From pv magazine USA
Home energy technology provider ConnectDER announced it has secured $35 million in Series D funding to scale its meter socket adapter business.
ConnectDER’s product, a meter socket adapter (MSA) called IslandDER, is designed to cost-effectively connect home energy devices like solar, battery storage, EV chargers, and other distributed energy resources with the utility grid.
Many homes in the United States were built 40 to 60 years ago, with electrical boxes inadequate for supporting distributed energy resources like home solar and storage. ConnectDER said some 60 million homes in the United States lack modern equipment to support these technologies. Upgrading a home electrical panel can cost between $2,000 to upwards of $15,000, presenting a roadblock for adopting new technologies. Pecan Street Inc said this represents a potential $100 billion roadblock to home electrification.
The company said its solution can be installed in minutes and costs 10% or less of a typical main panel upgrade.
ConnectDER’s MSA solution enables quick connection of solar, storage, and EV charging without triggering the need for a main panel upgrade. The device allows homes to disconnect and reconnect to the grid, enabling customers to harness stored energy from solar plus battery systems or EVs.
“Leveraging innovative technologies and solar equipment like ConnectDER adapters allows us to streamline installation timelines, reduce complexity, and deliver reliable, affordable renewable energy solutions that enhance the homeowner experience from start to finish,” said Chris Lundell, interim chief executive officer, Blue Raven Solar.
The round was led by Decarbonization Partners and MassMutual Ventures, both new investors in the company. Decarbonization Partners is a joint venture between multinational investment groups BlackRock and Temasek. Existing investors Avista Development, Clean Energy Ventures, Energy Innovation Capital, Evergy Ventures, LG Technology Ventures, and Zoma Capital also participated.
The company said it plans to use the Series D funding round to support market expansion, scaling manufacturing, and continued product innovation. It reports it has over 25,000 adapters currently in operation. The MSA is approved for use in many states, and ConnectDER said it expects to be selling the device nationwide in the next few years.
The company has partnered with large solar installers like Sunrun, enabling a coordinated installation alongside a home solar or energy storage project.
ConnectDER says the MSRP for its solar MSA product is $559, with variations depending on the model and region. The EV meter socket adapter is listed at $875 MSRP.
The company’s solutions are UL-listed, NEC-compliant, and approved for installation in over 20 states.
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