Ivy Energy Secures $18M in Series A Funding Set to Accelerate Onsite Solar for Multi-tenant Properties
Cleantech San Diego member and Southern California Energy Innovation Network company Ivy Energy, the creator of the trailblazing Virtual Grid Cloud software, announced the closing of a $18 million Series A funding round. This funding round, led by SolarEdge, a global leader in smart energy technology, significantly advances Ivy Energy’s quest to transform the adoption of solar energy within shared communities, catalyzing a significant shift towards sustainability in an underserved real estate arena and combating climate change. Ivy’s breakthrough technology enables property owners to hedge against utility inflation, keep up with sustainability mandates, and increase their assets’ tangible market value. Residents, in turn, enjoy lower energy bills and the satisfaction of contributing to a greener planet.
In a challenging financial climate, Ivy Energy’s approach and vision for a renewable future drew substantial investments from notable investors, including GreenSoil PropTech Ventures, American Family Insurance Institute for Corporate and Social Impact (AmFam Institute), Legacy Capital Ventures, Enki Solar Investments, and Unit Leader. This signaled a strong market belief in the potential for a distributed power revolution that brings more stability and benefits to local communities and property owners.
“As ClimateTech investors, we look for solutions that help accelerate the decarbonization of the Built Environment across all asset classes. As onsite solar power generation continues its rapid growth, shared spaces like multifamily housing are being left out,” noted Dave Kolada, Managing Partner, GreenSoil PropTech Ventures and Board Member of Ivy Energy. “We are bullish on Ivy as its SaaS solution helps open up a huge new asset class for clean energy production while creating a win-win for Real Estate owners and tenants.”
Charting a Sustainable Path Forward
“Ivy was founded on the concept of democratizing clean energy access by directly addressing the barriers that have blocked renewable energy investments in multi-unit environments. Our platform unlocks new net operating income for clients and savings to renters–all while enhancing grid value and stakeholder alignment. This investment gives us the resources to scale in earnest, applying our best-in-class software solution to enable onsite solar and distributed energy resources for multi-tenant properties” – Dover Janis, CEO of Ivy Energy
The challenge of split incentives has historically created barriers to the adoption of onsite solar and distributed energy resources. As a result, property owners have not been able to effectively monetize onsite energy systems, and solar assets on multi-tenant properties are lagging far behind other classes of real estate. Ivy has pioneered a solution to overcome these barriers to adoption through its award-winning Virtual Grid software, powered by proprietary algorithms and smart grid technologies.
The Series A funding lays a foundation for Ivy to build on its early success, as the company is poised to expand its technological and geographic footprint with innovative solutions for energy management in shared living spaces. Ivy is leading the way to equitable access to solar energy for all residents and optimized returns to property owners.
“Ivy Energy is well-positioned as the first end-to-end digital platform for managing shared onsite energy programs. Our SaaS products deliver the economic and social benefits of clean energy to tenants of multi-unit properties while increasing revenue for property owners and driving benefits for the entire grid. With this new financing, Ivy is set to bring our solutions to more jurisdictions as we introduce new products, enhanced end-user experiences, and additional revenue streams for Ivy’s clients across verticals. We are beyond excited for this next phase in our growth, as we work to transform our energy economy by unleashing the dormant potential of distributed energy resources on multi-tenant real estate.” – Adam Masser, COO of Ivy Energy.
About Ivy Energy
Ivy Energy is at the forefront of the clean energy transformation for multi-tenant real estate, offering a comprehensive suite of onsite energy transaction products and technology-enabled services. Central to this suite is Ivy’s Virtual Grid Cloud, which unlocks solar energy distribution and battery storage to enhance property owner revenues and lower tenant energy costs. In addition to revolutionizing distributed energy management, Ivy Energy provides a seamless EV charging product, integrating electric vehicle infrastructure into its smart energy solutions. With a focus on owner revenue, compliance, and a data-centric approach, Ivy Energy simplifies the management of solar energy and EV charging across multiple units while providing a best-in-class resident experience. Ivy Energy is paving the way for a greener future, seamlessly blending technology with sustainability.
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