WOBURN, Mass., May 13, 2024 — Active Surfaces, an innovative flexible solar panel startup spun out from MIT, announced today it has raised $5.6 million in an oversubscribed pre-seed funding round. The round was led by Safar Partners, a prominent deep tech venture capital fund. Additional participants—including QVT, Lendlease, Type One Ventures, Umami Capital, Sabanci Climate Ventures, New Climate Ventures, SeaX Ventures, and others—reflect a diverse support base ranging from institutional VCs to corporate backers.

Active Surfaces is pioneering the next generation of solar technology with its lightweight, flexible solar panels that can be integrated into virtually any surface. Unlike bulky traditional solar panels, Active Surfaces’ technologies will seamlessly blend into everyday environments, from small consumer products that can go anywhere to large commercial, office, and industrial buildings.

“Active Surfaces is pioneering a transformation in the built environment,” said Tommaso Boralevi, Technology & Innovation Director Europe at the Milan Innovation District (MIND) established by Lendlease, a global construction, development, and investment company. “At Lendlease, we are committed to advancing sustainable urbanization, and our investment in Active Surfaces represents a significant step towards integrating novel capabilities directly into the fabric of future developments.”

“We are thrilled to see such strong support from our investors,” said Richard Swartwout, an MIT PhD and co-founder and CTO of Active Surfaces. “This funding will enable us to expand our R&D efforts, scale up production, and bring our cutting-edge solar solutions to market more rapidly.”

Swartwout said the company’s flexible, thin film “solar 2.0” technologies will deliver dramatically higher efficiency, lower costs, and greater versatility than today’s heavy, rigid solar panels. With its initial funding, Active Surfaces will scale its laboratory-fabricated 4-by-4-inch photovoltaic devices with breakthroughs in industrial roll-to-roll semiconductor printing technologies enabling mass production of thin, flexible solar materials of any size.

The company has been bolstered by recent additions to its team, including Jeremiah Mwaura, a PhD in Materials/Chemistry with more than a decade of experience in advanced roll-to-roll manufacturing, as well as skilled scientists and engineers from leading institutions such as Stanford University, Rice University, University of Pittsburgh, and MIT.

Active Surfaces participates in the Go Build startup accelerator program with Saint Gobain through Greentown Labs and is supported by premier climate tech incubators such as Third Derivative, ACCEL, Swissnex Climate Collider, Cleantech Open, and Venture for ClimateTech. Additionally, Active Surfaces co-founder Shiv Bhakta, MIT MS/MBA, was recently featured in Forbes 30 Under 30 2024 in Energy. And advisor Moungi Bawendi, Lester Wolfe Professor of Chemistry at MIT, was awarded a Nobel Prize in Chemistry in 2023.

About Active Surfaces:

Founded by MIT researchers, Active Surfaces is a leader in developing flexible, high-efficiency solar technology designed for integration into a variety of surfaces. The company aims to disrupt the traditional energy sector by making solar power ubiquitous and seamlessly integrated into everyday materials. For more information, visit www.activesurfaces.com.

Contact: Shiv Bhakta, [email protected] 

SOURCE Active Surfaces

SUNNY ISLES BEACH, Fla., May 13, 2024 — Icahn Enterprises L.P. (NASDAQ: IEP) – Icahn Enterprises L.P. (“Icahn Enterprises”) announced today that it, together with Icahn Enterprises Finance Corp. (together with Icahn Enterprises, the “Issuers”), intends to commence an offering of $500,000,000 aggregate principal amount of Senior Unsecured Notes due 2030 (the “Notes”) for issuance in a private placement not registered under the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be issued under an indenture by and among the Issuers, Icahn Enterprises Holdings L.P., as guarantor (the “Guarantor”), and Wilmington Trust, National Association, as trustee, and will be guaranteed by the Guarantor. The net proceeds from the offering will be used, together with cash on hand, to partially redeem the Issuers’ existing 6.375% Senior Unsecured Notes due 2025. There can be no assurance that the issuance and sale of any debt securities of the Issuers will be consummated.

