Solar system performance plan provider Omnidian has secured $33 million in a Series B capital raise led by Activate Capital. The company expects to use the fund to expand into new market segments such as energy storage, electric vehicle (EV) charging, and heating, ventilation, and air conditioning (HVAC). Omnidian also expects this raise will enable its international expansion.
The new round of funding saw participation from existing investors City Light Capital, IA Capital, Evergy Ventures, Avista Development, Congruent Ventures, Centrica, National Grid Partners, Energy Foundry, and Blue Bear Capital. Liberty Mutual Insurance and WIND Ventures, the strategic venture capital arm of Chilean multinational energy firm Copec, participated in the round.
“This successful raise is a validation of what Omnidian has accomplished over the past four years. Residential and commercial solar is moving into mainstream adoption, and with that comes the demand for a higher level of service and assurance that a customer’s system is operating as expected,” said Mark Liffmann, founder and CEO of Omnidian.
“Our new capital partners share our vision of providing solar energy customers with a lower cost of ownership, less risk, and a transformational customer experience. The capital will also enable expansion into new asset classes including energy storage, EV charging, and HVAC,” he said.
The new round of funding comes on the heels of Omnidian’s rapid growth phase. The firm has launched a service for energy storage, both at the residential and commercial, and industrial levels, in addition to its existing solar performance plans. The company will aim to increase the more than 1.7 GW it currently manages for customers.
Earlier this month, Arcadia, a clean energy platform that connects homeowners to clean energy programs in the United States, secured $100 million in funding. The company plans to use the funding to accelerate its technology roadmap and increase product capabilities across new verticals. The company considers electric vehicles and distributed energy resources as new verticals that would spur innovation making renewables more accessible and cheaper.
Solar companies raised $1.6 billion in VC funding in the first half of 2021, according to Mercom’s 1H and Q2 2021 Solar Funding and M&A Report. The funding raised was 680% higher compared to the $210 million raised in the first half of 2020.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.