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Shifted Energy Expands Grid-Interactive Buildings and Virtual Power Plants with New Seed Funding
HONOLULU, March 6, 2023-- Shifted Energy, a leading distributed energy resources (DER) platform, today announced the closing of a $4.3M seed funding round that will help the company expand energy efficiency programs and distribute smart energy products. Co-led by EPIC Ventures and Kapor Capital, with participating investors Buoyant Ventures, Startup Capital Ventures x SBI Fund, and Hunt Development, the funding round will be used for talent acquisition and expanding coverage areas throughout the U.S., Canada, and Australia.
Shifted Energy, supports utilities, property managers and owners of multi-family housing through the deployment of low-cost distributed energy resource control and monitoring systems, machine-learning data analytics, and dispatch optimization software.
"We started Shifted Energy with the mission of an equitable transformation of utilities markets and we are excited for the positive impact that this new round of funding will unlock," said Olin Lagon, co-founder and CTO, Shifted Energy. "Our proprietary solutions have been developed, tested and perfected to help utilities throughout the world stabilize their grids while accelerating the integration of intermittent wind and solar power generation."
Shifted Energy's software creates virtual power plants out of single and multifamily homes by connecting electrical appliances such as water heaters and EV chargers to a cloud-based platform. The company aggregates and optimizes participants that it serves as distributed energy resources that provide benefits to both grid utilities, in the form of energy storage, load reduction and fast-frequency response, and utility customers, who benefit from bill credits and financial incentives. The technology is readily scalable, cost-effective, and able to connect to any cloud-connected smart device.
"Our platform was built as a way to engage with hard-to-reach communities who typically don't have access to rooftop solar or EV charging by targeting renters and multi-family buildings," said Forest Frizzell, co-founder and CEO of Shifted Energy. "These technological solutions create inclusivity in the transition to a clean and healthy energy future."
"Securing this funding for Shifted Energy represents the value that the company brings to addressing the large renewable energy needs that exist worldwide," said Nick Efstratis of EPIC Ventures. "We look forward to seeing the results of this impactful investment."
Co-founders Forest Frizzell and Olin Lagon have decades of experience working with technology innovation and community engagement. They both practice traditional Native Hawaiian farming on weekends and volunteer with the state's largest technology education non-profit, Purple Maiʻa, which works in Native Hawaiian communities throughout Hawaii.
"As the energy transition continues to gain steam, we see a tremendous opportunity for Shifted Energy to bring new technologies to local communities for the benefit of both individual ratepayers and large-scale utilities," said Allison Myers, co-founder and general partner at Buoyant Ventures. "Both Forest and Olin have unique backgrounds that will enable them to deliver community-based results that other companies often overlook."
About Shifted Energy
Shifted Energy was founded in 2016 as a spin-off from the energy efficiency and justice efforts of nonprofit Kanu Hawaii, a 40,000-member grassroots organization focused on environmental sustainability and community empowerment in Hawaii. The company produces world class software and partners with smare hardware OEMʻs to convert behind-the-meter assets into valuable demand response assets, empowering electricity users and enabling utilities to stabilize their grids while accelerating the integration of renewable energy. For more information, visit https://www.shiftedenergy.com/.