The Notes and related guarantees are being offered only (1) in the United States to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and (2) outside the United States to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The Notes and related guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities of the Issuers.

About Icahn Enterprises L.P.

Icahn Enterprises L.P. (NASDAQ: IEP), a master limited partnership, is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.

Caution Concerning Forward-Looking Statements

This release contains certain statements that are, or may deemed to be,  “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to economic downturns, substantial competition and rising operating costs; the impacts from the Russia/Ukraine conflict and ongoing conflict in the Middle East, including economic volatility and the impacts of export controls and other economic sanctions, risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, declines in the fair value of our investments, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended, or to be taxed as a corporation; risks related to short sellers and associated litigation and regulatory inquiries; risks related to our general partner and controlling unitholder; pledges of our units by our controlling unitholder; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation fuels, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; risks related to potential strategic transactions involving our Energy segment; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the COVID-19 pandemic and the Chapter 11 filing of our automotive parts subsidiary; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping, including as a result of the Russia/Ukraine conflict and conflict in the Middle East; interest rate increases; labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, manufacturing disruptions, and changes in transportation costs and delivery times; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under the caption “Risk Factors”. Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise. 

Investor Contact:
Ted Papapostolou, Chief Financial Officer
[email protected]
(800) 255-2737

SOURCE Icahn Enterprises L.P.

SEOUL, South Korea, May 13, 2024 — MetisX, a fabless startup based in South Korea, has recently secured $44 million in Series A funding, bringing its total funding to over $50 million. The company, established in 2022, focuses on developing intelligent memory solutions using Compute Express Link (CXL) technology, which is seen as the next-generation standard for interconnect technology. MetisX aims to revolutionize traditional CPU-centric computing architectures by introducing a data-centric approach that promises to be smarter, faster, and more cost-effective.

“We are pleased to have successfully achieved our Series A funding goal amidst a challenging market environment,” said Jin Kim, CEO and co-founder of MetisX. “Our goal is to become the next NVIDIA, not by competing directly against them, but by creating a new market in the data-centric domain to pave the way for the AI era.”

One of the company’s primary goals is to address the “memory wall” issue that many industries face, particularly those dealing with vast amounts of data such as data centers, database management, artificial intelligence, and DNA analysis. By leveraging CXL technology, MetisX seeks to overcome performance bottlenecks associated with frequent memory accesses in computing systems.

Despite being in the early stages of development, MetisX has attracted significant attention from new investors such as SV Investment, STIC Ventures, LB Investment, and the Industrial Bank of Korea, as well as follow-on investors from the seed round including Mirae Asset Venture Investment, Mirae Asset Capital, IMM Investment, SBI Investment, Tony Investment, and Wonik Investment Partners. These firms have made bold bets on the company’s potential, both in terms of its innovative product offerings and the expertise of its leadership team.

Led by Jin Kim, who boasts a distinguished career as one of the youngest VPs at SK Hynix with around 20 years of experience in data-centric solutions, MetisX is well-positioned to disrupt the semiconductor industry. Additionally, the company’s Chief Technology Officer (CTO), Dohun Kim, and Chief Product Officer (CPO), Harry Kim, bring valuable expertise from their backgrounds in major semiconductor companies.

MetisX has already made significant strides in product development, having completed prototypes specialized in large-scale data processing such as vector databases, big data analysis, and DNA analysis. These prototypes have demonstrated impressive performance, being twice as fast as conventional server CPUs. Building on this success, the company plans to manufacture its inaugural ASIC chip by early next year, targeting major data center customers including tech giants such as Amazon, Microsoft, Google, and Meta. MetisX plans to expand the company aggressively, establish a branch in the US, and reinforce its marketing and sales organization to successfully penetrate its target market.

About MetisX

Founded in 2022, MetisX is a fabless startup based in South Korea. Our mission is to pioneer fundamental technologies that will usher in a data-centric computing world. We focus on delivering cutting-edge solutions tailored to meet the needs of customers in sectors with large-scale data to process such as AI, big data, vector databases, DNA analysis, and more. Our expertise lies in the development of intelligent memory solutions and data-centric computing architecture, with a foundation built on Compute Express Link (CXL) standards. Through relentless innovation and strategic partnerships, MetisX is dedicated to pushing the boundaries of what’s possible in the realm of memory technology.

