Axle Energy, a U.K.-based startup, has successfully raised $9 million (£7 million) in seed funding to enhance its energy grid decarbonization efforts. This financial boost will allow the company to expand its software platform, designed to adapt energy usage to support grid stability and incorporate renewable assets.
With over 15,000 flexible energy assets—including electric vehicles, home batteries, and heat pumps—already integrated, Axle Energy aims to foster a greener energy future. The recent surge in global energy prices, partly due to geopolitical tensions, has accelerated the shift towards sustainable energy, creating a favorable environment for the startup’s innovative approach.
Founded by Karl Bach and Archy de Berker, Axle Energy provides software solutions that connect intermittent renewable sources with the power grid. Their platform helps businesses and consumers use flexible energy assets to participate in energy markets, potentially earning rewards for assisting with grid stability. Users can optimize energy consumption, such as delaying electric vehicle charging, to support the grid during peak demand periods and receive compensation in return.
This approach offers a non-fossil-fuel alternative to traditional methods of balancing renewable energy volatility, which typically rely on fossil fuel-based backups. As Karl Bach explains, “Axle is an energy flexibility company. We connect distributed assets like electric vehicles and batteries to energy markets. Our goal is to decarbonize the grid.”
The $9 million funding round was led by Accel, with notable contributions from Picus Capital, Eka Ventures, and angel investors, including Formula 1 champion Nico Rosberg. This brings Axle Energy's total funding to over $10 million (£8 million), underscoring its strong position in the energy tech sector.
Looking ahead, Axle Energy plans to expand its operations beyond the U.K., with a focus on scaling its model across Europe and potentially globally. The company's innovative approach and recent funding highlight its commitment to advancing energy sustainability and reducing reliance on fossil fuels.
Source: evrimagaci.org