Renewal Funds has led the Series A investment round in Electrum, a California-based company that is helping homeowners easily and cost-effectively switch to a clean energy-powered home.
Residential energy use accounts for roughly 20% of greenhouse gas (GHG) emissions in Canada and the United States, mostly from the combustion of fossil fuels that are used to power home comforts such as lighting, appliances, cooking, and heating/cooling. Carbon emissions from residential buildings can be reduced through ‘home electrification’, whereby homes rely less on fossil fuels and more on cleaner electricity. Electrum aims to make home electrification as seamless and cost-effective as possible for their customers, enabling them to reduce their reliance on traditional energy sources and contribute to a more sustainable future.
About Electrum:
Electrum was founded in 2014 to address the inefficient and often uncomfortable customer experience of door-to-door rooftop solar sales. The company makes residential solar and home electrification easy for homeowners and makes customer acquisition easy for installers in their network. Electrum’s managed marketplace platform provides a one-stop shop and white glove service to help buyers navigate their choices, complete their system design and assess competitive installation quotes.
Products available today through their marketplace include residential solar, home battery solutions, and efficient water heater solutions. EV charging and other clean energy solutions for the home are in the process of being added to the available offerings.
About Renewal Funds:
Renewal Funds is a mission venture capital firm investing in early growth stage environmental technology and sustainable consumer products companies in Canada and the United States. Renewal adds value for entrepreneurs through capital, networks, and expertise. We deliver above market returns for our partners while catalyzing positive social and environmental change.