For more information, please visit https://www.metisx.com or https://linkedin.com/company/metisx.

SOURCE MetisX

Latest financing totaling $26.4 million over six months, supplements the company’s $16.1 million initial closing with the remaining round attracting valuable strategic partners.

BORDENTOWN, N.J., May 13, 2024 — Princeton NuEnergy (“PNE”), a leading clean-tech innovator specializing in lithium-ion battery direct recycling, proudly announces a successful round of equity financing totaling $10.3 million. Key investors include SCGC (a subsidiary of SCG Group), Tech Council Ventures, and a subsidiary of LKQ Corporation. This recent injection of capital brings the company’s total Series A funding over the past 6 months to $26.4 million.

PNE’s flagship innovation is a low-temperature plasma-assisted separation process (LPAS™), a patented technology that significantly reduces costs, environmental waste, and carbon emissions commonly associated with lithium-ion battery recycling. PNE’s direct recycling approach enables higher critical material recovery rates and superior material performance compared with traditional recycling methodologies.

“We are immensely thankful for the support of our investors and partners. With their backing, we’re set to expand upon the solid groundwork we’ve laid, driving forward with even greater momentum.” stated PNE Co-Founder and CEO, Dr. Chao Yan. “PNE’s Cathode-to-Cathode™️ technology is reshaping the landscape of critical material reclamation, driving down costs while making a significant impact on the sustainability of battery recycling. This groundbreaking process not only reduces carbon emissions and energy consumption but also establishes a sustainable model for battery recycling.”

The newly acquired funds will support construction of an Advanced Black Mass and Cathode Manufacturing Center in the heart of the southeastern U.S. ‘battery belt’.

In addition to this $26.4 million Series A raise and preceding Seed Round of $7 million, PNE has secured multiple U.S. Department of Energy grants for battery recycling research of $18 million, in total. The new Series A funding further solidifies PNE’s commitment to reducing the nation’s dependence on foreign critical materials by securing the U.S. critical material supply chain, fostering domestic manufacturing capabilities, and cultivating high-quality clean energy jobs within the United States.

About LKQ Corporation:
LKQ Corporation is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.

About Tech Council Ventures LLC
Founded in 2000, Tech Council Ventures has been focused on investing in exciting innovators across multiple industries in the region for over 20 years. Tech Council Ventures offer portfolio companies access to an extensive network of resources and expertise to accelerate their success.

About SCG Chemicals Public Company Limited
SCG Chemicals Public Company Limited (SCGC), a subsidiary of The Siam Cement Public Company Limited (SCG), is a leading industry player in the Asia-Pacific region. Established in 1989, SCGC specializes in high-value-added (HVA) products across various sectors. Through joint ventures and separate business units, SCGC develops innovative solutions for industrial and everyday applications.

For media inquiries, please contact:
Arsalan Khan
[email protected]

SOURCE Princeton NuEnergy

Growth equity firm focused on revenue-generating services businesses that play an increasingly critical role in bringing new medicines to patients

BOULDER, Colo., May 13, 2024 — NewVale Capital LLC (“NewVale”), a Boulder-based growth equity firm focused on investments in the services architecture underpinning the life science industry, today announced the final close of its inaugural fund. The oversubscribed $167 million fund will accelerate the growth of proven pharmaceutical services companies that play an essential role in bringing medicines to patients.

NewVale invests in services, software, and technologies – the infrastructure of life sciences – that have a proven return on investment for pharmaceutical customers, helping to accelerate timelines, reduce costs and improve quality. With nearly $200 million¹ total under management, the firm makes investments of between $10 and $50 million in growth companies across the continuum of the pharmaceutical value chain, including discovery, clinical, manufacturing, regulatory and commercialization. The NewVale team comprises veteran life science investors, company builders and pharmaceutical executives who bring decades of experience in the global pharmaceutical industry.

