Paris-based Elum Energy, a leader in advanced energy management solutions, has successfully raised $13 million in Series B funding. The round was led by Energize Capital, with participation from existing investors Alter Equity and Cota Capital. This new investment will propel the company’s growth, support its U.S. market entry, and advance its product development in energy storage and electric vehicle (EV) integration.
The renewable energy sector is experiencing rapid growth, with a projected 65% increase in global renewable electricity capacity from 2023 to 2027. The integration of battery storage with distributed solar projects is expected to reach 30% by 2027. As renewable projects become more complex, Elum Energy’s advanced solutions are essential for managing and optimizing these systems.
Elum Energy specializes in monitoring and controlling both standard and hybrid solar photovoltaic (PV) projects. Its technology supports seamless integration across commercial and industrial (C&I) installations, microgrids, and utility-scale projects, addressing the evolving needs of the renewable energy sector.
Cyril Colin, CEO and co-founder of Elum Energy, emphasized the importance of their solution: “Integrating diverse renewable energy sources into existing power grids remains critical amidst global demand for sustainable solutions. Our future-proof, interoperable system ensures effective management of today’s energy systems. Partnering with Energize Capital will enable us to build a more intelligent and scalable grid.”
In 2023, Elum Energy expanded its global footprint by opening new offices in Spain, Nigeria, and Madagascar. With over 2,500 projects in 50 countries and more than 350 clients, the company continues its impressive growth trajectory.
Eileen Waris, Principal at Energize Capital and a board member at Elum, highlighted the growing need for modern energy management solutions: “The increase in scale and complexity of solar and other renewable energy assets has underscored the demand for a modern operating system. Elum Energy provides a solution that meets the needs of C&I and utility-scale applications with configurable multi-asset control and analytics.”
Elum Energy, headquartered in Paris, France, offers advanced energy management solutions designed to optimize the performance and reliability of solar and storage systems worldwide. The company aims to enhance the accessibility and efficiency of renewable energy, contributing to a sustainable future.
