Funding led by Energize Capital to unlock more value from grid data and advance electricity forecasting innovation
HOUSTON, Oct. 3, 2023 /PRNewswire/ — Amperon Holdings, Inc., the leader in AI-powered electricity forecasts, raised $20 million in Series B funding led by Energize Capital. Other participants in this round include the D. E. Shaw group, Veriten, and existing investor, HSBC Asset Management. Two long-time Amperon customers, Ørsted and another strategic utility partner, also joined the round. The funding will propel Amperon’s evolution from an electricity demand forecasting platform to a comprehensive data analytics solution, enabling businesses to navigate the energy complex and accelerate grid decarbonization. This brings Amperon’s total funding to $30 million.
From ERCOT’s grid failure in February 2021 to CAISO’s rolling blackouts in the summer of 2022, the escalating impact of extreme weather events underscores the urgent need for critical forecasting tools for the energy transition. Today, predicting and planning for power demand is more challenging than ever. This is due not only to the effects of climate change, but also the increasing penetration of variable energy resources, like wind and solar, on the supply side, and surging demand growth driven by flexible loads and rapid electrification. Amperon’s advanced data analytics software has emerged as a critical linchpin to mitigate the systemic risk that comes with increasingly turbulent power grids worldwide.
“The energy transition is creating unprecedented market volatility, and Amperon is uniquely positioned to help market participants better navigate the transitioning grid – both in the U.S. and as we expand globally,” said Sean Kelly, CEO and co-founder of Amperon. “We’ve already established ourselves as the premier provider of electricity demand forecasting software. With this funding, we are poised to leverage our cutting-edge AI models to enable customers to unlock more value from data and asset optimization, spanning from on-site solar to commercial load management with backup generation and microgrid deployment.”
“Today’s electricity grid is facing uniquely modern challenges as we work to rapidly transform our energy assets and decarbonize our economy,” said Energize Capital Partner Tyler Lancaster, who joins the Amperon board of directors. “To facilitate the energy transition – a multitrillion-dollar market opportunity — we need more software tools custom-built to handle the complexities of our evolving energy markets. Amperon’s AI-powered analytics platform is exactly that, providing the accuracy and sophistication necessary for energy players across the value chain to manage their energy use and streamline our collective pathway to net-zero. After getting to know Sean and the Amperon team since inception, Energize is thrilled to officially partner with them as a lead investor in this funding.”
Amperon has experienced exceptional growth in the last two years. Since 2021, the company grew revenue by 5x, finding product-market fit with existing customers, and helping new market participants navigate the space. Headcount has grown by 4x over the same period, and Amperon plans to hire more engineers, data scientists, customer support, and sales roles as the company expands into new markets. This growth will provide customers with invaluable insights and predictive capabilities to help them anticipate market shifts, advance energy utilization, and optimize their carbon footprint.
With increasing global net-zero commitments and impending carbon accounting requirements, Amperon’s expertise in granular data management further enables companies to measure the carbon footprint of their hourly electricity usage, optimize load and lower-carbon power resources, and integrate carbon into industry business models – accelerating decarbonization on both the supply and demand side.
Amperon is a technology company based in Houston that builds AI-powered electricity analytics for energy market participants. Founded in 2018, Amperon empowers businesses to make informed decisions, optimize energy utilization, and work toward a more sustainable grid. With a commitment to innovation and sustainability, Amperon is the forecasting company of the energy transition. For more information about Amperon, visit www.amperon.co/.
About Energize Capital
Energize Capital is a leading climate software investor focused on scaling sustainable innovation. Founded in 2016 and based in Chicago, to date Energize has funded 27 companies and deployed more than half a billion through its venture capital and growth equity strategies. The firm is backed by institutional, strategic and impact LPs including Invenergy, CDPQ, Credit Suisse, SE Ventures (corporate venture arm of Schneider Electric), GE Renewable Energy, Xcel Energy, Caterpillar, HASI and more. For more information on Energize, please visit www.energizecap.com.
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