Todd Holmes, Founder and Managing Partner of NewVale, commented: “While the science behind novel therapeutics has never been more promising, the pharmaceutical industry is undergoing a major evolutionary shift. To contend with its own rapid growth and formidable external pressures, the industry has been remodeling itself in ways that will make it sustainable for the decades ahead. In its evolution, biopharma has quietly become reliant on a vast and complex system of outsourced services that few have focused on, a system that now draws more than half of all dollars invested in biopharma.” 

The fund has completed three initial investments:

• Aizon – NewVale led a $20 million growth financing to expand the availability of Aizon’s machine learning software, which has been proven to cost-effectively increase productivity and reduce batch errors in the pharmaceutical manufacturing process.
• Argonaut Manufacturing Services – NewVale led a $45 million growth financing to meet the need for high-quality clinical and commercial sterile fill/finish capabilities of small- and medium-sized biopharmaceutical companies.
• Beaconcure – NewVale led a $14 million growth financing to provide the pharmaceutical and contract research industry with a novel software platform that reduces the time and cost of the biostatistical validation process across all clinical trials.

Mr. Holmes continued, “We are thrilled to launch an independent growth equity fund committed exclusively to the services companies that help deliver much-needed therapies to patients. With our capacity to provide ample capital, our heritage as company builders and our expansive networks across the pharmaceutical industry, we’ve designed NewVale to be a valued partner for management teams looking to accelerate their growth.”

In under nine months, NewVale surpassed its target raise and initial hard cap with capital commitments from institutional limited partners across university endowments, foundations, insurance companies, fund of funds and family offices, alongside recognized pharmaceutical executives and investors. 

Strathmore Group LLC served as exclusive placement agent for NewVale and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., provided legal counsel in connection with the fundraising.

About NewVale Capital

Founded in 2022, NewVale Capital is a growth equity investment firm focused on supporting the services architecture underpinning the life science industry. The firm invests in proven, revenue-generating services businesses across the life science ecosystem that are helping to bring the next generation of medicines to patients. For more information, visit: www.newvalecapital.com.

¹ Includes co-investment special purpose vehicles managed by NewVale Capital

SOURCE NewVale Capital

NY-based boutique fund backed by established LP base of experienced investors and successful founders

NEW YORK, May 10, 2024 — 97212 Ventures, a NY next-generation VC and day-one partner for Israeli founders, today announced the closing of a 20-million dollar fund aimed at investing in new Israeli pre-seed and seed startups, providing them instant access to a pool of rich New York resources to grow their businesses including key senior advisors, early customers and channel partners, paving the way to US product-market fit and early growth.

New York has established itself as a hub for Israeli tech, with 30 Israeli unicorns and 450 startups headquartered in the city. 97212 founder Eyal Bino has played a key role in the creation of this hub, having previously co-founded ICONYC labs, a go-to-market accelerator focused on investing in pre-seed Israeli startups that helped reduce time to access the US market. ICONYC success stories include Connecteam, Dataloop, Leal Health, Duve, SecuriThings, Copyleaks and many more.

“Israel has unique tech talent and this moment, when securing venture capital funding is particularly tough for early stage startups in Israel, offers unique opportunities for us to access top innovations that have the potential to become unicorns,” said Eyal Bino, Founding Partner. “This new fund serves as a complete plug-in for Israeli entrepreneurs looking to build global startups by giving them capital, guidance and instant access to the entire NYC tech ecosystem including senior advisors, design partners, potential partners, and customer introductions.”

97212 Ventures is a first-time fund dedicated to providing capital for Israeli startups to establish a presence in New York City and requires founders to move there within 18 months. The firm invests in B2B enterprise technologies, digital health and wellness, plus sectors where digital transformation tech is critical such as fintech, prop tech and logistics. The fund has already invested in 14 startups including:

• Pioneering hybrid drug company Remepy, co-founded by Michal Tsur, (former President of Kaltura) and Or Shoval. Former Prime Minister Naftali Bennett, who made his name as a hugely successful tech founder, is a key advisor to the company. 
• Beti, an advanced, cloud-based platform designed to allow construction companies to efficiently supervise and coordinate workflows and worker safety on site
• Ritual, providing digital tools to guide users through their personalized relationship journeys with on-demand therapists.

