Clean Energy | April 23, 2018

OhmConnect raises $8.5 million to expand the “energy sharing” economy

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, April 23 – San Francisco-based OhmConnect has developed an energy sharing system to reduce the use of dirty back-up power sources during peak-energy periods. Participating utility customers in California, Texas and Toronto, Canada get money back for energy saved — based on meter readings — when they participate in OhmConnect’s weekly #OhmHour campaigns. Customers outside California, Texas and Toronto can receive non-financial rewards.

  • 1,000 tons… OhmConnect says its 300,000 participants have prevented 1,000 tons of CO2 emissions and received $4 million in energy savings payments.
  • Series B… The company has raised $15 million since launching in 2014, including $8.5 million from its latest Series B round. The round was backed by Floodgate, Aspect Ventures, City Light Capital, Radicle Impact, AME Cloud Ventures, Cthulhu Ventures and Zygna founder Mark Pincus.