2021 Y-Combinator alum Enode plugs into $15 million, eyes U.S. market expansion

Oslo-based Enode has raised $15 million in a Series A funding round aimed at continued focus on product and commerce developments and accelerating their expansion to new markets, including, naturally, the U.S..

With its APIs, Enode is enabling energy companies to integrate EVs, thermostats, solar inverters, and other energy hardware directly into their apps. For lack of a better way of putting it, think of Enode as Plaid for energy.

The $15 million Series A round was led by fellow Scandinavians, Creandum, and saw the participation of existing investors Chris Sacca’s Lowercarbon Capital, BoxGroup, MyClimateJourney, and Skyfall Ventures. The round also saw the participation of a number of angel investors including Tink VP of Engineering Andreas Lundgren and former VP at both Facebook and Benchmark, Matt Cohler.

Chances are if you’re a Tech.eu reader, you’re fairly adept at, and with your tech. Such is the case, I’m guessing that you’ve probably got a smart energy meter in your house. You know, that thing that of late, you’ve been walking past thinking, “Are you kidding me? It’s only 9 am and my energy costs are how much?” Yeah, me too. 

And that’s just the heat and hot water. If you’re truly out to cut fossil fuel consumption, you’ve invested in an EV and probably have or are investigating some form of home energy collection and storage units. 

But how many of these services are interconnected, giving you a complete and total overview of your consumption and costs? XYZ for heating and cooling, ABC for the EV, RST for the home batteries. Surely there must be a better way?

With more and more consumers jumping aboard the bandwagon you and I mounted many moons ago, energy companies are recognising that their time-old traditional methods just aren’t going to cut it anymore. The problem is that developing new solutions to meet growing customer demand is both costly and a bit more of a challenge than meets the eye.

Enter Enode

The easiest way to digest what the good ship Enode is up to is to think of it as Plaid for energy. Just as Plaid build, “the tools and access needed for the development of a digitally-enabled financial system,” so too is Enode building, “the tools and access needed for the development of a digitally-enabled energy system.”

Through building a single API that allows everything from EVs to thermostats to heat pumps and solar inverters, Enode is acting as, to borrow a word or two from Mr. Tolkien, “one ring that will rule them all.”

“We’re seeing a wave of innovation and new startups working on solving the challenges of the energy transition. The Enode API helps them reach further and move faster. It's time for us to press the accelerator.” - Enode co-founder Henrik Langeland.

In so much, what this means for everyone across the energy ecosystem, both ‘uge and small, the ability to offer smart services to their customers, all without the end user having to pack their phones or tablets with 22 different apps and managing the entire consumption/spend/management manually. 

As an added bonus, not only does this simplify the entire process, but through the Enode API, the goal of the startup is to spur the creation of new green energy apps and services yet unforeseen.

At present, Enode is providing its services to clients including Fjordkraft, e-on, Elton, Statkraft, ZapMap, and OVOenergy, allowing for some 400+ seamless integrations with EVs, home chargers, heat pumps, solar panels, and the list goes on.

A 2021 Y-Combinator alum, Enode plans to use the $15 million in Series A funding to focus on product and commerce and accelerate their expansion to new markets, with a keen eye on the US.

On the investment Creandum Partner Sabina Wizander commented, “This winter, the need for energy management will increase, forcing both established and new players in the energy sector to offer more sustainable options and services to their customers. Enode will play an important role in this green revolution by offering a smart and simple infrastructure solution through its API. The extraordinary growth reflects the strong demand for their product. Coupled with an experienced team, we are excited to partner up.”