Volvo-backed smart home firm dcbel closes next funding round
Canada’s intelligent home energy company dcbel announced the closing of a 50 million dollar Series B round. Following the close, Idealist Capital joined existing investors Volvo Cars, Coatue, Kevin Mahaffey, and Real Ventures.
This up-round financing will enable dcbel to accelerate delivery of the Home Energy Station within its targeted territories. The product integrates renewable assets such as solar panels, stationary batteries and electric vehicles into one home energy management system.
These will play “a vital role as we move towards bi-directionality of electric vehicles,” said Alexander Petrofski, CEO of Volvo Cars Tech Fund, when announcing the company’s first investment in March 2023. “Rising energy prices coupled with frequent blackouts are challenges faced by consumers today, and our investment in dcbel and their technology can help alleviate those challenges for our customers.”
Volvo Cars has been working towards advanced bi-directional charging since 2022. The first V2X-capable model is the EX90 – other models on the new EV platform will also support the technology and offer expanded functionality compared to other carmakers.
And compared to charging station manufacturers – dcbel claims its r16 Home Energy Station is the world’s first all-in-one home energy solution. The device provides a solar and stationary battery inverter with AI along with bidirectional EV charging. Learning from a home’s historical energy consumption data, the device can predict energy needs and secure the cleanest electricity at the lowest cost, writes dcbel.
The product can be reserved online, and the company wants to use the fresh capital deliver. “This funding positions our company to accelerate our growth and is a testament to the strength of our team, product and traction,” said Marc-Andre Forget, the dcbel.
Pierre Larochelle, Co-Managing Partner of Idealist Capital, will be appointed to dcbel’s Board of Directors. He brings 25 years of financial advisory experience and has been an active investor in the renewable energy and sustainability sectors for over ten years. Larochelle currently also sits as Chairman of the Board of The Lion Electric Company.
“For over a decade, I have focused on climate impact investments in the renewable energy and storage, energy efficiency and electrification sectors,” said Mr Larochelle. “dcbel sits at the nexus of all these industries, representing a truly exciting opportunity to change the way we think about home energy. I am honoured to join dcbel’s board as the company brings its innovations to market.”