London’s Axle Energy has successfully secured £7 million in seed funding to advance its mission of power grid decarbonisation.
This funding round, led by Accel with participation from Picus Capital and Eka Ventures, along with notable angel investors, marks a significant step in the company’s growth trajectory.
Axle Energy, based in London, has successfully raised £7 million in a seed funding round, spearheaded by Accel. This funding surge has amassed Axle Energy’s total funding to an impressive £8 million. The company, renowned for its pioneering work in energy flexibility, is committed to transforming the power grid. The infusion of capital is a testament to investor confidence in their mission to decouple the grid from fossil fuels and integrate renewable energy sources.
The newly acquired funds are earmarked for expanding Axle Energy’s team and facilitating its expansion across the UK and European energy markets. These strategic moves are aimed at bolstering the company’s growth trajectory and reinforcing its position in the energy sector. Partner at Accel, Zhenya Loginov, expressed enthusiasm for the founders’ experience in energy and their visionary approach towards grid transformation, heralding substantial early progress with their innovative software platform.
Wind and solar power, though economical, present control challenges due to reliance on weather patterns. Axle Energy aims to resolve this by offering energy flexibility solutions that match supply and demand without the need for precise control over energy generation. By interlinking flexible assets with energy markets, Axle Energy provides a critical service that saves consumers money and accelerates the decarbonisation agenda.
Founded by Karl Bach and Archy de Berker, Axle Energy leverages distributed flexible assets to tackle grid challenges. Their platform connects electric vehicles, heat pumps, solar panels, and batteries to electricity markets, enabling rapid energy adjustments to meet grid demands. This zero-carbon solution champions a pivotal shift from fossil fuel dependency, accommodating over 15,000 assets and generating 85 MW in partnerships with SolarEdge, myenergi, Pod Point, and GivEnergy.
CEO Karl Bach highlighted the importance of household assets in stabilising the grid and enabling financial savings, heralding an opportunity to reshape the power grid with the aid of new funding, aligning with governmental energy pledges for a future free of fossil fuels.
Axle Energy stands poised to play a significant role in reshaping the energy landscape, pioneering efforts to decarbonise the grid through innovative technology.
With strategic funding and partnerships, the company is well-equipped to meet the growing demand for sustainable and flexible energy solutions.
