London-based Axle Energy, an energy flexibility startup, announced on Thursday that it has secured $9M (approximately €8.3M) funding in a Seed round led by Accel, with participation from existing investors Eka Ventures and Picus Capital.
Notable angel investors, including Amit Gudka (founder and CEO of Field Energy); Sierra Peterson (founder of Voyager Ventures); Hanno Renner (founder and CEO of Personio); and Nico Rosberg (Formula 1 World Champion and sustainability entrepreneur), also participated.
The company says it will use the funds to increase its headcount and accelerate its growth across the European energy market.
The latest round brings the total funding raised by the company to over €9.2M.
Axle Energy: Decarbonising the grid
Karl Bach and Archy de Berker founded Axle Energy in 2023 to reduce carbon emissions in the power grid.
As fossil fuels are phased out of the system, the ability to easily adjust supply to meet demand is lost.
This means that the centralised structures of the traditional grid need to yield to a dynamic interplay of supply and demand.
Axle Energy enables every electrical device to participate in this process through software that simplifies connecting domestic assets to electricity markets.
The platform helps energy suppliers and manufacturers of flexible assets like electric vehicles (EVs), chargers, home batteries, and heat pumps, to integrate these products and their customers with local and national energy markets.
This integration allows the assets to store energy and be switched on at will.
The company has already connected over 15,000 flexible assets to energy markets, amounting to more than 85 MW of capacity.
The company has recently announced partnerships with SolarEdge, myenergi, Pod Point, and GivEnergy to assist them in delivering clean flexibility to the grid and rewarding their customers.
