Axle Energy funding news – London-based Axle Energy Secures $9Million in Seed Funding

The software platform provided by Axle Energy enables quick modifications to energy consumption in response to grid demands. In order to integrate these products and their customers with local and national energy markets, the platform assists energy suppliers and manufacturers of flexible assets, such as electric vehicles (EVs), chargers, home batteries, and heat pumps. These assets are connected, have energy storage capabilities, and can be turned on and off at will.

By doing this, Axle Energy helps end users save money while boosting resiliency. With over 15,000 flexible assets linked to energy markets, the business has already connected over 85 MW of capacity.

Read also - Credo AI funding news – Brussels-based Credo AI Secures €19.4 Million in Funding

Manufacturers may increase their revenue by using Axle's platform to connect with new flexible markets and boost sales. Recently, the company has partnered with forward-thinking manufacturers like SolarEdge, myenergi, Pod Point, and GivEnergy to assist them offer clean flexibility to the grid and give their consumers credit for contributing to this effort.

The company was created in 2023 by co-founders Karl Bach (CEO) and Archy de Berker (CTO), who had previously worked for energy and flexibility providers in the UK and overseas. Having personally seen the problems with the current system, they saw that distributed flexible assets may play a significant role in the solution.

With the help of this seed capital, Axle Energy will be able to grow both domestically and internationally, especially in light of the UK government's recent commitment to provide zero-carbon electricity by 2030 and the EU's ongoing long-term strategy to achieve carbon neutrality by 2050.

Karl Bach, CEO and Co-Founder of Axle Energy, said: “Millions of people have assets in their homes that can stabilise the power grid, save them money on their energy bills, and help us pivot away from fossil fuels. At Axle Energy, we’re connecting these devices to flexibility markets so they can become the backbone of the future energy system. The past few years have shown us that relying on fossil fuels is an expensive risk, and now we have the opportunity to radically rebuild and decarbonise the power grid, which the UK Government has also pledged to overhaul. This new funding will help us meet increased demand for flexible power sources and get closer to kicking fossil fuels out of the grid once and for all.”

Zhenya Loginov, Partner at Accel, said: “Karl and Archy have a wealth of experience in the energy sector, and their vision for rebuilding the grid in favour of renewable energy sources is truly exciting - and necessary. They’ve seen strong early traction, with their easy-to-use software platform already being used by major manufacturers. We’re proud to back Axle Energy as they continue this growth.”

With participation from current investors Picus Capital and Eka Ventures, Accel led the round. Several well-known angel investors also took part, including Formula 1 World Champion and sustainability entrepreneur Nico Rosberg, Amit Gudka (founder and CEO of Field Energy), Sierra Peterson (founder of Voyager Ventures), and Hanno Renner (founder and CEO of Personio).

About Axle Energy

An energy-flexibility startup is called Axle. To assist in removing fossil fuels from the grid, their platform links heat pumps, batteries, and electric vehicles to energy markets. The software platform provided by Axle Energy enables quick modifications to energy consumption in response to grid demands.