Funding to Drive Expansion in Northeast and Mid-Atlantic Regions
David Energy, a gridtech company based in New York City, has successfully raised $23 million in a new funding round led by Cathay Innovation, with participation from notable investors including Union Square Ventures, Keyframe Capital, Equal Ventures, and BoxGroup. The company plans to utilize the funds to further scale its operations in active states and expand across the Northeast and Mid-Atlantic regions.
Advancing Clean Energy with Technology-Driven Solutions
Led by CEO James McGinniss, David Energy is a forward-thinking retail energy provider (REP) focused on decarbonizing the energy grid. The company’s innovative approach involves creating a network of connected devices that respond in real-time to the fluctuations in clean energy generation, thereby reducing reliance on fossil fuels and promoting 24/7 clean energy usage. Currently, David Energy serves both residential and multi-unit business customers in Texas, as well as business owners in New York, New Jersey, and Massachusetts.
Scaling Operations and Building Clean Energy Networks
Since its inception in 2019, David Energy has raised a total of $50 million from venture capital and strategic investors. The company’s recent funding round will allow it to continue expanding its clean energy grid technology across key markets in the U.S., with the goal of driving further decarbonization in the energy sector, which remains the largest contributor to climate change.
Source: finsmes.com