97212 Ventures is backed by a collection of successful investors, founders and operators including  Modi Rosen, Co-founder / Managing Partner, Magma Ventures and first investor in Waze, Appsflyer, Guesty amongst other Israeli unicorns;  Owen Davis, Managing Partner, Contour Ventures and first investor in successful NYC startups Datadog and SeatGeek; Paul Martino, Managing Partner, Bullpen Capital, and first investor in FanDuel, and Ran Reske, Founder and CEO, Resident which recently sold for $1B, among others.

About

Based in New-York, 97212 Ventures is a seed fund exclusively focused on investing in top early-stage Israeli startups committed to building category defining companies in NYC. Backed by an established LP base of experienced investors and successful founders, the fund is fast becoming the “go-to VC” for Israeli founders looking to expand their companies to NYC and cut time to the US market.

SOURCE 97212 Ventures

SINGAPORE, May 9, 2024 — OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, has issued updates for May 9, 2024. 

OKX Ventures Announces Seed Round Investment in Arch Network, a Bitcoin-Native Application and Smart Contract Platform

OKX Ventures today announced its participation in the seed investment round for Arch Network, a Bitcoin-native application and smart contract platform.

Arch Network is the first Bitcoin-native application platform, enabling bridgeless DeFi on the world’s largest blockchain. It is a parallelized, proof-of-stake network that leverages zero-knowledge proof (ZK proof) technology to enhance Bitcoin-native programmability. The network consists of a Rust-based zkVM, called the ArchVM, and a decentralized verifier network. Together, these components form a trustless execution environment directly within the Bitcoin blockchain, allowing for bridgeless trading experiences.

OKX Ventures Founder Dora Yue said: “We are delighted to invest in Arch Network, a Bitcoin-native application platform that takes inspiration from the SVM (Solana Virtual Machine). It utilizes parallelization and integrates ZK proof technology to facilitate dynamic, Turing-complete smart contracts on Bitcoin. This novel approach dramatically improves user experience and the trust assumptions made by Bitcoin users, enabling a smooth and frictionless experience while maintaining a trustless relationship with dApps and protocols.”

For further information, please contact:

[email protected]

About OKX Ventures

OKX Ventures is the investment arm of the second-largest crypto exchange by trading volume and Web3 technology company OKX, with an initial capital commitment of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.

Find out more about OKX Ventures here.

Disclaimer

SOURCE OKX Ventures

The company’s advances in mathematical research allow them to generate predictive synthetic responses with proven accuracy, upending the $94 billion research and insights industry

TEL AVIV, Israel, May 9, 2024 — Fairgen, the company generating accurate AI responses to surveys, has raised $8 million to date in Seed funding, led by Maverick Ventures Israel, with participation from Tal Ventures, IGNIA and Creator Fund to move consumer insights into the AI era. The company is launching FairBoost, its flagship solution that doubles the size of under-sampled segments using predictive synthetic responses.

Consumer brands spend millions on market research to understand everything they can about their target markets. In most cases, they are forced to waste resources collecting large amounts of data to meet sample quotas and reach conclusions about niche markets. In some cases, researchers must go back and pay a premium to collect more responses from underrepresented groups in the study. These boosts generally take weeks to collect and can be prohibitively expensive.

Fairgen became the first company to use synthetic data for granular insights when it proved scientifically that it could augment under-sampled segments with a high degree of accuracy using proprietary algorithms. Fairgen’s FairBoost trains an AI model exclusively on the customer’s survey data. The model learns the relationship between the different surveyed groups and can extrapolate from the larger groups, generating new responses for niche groups in minutes that are mathematically guaranteed to be statistically accurate.

“Through deep research, we’ve built AI models that augment structured datasets with statistical guarantees. This technology can unlock granular insights across all industries,” said Samuel Cohen, PhD, founder and CEO of Fairgen. “We’ve worked with some of the top AI researchers to test and validate our method, and we are now ready to open it up to the whole industry.”

