FranklinWH, a trailblazer in comprehensive home energy management, has announced the successful acquisition of $25 million in Series B funding. The funding round was led by Particle Future, signaling a significant milestone in FranklinWH’s journey to propel growth and establish its prominent role in ushering home energy freedom to households across the United States and Puerto Rico.
This infusion of funding comes at a pivotal juncture in the energy landscape of the United States. With over 70% of the nation’s electricity grid exceeding a quarter-century in age and vulnerable to disruption, the imperative for transformation is evident.
The U.S. Department of Energy’s revelation that two-thirds of the country faces the risk of power outages during the summer of 2023 underscores the urgency for change. Against this backdrop, the evolving and intricate energy landscape must embrace bi-directional energy flow and accommodate a spectrum of renewable energy sources. Such developments, coupled with factors like infrastructure investments via the Inflation Reduction Act, lay the foundation for the imminent ‘age of the battery.’
The newly secured funds are earmarked to fortify FranklinWH’s vision of crafting a seamless living experience through the harmonious integration of diverse energy sources with cutting-edge home battery technology. FranklinWH envisions a world where energy autonomy is a reality accessible to all, transcending geographical and socio-economic constraints. The funding will empower the company’s strategic focus on tackling the challenges of energy storage and management, a pivotal hurdle in the widespread adoption of renewable energy. FranklinWH plans to channel the invested capital into expanding its research and development capabilities, optimizing its supply chain, and scaling up both operational and sales networks.
Gary Lam, Co-Founder of FranklinWH, expressed his optimism, stating, “The era of renewable energy holds even brighter prospects ahead. Battery storage systems are poised to reshape the energy landscape, emerging as robust alternatives to the outdated and vulnerable energy grid. The investment from Particle Future will catalyze FranklinWH’s advancements in home battery technology and democratize renewable energy options.”
Established in 2019, FranklinWH received its initial funding from Sequoia Capital and has remained committed to empowering homeowners with energy autonomy. The company’s adept team, well-versed in energy systems, introduced the Franklin Home Power (FHP) solution — a comprehensive home energy management system equipped with AC-coupled storage. In just over a year since entering the American market, FranklinWH has garnered over 1,000 installation companies as part of its FranklinWH Certified Installer program. The company’s AVL listing with multiple financial institutions, alongside its tier one lithium iron phosphate (LFP) cell access, enables it to deliver top-tier battery products to homeowners, installers, and distributors.
At the heart of FranklinWH’s offerings stands FHP, a pivotal solution that affords homeowners flexibility and energy self-sufficiency. The FHP ecosystem encompasses the aPower battery, boasting the highest LFP AC capacity available, and the aGate, an intelligent power control system that optimizes home comfort. This seamlessly integrated solution is pre-assembled for swift and effortless installation.
Vincent Ambrose, Chief Commercial Officer at FranklinWH, highlighted the evolving consumer landscape, noting, “While solar panels have garnered attention, homeowners are increasingly interested in pairing solar with other energy-efficient technologies to harmonize a home’s energy supply. Our Franklin Home Power system seamlessly assimilates into existing infrastructure, embracing an array of energy sources, including traditional generators and renewable energy technologies. This ensures a smooth, pragmatic transition that minimizes disruption for households embracing renewable energy.”
As FranklinWH forges ahead, this infusion of funds stands as a testament to its commitment to redefine home energy management and empower individuals and families with the promise of energy freedom and self-reliance.
