Elum Energy, one of the providers of energy management solutions for renewable energy systems, has raised $13m in Series B funding.
The round was led by Energize Capital, with continued support from existing investors, Alter Equity and Cota Capital.
In a press statement obtained by NewsNGR, the company revealed that this funding will fuel its ambitious expansion plans, particularly in the rapidly growing global renewable energy market.
These plans include launching operations in the United States and further advancing its product offerings in energy storage and electric vehicle (EV) integration.
In 2023, Elum Energy expanded its global footprint by establishing new offices in Spain, Nigeria, and Madagascar, underscoring its commitment to growth and innovation in key international markets.
The company kept its growth trajectory, and now has over 2,500 projects in 50 countries and more than 350 clients.
According to the company, the solar industry is rapidly evolving as the installed asset base grows and project sites increase in complexity, as batteries, EV charging and other asset types are deployed alongside solar.
The global capacity for renewable electricity is predicted to grow by 65 per cent from 2023 to 2027, and it’s expected that 30 per cent of distributed solar projects will be paired with battery storage by the same year.
It noted that as the renewables industry matures and the grid becomes more dynamic, asset owners need advanced and reliable operations and maintenance (O&M) solutions.
“The challenge of integrating diverse renewable energy sources into existing power grids remains critical amidst global demand for sustainable solutions,” said CEO and co-founder of Elum Energy, Cyril Colin.
“Elum provides a future-proof, interoperable solution for monitoring and control of today’s energy systems.
“We are excited to partner with Energize, an investor with energy expertise and a shared vision, to build an intelligent, robust and flexible grid powered by renewables and managed by scalable software technology.”
“As the market for solar and other renewable energy assets has increased in scale and complexity in recent years, demand for a modern operating system that can evolve with the energy grid has become apparent,” said Principal at Energize Capital and a member of Elum’s board of directors, Eileen Waris.
“Elum provides the solution that customers across C&I and utility-scale applications are looking for: easily configurable, multi-asset control, visibility and analytics.
“We’re thrilled to partner with the Elum team to expand their product and geographic reach and fuel the next phase of growth.”