Montréal-based cleantech startup Dcbel has closed over $50 million USD in Series B funding to hasten the delivery of its r16 Home Energy Station.
The company’s r16 product enables bidirectional electric vehicle (EV) charging, allowing customers to charge EVs using solar panels and stationary batteries and leverage EV-stored energy to power their homes.
Dcbel founder and CEO Marc-Andre Forget called the funding “a testament to the strength of our team, product and traction.”
Dcbel’s Series B financing was led by climate-focused Montréal growth fund Idealist Capital. According to Dcbel, fellow new investor Investissement Québec is also participating in the round. Existing Dcbel backers include Volvo Cars, Coatue, Kevin Mahaffey, and Real Ventures.
In a statement, Dcbel founder and CEO Marc-Andre Forget called the funding “a testament to the strength of our team, product and traction.”
The round comes more than two years after Dcbel closed nearly $60 million CAD in equity and debt to bring its EV charging solution to market. Dcbel, which did not disclose its latest valuation, described its Series B financing as an up round.
Founded in 2015 and formerly known as Ossiaco, Dcbel develops smart home energy products.
The company’s r16 device includes a solar and stationary battery inverter with built-in artificial intelligence (AI) capabilities. Using AI, Dcbel claims its r16 offering learns from customers’ energy consumption habits, predicts needs, and helps users save money when energy prices peak and earn money, while also contributing toward the stability of the overall power grid.
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As part of the round, Idealist Capital co-managing partner Pierre Larochelle is joining Dcbel’s board. Larochelle, currently chair of Lion Electric, has focused on investing in the renewable energy and storage, energy efficiency, and electrification sectors for over a decade.
“Dcbel sits at the nexus of all these industries, representing a truly exciting opportunity to change the way we think about home energy,” Larochelle said in a statement.
For its part, Dcbel described its r16 Home Energy Station as “the first in a suite of products” that the company plans to release designed “to help homeowners reduce everyday costs.”
Feature image courtesy Dcbel.