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Elum Energy, a Paris-based innovator in energy management for renewable systems, recently secured $13M in Series B funding. This investment round was spearheaded by Energize Capital, with additional backing from Alter Equity and Cota Capital.
The capital infusion is poised to fuel the company's expansion strategy, particularly as it targets entering the U.S. market. Furthermore, the funds will be directed toward enhancing Elum Energy's product offerings, especially in the areas of energy storage and electric vehicle (EV) integration.
Under the leadership of CEO Cyril Colin, Elum Energy has become a leader in delivering sophisticated energy management solutions, specifically for renewable energy systems. The company excels at standardizing the monitoring and control processes for both conventional and hybrid solar PV installations. Their technology is designed to optimize energy management across various sectors, including commercial and industrial (C&I) setups, microgrids, and large-scale utility projects.
In a notable move to solidify its global footprint, Elum Energy expanded its operations in 2023 by opening three new offices in Spain, Nigeria, and Madagascar. Today, the company boasts over 2,500 projects across 50 countries, serving a clientele of more than 350 businesses worldwide.
Commenting on the news, Cyril Colin said: "Elum provides a future-proof, interoperable solution for monitoring and control of today's energy systems. We are excited to partner with Energize, an investor with energy expertise and a shared vision, to build an intelligent, robust, and flexible grid powered by renewables and managed by scalable software technology. "
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