dcbel Inc. has closed an approximately $68-million Series B funding round which will help the Montreal-based smart home energy company accelerate distribution of its r16 home energy stations.
The round is being led by growth equity investment firm Idealist Capital, and also includes Investissement Québec. dcbel lists among its existing investors Volvo Cars, Coatue, Kevin Mahaffey and Real Ventures.
dcbel markets the r16 as a "complete" energy solution, featuring a fast DC bidirectional electric vehicle (EV) charger, a Level 2 EV charger, a solar inverter, a stationary battery charger and a smart home energy manager.
"dcbel will greatly benefit from welcoming a distinguished group of investors," Marc-Andre Forget, CEO of dcbel, said in a statement.
"This funding positions our company to accelerate our growth and is a testament to the strength of our team, product and traction. We are proud of bringing to market a sustainable solution to accelerate the energy transition and give homeowners control over their energy."
dcbel’s Series B
"For over a decade, I have focused on climate impact investments in the renewable energy and storage, energy efficiency and electrification sectors," Larochelle said in a statement. "dcbel sits at the nexus of all these industries, representing a truly exciting opportunity to change the way we think about home energy.
"I am honoured to join dcbel's board as the company brings its innovations to market."
In June, it was announced the first batch of r16 stations were being shipped in territories within California and New York. Mass production of dcbel’s r16 will take place in Richardson, Tex.
dcbel, founded in 2015, raised $61.7 million from a group of investors in 2021 — including Coatue and Real as well as WTI, Narrative Fund and later, Silicon Valley Bank.
dcbel’s r16 home energy station
The r16 functions like a solar inverter for electrical current conversions, a bidirectional EV direct current charger and an AI-assisted energy management system. It can power homes with solar energy or via the battery from an EV, freeing it from the grid and greenhouse gas-generating energy sources.
In June, the r16 became the first certified residential bidirectional direct current EV charger in the U.S.
Last November, the company announced it had partnered with LG Energy Solutions to incorporate LG’s batteries into the r16 to provide resiliency against blackouts and natural disasters.
The platform starts at US$4,999, but costs can vary depending on the needs of the home, such as the size of the solar installation or whether or not a homeowner chooses to implement stationary storage.