Enervee raises $35m in financing to accelerate decarbonization
Future Energy Ventures‘ portfolio startup Enervee sees explosive growth of its energy-efficient shopping network
LOS ANGELES, CA, April 22, 2022 – Enervee, the pioneer and leading provider of marketplaces for energy-efficient products, today announced that it has received a total of $35 million from Kerogen Capital and J.P. Morgan in conjunction with its Series B financing round. The funding supports continued growth in Enervee’s e-commerce and data platform offerings and the further build-out of its world-class team to strengthen Enervee’s leadership position in energy efficiency and decarbonization.
“Energy efficiency is amongst the fastest and most cost-effective means to reduce global CO2emissions. We continue to see strong regulatory support and global decarbonization tailwinds. We are thrilled to partner with a leader like Enervee as it continues to define this new category of energy efficiency e-commerce for its leading utility and residential customers,” said Jason Cheng, CEO & managing partner at Kerogen Capital.
“Enervee, with its strong support of utility, retail, contractor, and government partners, is becoming a transformational company in advancing the transition to a low-carbon world,” said Neil Doshi, vice president, technology & disruptive commerce at J.P. Morgan Commercial Banking. “We’re excited to collaborate with Enervee on the next phase of the company’s growth story and look forward to the positive impact it will bring.”
“EarthDay 2022 is a landmark moment – for Enervee as a company and consumers. Massive greenhouse gas emissions reductions are needed by 2030 to protect the climate system. This capital round positions Enervee to do our part and realize our vision of Efficient Shopping for All, together with our dedicated partners,” said Matthias Kurwig, co-founder and CEO of Enervee.
Enervee is on track for explosive growth, tapping into the $50 billion US appliances market. Over the past decade, Enervee has built the best marketplace for energy-efficient products and, with the help of leading utility partners, brought it to over 40 million households in North America. With the launch of Enervee Commerce, featuring retail partners like Best Buy and offering EcoFinancing with government support in California and New York, Enervee now simplifies the purchase transaction, instantly deducts utility and government incentives, and provides inclusive and affordable online financing.
“Launching Eco Financing has changed the way people can buy efficient appliances for their homes,” said Kurwig. “This investment will help us respond to increasing demand by accelerating hiring and building the best shopping experience for products that reduce energy consumption and carbon emissions.”
Enervee is a climate tech company that combines data science, behavioral science, and digital marketing to drive better energy-related buying decisions across dozens of consumer product categories. Our Commerce platform, featuring Choice Engine technology and Eco Financing, eliminates longstanding market, cognitive/psychological, and financial barriers that prevent consumers from following through on their ambition to buy energy-using products that save energy and money and contribute to a clean energy future. You can learn more at www.enervee.com.