Energy Analytics Startup Amperon Raises $20 Million
Amperon Holdings, which uses AI to forecast energy usage and supply for energy markets, raised $20 million in Series B funding, with proceeds to be used to unlock more value from grid data and advance electricity forecasting innovation, enabling businesses to navigate the energy complex and accelerate grid decarbonization.
Founded in 2018, Houston-based Amperon builds AI-powered electricity analytics for energy market participants, enabling informed decision-making, energy utilization optimization, and improved grid sustainability.
According to the company, the investment will enable Amperon to expand from an electricity demand forecasting platform to a comprehensive data analytics solution that can provide grid operators with the data they need to incorporate more intermittent renewable energy sources such as wind and solar into the grid power supply without destabilizing it, as well as to address demand unpredictability caused by the effects of climate change.Climate change, and the extreme weather events it brings, make decarbonization even more essential and demand more unpredictable. More robust energy data analytics can also help decarbonize the grid.
In addition, the data will help grid customers meet the growing pressure to map and shrink their carbon footprints, including their energy usage which falls under Scope 2 emissions.
Amperon’s revenue has grown by 5x since 2021 and the company has quadrupled its staff. The company plans to hire more engineers, data scientists, customer support, and sales roles as the company expands into new markets.
Sean Kelly, CEO and co-founder of Amperon said:
“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…. 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.”
The round was led by Energize Capital. Other participants 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. This brings Amperon’s total funding to $30 million.
Energize Capital Partner Tyler Lancaster, who joins the Amperon board of directors said:
“Today’s electricity grid is facing uniquely modern challenges as we work to rapidly transform our energy assets and decarbonize our economy. 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.”