Fairgen was founded by Samuel Cohen, a former research scientist at Meta, and serial entrepreneurs Benny Schnaider & Michael Cohen. Advisors include unicorn founder Daniel Amzallag and Emmanuel Candès, the director of statistics and mathematics at Stanford, who helps develop, review, and validate Fairgen’s technology.

“Fairgen is pioneering a foundational breakthrough in quantitative research by seamlessly integrating traditional statistics with generative AI technology,” said Prof. Candès. “This fusion leads to enhanced predictability, as evidenced by a rigorous assessment of its outputs.”

“Fairgen’s pioneering approach, using statistical AI to generate synthetic data, leverages AI in a new way” said Michel Abadi, General Partner at Maverick Ventures Israel. “This technology marks a significant breakthrough for the applications of AI to a wide range of industries.”

Fairgen is used by some of the largest global consumer brands and has recently signed a partnership with the international market research firms, IFOP and BVA, which rigorously tested their technology and integrated it into their offerings.

Media Contact
Lazer Cohen
[email protected]
+97258-419-2917

SOURCE Fairgen

Partners with Utilities across the US and Integrated with Google Home, LG, Rheem, and others to Support the Grid and Reduce Residential Utility Bills

OAKLAND, Calif., May 9, 2024 — Renew Home, North America’s largest residential virtual power plant (VPP), has launched out of the combination of Google’s Nest Renew service and OhmConnect. The new company brings together millions of customers across the nation, helping to stabilize the grid and to reduce home energy costs.

Renew already controls nearly 3GW of electrical energy use, and is planning to expand to 50GW by 2030 – approximately 25% of the total VPP growth recently projected by the U.S. Department of Energy (DOE). DOE projects that by tripling the scale of VPPs, we could meet 10-20% of peak electricity demand by 2030 – which would avoid $10 billion in grid costs.

Backed by a $100M investment from majority owner Sidewalk Infrastructure Partners (SIP), Renew Home will transform residential energy by enabling millions of homes across the country to collectively reduce and shift their energy use.

“The marriage of Nest’s innovative approach to managing energy use in the home with OhmConnect’s customer-focused grid services platform will be transformational,” said Renew Home CEO Ben Brown. “With our industry-leading partners, Renew Home will be able to coordinate the home energy use of millions of customers to help catapult us into a 100% clean energy future.”

Renew Home is already working with the Google Home APIs as a platform provider of integrations to control devices and energy use in millions of homes. Renew Home also integrates with dozens of additional devices and appliances in the home – including LG, Honeywell, SunPower, Sense, and others – and will support demand response and VPP programs with more than 100 utilities.

“This is a pivotal moment for virtual power plants,” said Alan Machuga, CTO of Rheem. “We are excited to partner with Renew Home to help customers save money and energy – while supporting the grid. As a leading manufacturer of HVAC and Water Heating products, Rheem uniquely brings both potential for energy savings and energy storage, to which water heaters play a critical role.”

According to the DOE, VPPs are aggregations of distributed energy resources such as rooftop solar with behind-the-meter batteries, electric vehicles and chargers, electric water heaters, smart buildings and their controls, and flexible commercial and industrial loads that can balance electricity demand and supply and provide utility-scale and utility-grade grid services like a traditional power plant.

About Renew Home

Renew Home, North America’s largest residential virtual power plant, revolutionizes residential energy management by enabling residents to lower utility bills while stabilizing the energy grid. By harnessing energy reduction from millions of homes into a cohesive virtual power plant, Renew Home’s impact on the grid is transformational. Collaborating with industry leaders such as Google Nest, Rheem, LG, Honeywell, SunPower, and Sense along with over 100 utility partnerships, Renew Home is spearheading the residential clean energy movement. Renew Home is a Sidewalk Infrastructure Partners (SIP) company.

More information, visit RenewHome.com; Follow on LinkedIn, Facebook, and Instagram.

Media Contact
Alexandra Pony
[email protected]
250.858.0656

SOURCE Renew Home