home-electrification projects are notoriously difficult, as they require the coordination of multiple trades, and very few contractors have the necessary expertise. Elephant Energy is building a two-sided marketplace that will make electrification approachable for both homeowners and contractors.
The company's technology platform is grounded in building science and enables Elephant Energy to manage the implementation of electrification projects, from tip to tail. Customers receive a personalized roadmap that illustrates the path to full home electrification - all at once, or over time. Then, Elephant Energy handles equipment selection and system design and orchestrates the installation process, which is completed by a network of vetted contractors. The company also helps homeowners secure financing and maximize the mosaic of incentives available from various sources, including utilities players and government funding.
Beginning in January, the Inflation Reduction Act will allow homeowners to deduct up to $2,000 from their taxes for electric upgrades, making it more affordable than ever to replace old furnaces, water heaters, and gas stoves with efficient electric heat pumps, heat pump water heaters, induction stoves, and more. That's on top of rebates of up to $4,000 already available locally in markets like Colorado, where Elephant Energy operates.
Heather Widman, partner at Building Ventures, commented, "The climate impact of residential electrification is massive, but the process has been complicated and challenging to navigate for even the most determined homeowners. Elephant Energy's platform provides a streamlined, approachable solution that will unlock these home renovation projects at scale — enabling the widespread electrification we need at this critical time."
Elephant Energy Co-founder DR Richardson said, "Home electrification is a win-win-win: more comfortable for homeowners, healthier for humans, and better for the environment. The IRA incentives coming online next year will be the rocket fuel that takes electrification mainstream."
The funds will be used for hiring, product development, and expansion within and beyond Colorado. "This capital raise will allow us to dramatically scale home electrification and accelerate the transition to a cleaner future," Richardson added.
About Elephant Energy
Founded by DR Richardson and Josh Lake in 2021, Elephant Energy is a climate tech company on a mission to electrify everything, starting with homes. The company's platform uses building science expertise and proprietary technology to help homeowners confidently upgrade their home appliances to modern electric technologies, lowering carbon emissions in the process. Elephant Energy currently serves the Boulder-Denver metro area, with additional markets opening in 2023. Learn more at elephantenergy.com.
Source: Elephant Energy