axle energy, a London-based energy flexibility startup, has raised $1.6 million in pre-seed funding. The round was led by Picus Capital with participation from Eka Ventures.
The company intends to use the funds to expand operations and its business reach.
Founded in early 2023 by Karl Bach and Archy de Berker, axle is a home energy flexibility platform that connects EVs and other devices to energy markets. Its API enables energy suppliers and hardware manufacturers to monetize the flexibility of home energy devices, lowering costs and emissions while improving grid stability.
axle integrates with OEMs and energy suppliers, enabling these businesses to lower their residential customers’ energy bills.
“We are excited to partner with Picus Capital and Eka Ventures to help us scale axle energy,” said Karl Bach, co-founder and CEO of axle energy. “This funding will allow us to accelerate our development and deployment of our platform, and to help more homes save energy.”
“axle energy is at the forefront of the energy flexibility revolution,” said Daniel Waterworth, Partner at Picus Capital. “We are excited to support the team as they scale their platform and help homes save energy.”
“axle energy is a highly innovative company with a strong team,” said Alex Dobie, Partner at Eka Ventures. “We believe that they have the potential to make a significant impact on the energy sector.”
axle energy is one of a growing number of startups that are developing technologies to help homes save energy. These companies are tapping into the growing demand for energy flexibility, as more and more homes become equipped with smart devices that can be used to manage energy consumption.
The funding for axle energy is a sign of the growing interest in energy flexibility. As the energy sector continues to evolve, these companies are well-positioned to play a key role in helping homes save energy and reduce emissions.