David Energy is a clean energy company based in Brooklyn, New York. It was co-founded by James McGinniss and Michel Losier. The company focuses on leveraging technology to enable smarter energy solutions, offering a software-enabled retail energy provision along with an array of integrated smart devices for residential and business customers. David Energy has received significant backing from investors and prominent venture capital firms, including Cathay Innovation, Union Square Ventures, and Keyframe Capital. The company's primary mission is to transition the energy grid towards complete reliance on clean energy.
September 2024: David Energy raised $23 million in investment funding, led by Cathay Innovation, with participation from previous investors. This round aims to enhance the company's mission to operate an energy grid fully reliant on clean energy 24/7/365. The funds will be utilized to scale their business further in active states and begin expansion across the Northeast and Mid-Atlantic regions.
April 2024: The company secured $15.9 million in a Series A funding round, strengthening its ability to expand its offerings and market activities.
Late 2023 - Early 2024: David Energy launched its residential service targeted at electric vehicle (EV) and battery owners in Texas. This service expansion aims to offer customers better returns on their energy investments by integrating comprehensive energy management tools.
2023: The launch of David Energy's residential-focused business platform marked a significant milestone, initially catering to consumers with smart home systems in Texas. This move positions David Energy as a key player against traditional energy incumbents with a focus on clean energy provision.
| Attribute | Information |
|---|---|
| Founding Date | 2017 |
| Headquarters | Brooklyn, New York |
| Founders | James McGinniss, Michel Losier |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Cathay Innovation, Union Square Ventures, Keyframe Capital, BoxGroup |
| Industry | Energy |
| Number of Employees | Approximately 50-100 (depends on available data) |
David Energy was founded in 2017 by James McGinniss and Michel Losier, driven by the long-standing interest in energy decarbonization and the vision of an energy grid powered entirely by clean sources. The founders observed a market gap within the energy sector concerning transitioning towards sustainable energy practices. By combining technological advancement with energy management, David Energy positioned itself to offer innovative solutions for both businesses and private consumers. Within a couple of years, the company started gaining traction and managed to secure initial investments which facilitated the expansion of their services and operational capacity.
David Energy distinguishes itself through its unique business model that centers around enabling customers with distributed energy resources. This includes technologies like smart thermostats, solar panels, batteries, and electric vehicles to respond dynamically and efficiently to energy grid fluctuations. Significant achievements include:
Technology Integration: The company has developed a vertically integrated solution which provides its consumers not just clean energy, but also insightful energy management capabilities.
Market Expansion: By venturing into the residential energy market in Texas with special emphasis on EV owners and individuals with smart home technologies, David Energy follows a customized approach to expand its consumer base effectively.
Sustainable Impact: The company's commitment towards a 100% clean energy grid and its successful fundraising efforts have enabled significant strides toward sustainable energy solutions.
Currently, David Energy operates as a trailblazer within the clean energy sector, offering a combination of retail energy services and intelligent energy solutions. The company serves thousands of customers across several states and continues to gain market share through innovative ecosystems that challenge traditional energy supply chain models. By focusing on customer empowerment and technology integration, David Energy has carved a niche market focusing on transparency and customer-centric energy management. Additionally, its strategic initiatives include market expansion across the Northeast, participation in scaling clean energy grid technologies, and continuous improvement of their product offerings.
David Energy stands at the forefront of the clean energy revolution within the energy sector by utilizing technology to facilitate smarter energy consumption and broaden access to renewable energy solutions. With an ambitious goal to transition the energy grid entirely to clean sources, David Energy plays a significant role in shaping the future of the energy landscape. As the company continues to expand, its trajectory marks it as a transformative force with substantial potential to impact power systems significantly across various regions.