London-based energy flexibility startup Axle Energy, which aims to eliminate fossil fuels from the grid, has raised $9 million in a seed funding round led by Accel and supported by Picus Capital and Eka Ventures.
- Founded in 2023 by Karl Bach and Archy de Berker, Axle Energy develops a platform that connects EVs, heat pumps, solar panels, and batteries to electricity markets. This helps build a dynamic grid and supports the transition away from fossil fuels.
- To date, Axle Energy's platform has connected approximately 15,000 flexible assets to energy markets, totaling over 85 MW of power. Additionally, the startup has partnered with various manufacturers, including SolarEdge, myenergi, Pod Point, and GivEnergy.
"We’re on a mission to kick fossil fuels off the grid. This will require immense amounts of renewables; it’ll also require a new software architecture to tap into the flexibility of EVs, batteries, and other devices to keep the grid humming when the sun isn’t shining and the wind isn’t blowing," Axle Energy's team, commented on LinkedIn.
- The fresh funding was led by Accel, an American venture capital firm that has invested in more than 200 startups across 20 countries in Europe, including notable firms such as BlaBlaCar, Doctolib, Vinted, UiPath, Monzo, and GoCardless. Recently, Accel launched its 8th fund in the region of $650 million to invest in early-stage European startups.
- The investment saw participation from Munich-based VC Picus Capital, London-based Eka Ventures, and business angels, including Nico Rosberg, Amit Gudka, Sierra Peterson, and Hanno Renner.
- With the capital, Axle Energy plans to expand its operations across Europe and globally, as well as grow its engineering team.
