Colorado cleantech company begins 2021 with oversubscribed funding round to advance grid-edge intelligence
BOULDER, Colo. and LOS GATOS, Calif. (March 11, 2021) — Copper Labs, a Boulder-based company offering patent-pending wireless real-time energy management (WREM) solutions, today announced an oversubscribed $2 million funding round led by National Grid Partners. The financing will further Copper Labs’ efforts to help electric, gas and water utilities engage consumers with real-time meter data for improved control, with or without smart meters.
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid PLC. Additional investors include Blue Bear Capital, Moonshots Capital and Bull Creek Capital, each of whom participated in earlier Copper funding rounds. With this funding, Copper will expand its marketing, sales and product development efforts.
Additionally, National Grid is deploying Copper’s technology in a pilot program to improve its ability to engage and inform its gas customers as part of the utility’s demand management programs within New York. The state is currently the sixth-largest natural gas consumer in the United States.
“With Copper’s technology, we can access gas usage data from meters every 30 seconds, rather than every 30 days. We are using this capability to test new programs that encourage customers to adjust their energy consumption in real time,” said Tara Kapila, vice president of customer product growth at National Grid. “Grid-edge intelligence has the potential to let consumers participate more proactively in the energy system — leveraging personalized insight and increased interaction with their utility providers to reduce costs and help meet carbon reduction targets.”
Dillon McDonald, vice president of incubation at National Grid Partners, will join the Copper Labs board of directors.
“National Grid has earned its reputation as a leading proponent of grid modernization, and we are thrilled to join the NGP portfolio of innovative companies delivering greater value to customers and building grid resiliency,” said Dan Forman, chief executive officer of Copper Labs. “We are already taking advantage of the significant resources that National Grid Partners brings as we accelerate the deployment of our solutions, including real-time residential voltage detection in our latest hardware release.”
About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc., one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads companywide disruptive innovation efforts. The organization provides a multifunctional approach to building startups, including innovation (new business creation), incubation, corporate venture capital, business development and culture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London and New York. Visit ngpartners.com or follow us on Twitter (@ngpartners_).
About Copper Labs
Copper Labs is on a mission to create a more sustainable energy future by helping utilities take control of energy demand when it matters most to the grid. Copper, the company’s flagship wireless energy monitor, delivers real-time grid-edge intelligence and electric, gas and water usage data, with or without smart meters. These innovative new capabilities empower utilities and ecosystem partners to engage targeted consumers and help manage energy demand, stabilize the grid and reduce the cost to serve energy. For more information, visit copperlabs.com.