Funding Secured by David Energy for Continuous Grid Operation on Sustainable Energy Source

David Energy, a trailblazing gridtech company based in New York, NY, has secured $23 million in funding, enabling the company to continue scaling its business lines in its active states and begin expanding across the Northeast and Mid-Atlantic.

The funding round, led by Cathay Innovation, aims to support David Energy's mission to transform the retail energy market and make a clean energy grid a reality. Since its founding in 2019, the technology-driven retail energy provider (REP) has raised $50M from venture capital and strategic investors.

James McGinniss, CEO of David Energy, emphasised the core challenge in operating modern grids: managing the volatility brought on by renewables. McGinniss added that renewables are essentially free when they're producing, creating a massive opportunity to supply structurally cheaper power to customers. No grid operator, retailer, or vertically integrated utility has solved this problem, and David Energy aims to do so.

David Energy has launched residential and commercial electricity solutions since its inception in 2019. The company's commercial business has grown 198% Year-over-year and attracted more than 60 new brands. In addition, the number of David Energy-connected devices has grown 10x since last year, as the company builds a distributed network of connected devices to respond to the fluctuations of clean energy generation in real-time.

Simon Wu, Partner with Cathay Innovation, praised David Energy for completely redefining what it means to be a retail energy provider with a modern, tech-forward, and vertically integrated approach designed for the clean energy era. Wu also highlighted that David Energy has demonstrated strong, repeatable growth and stickiness, particularly with the underserved segment of small commercial businesses.

Besides Cathay Innovation, no other institutions involved in the financing of David Energy for expanding their operations in the Northeast and Texas are mentioned in the available search results. David Energy currently serves the electricity needs of residents in Texas and multi-unit business owners in New York, New Jersey, Massachusetts, and Texas.

For more information about David Energy, visit davidenergy.com. On September 23, 2024, David Energy secured this funding, and the company will be hosting an event about running the grid on clean energy 24/7/365 at Climate Week NYC today. McGinniss concluded that this investment will be instrumental in driving the company's growth and achieving its vision of a clean energy grid for all.

Funding Secured by David Energy for Continuous Grid Operation on Sustainable Energy Source