13 million US dollars in Series B for Elum Engergy

With the support of Energize Capital, Elum will further develop its solar and storage system control solutions and expand internationally

Paris, September 11, 2024 - Elum Energy, a provider of energy management solutions for renewable energy systems, has secured $13 million in Series B financing. The financing round was led by Energize Capital, with participation from existing investors Alter Equity and Cota Capital. With this investment, Elum Energy aims to drive its global growth plans, including expansion into the US market and further development of products in the areas of energy storage and electric vehicle integration.

Market trends and challenges in energy management

The solar industry is growing rapidly and the demand for advanced energy management solutions is increasing. Global renewable energy capacity is expected to increase by 65% between 2023 and 2027, and 30% of decentralized solar projects will be equipped with battery storage by then. Elum Energy specializes in the monitoring and control of standard and hybrid PV projects deployed in commercial and industrial (C&I) installations, microgrids and large utility-scale projects.

The integration of renewable energies into existing power grids is a major challenge. Our interoperable solutions offer a future-proof way to optimize the monitoring and control of energy systems.

Cyril Colin, CEO of Elum Energy

Strategic partnership and expansion

Energize Capital, an investor with extensive experience in the energy sector, is helping Elum Energy to conquer the market for modern energy management solutions. The Series B financing will help Elum Energy to expand its international network and drive product development. Already in 2023, the company opened new offices in Spain, Nigeria and Madagascar and currently manages more than 2,500 projects in over 50 countries with more than 350 customers.

The market for solar and other renewables has become more complex, and Elum offers exactly the solutions that C&I and utility clients need: flexible multi-asset control and in-depth analysis.

Eileen Waris, Director of Energize Capital

Innovations for a sustainable energy future

Elum Energy optimizes the operation of renewable energy assets worldwide with advanced technologies for real-time insights and predictive maintenance. The company's solutions increase operational efficiency and energy yield and contribute to the wider adoption of sustainable energy systems.