Elax Energy Raises €30 Million to Turn Water Heaters Into Smart Grid Batteries
You probably have never looked at your water heater and thought it could be a revolutionary grid battery. Yet, that unassuming metal cylinder is exactly why Elax Energy raises €30 The post Elax Energy Raises €30 Million to Turn Water Heaters Into Smart Grid Batteries appeared first on Ventureburn .
The French climate-tech firm Elax Energy has successfully raised €30 million in a significant new funding round. The startup aims to convert mundane water heaters into smart grid batteries by installing smart thermostats onto standard water tanks. These appliances can store cheap, abundant electricity as heat, thereby acting as a distributed energy storage network for homes.
The funding will help Elax Energy expand its reach beyond the French market, targeting private homes. As France transitions to a new energy strategy, incorporating off-peak billing hours to utilize surplus solar power, Elax Energy fits perfectly into this puzzle. By reducing water heater energy consumption by 20% to 25%, the smart tech can absorb renewable energy during peak times, making it a flexible grid asset.
The end goal is to provide consumers with a direct cut in water heating costs without altering their daily routines, offering a climate-friendly solution that pays back.
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