Axle Energy Raises $1.6m for Energy Flexibility Platform.
London-based energy flexibility startup, axle energy, has raised $1.6m in pre-seed financing, led by Picus Capital with participation from Eka Ventures. The company's API connects electric vehicles (EVs) and home energy devices to electricity markets. This enables energy suppliers and hardware manufacturers to use the flexibility of home energy devices, lowering costs and emissions and improving grid stability.
Historically, the electricity system matches supply with demand on a real-time basis by turning fossil fuel plants up and down to meet demand.
However, as wind and solar become more dominant, society needs to find ways to use more energy when it's cheap and green, and less when the wind isn't blowing and the sun isn't shining. With EVs and home energy devices being inherently flexible, the challenge is to connect these devices to electricity markets, so that people can maximize their potential.
This is where axle's energy flexibility platform comes into play. By optimizing the combined flexibility of many home energy devices, axle's software provides flexibility to the electricity grid and shifts energy usage to when it's cheapest and greenest. The software seamlessly integrates with OEMs and energy suppliers, enabling businesses to lower their residential customers' energy bills by over 25%, while increasing the capacity of the grid to transition towards a renewable future. Founders, Karl Bach and Archy de Berker say, "The energy crisis has exposed the climate, cost, and dependency risks stemming from our dependence on fossil fuels. The time to decarbonise is now, and that requires a connected, dynamic, flexible grid, not the monolith we have today."
axle was founded in early 2023 by Karl Bach and Archy de Berker, who bring energy experience and AI expertise from the likes of Bulb, M-KOPA, CarbonChain, Habitat Energy, Origami Energy, and Element AI. Sebastian Schäfer, Partner at Picus Capital, said "Karl and Archy bring the experience and vision to build the electricity system we need for the 21st century."
They've invested in axle
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