London-based Axle Energy, an energy flexibility company, has raised £7 million in seed funding. With this round, the total funding raised by the company accounts for £8 million. Accel (which closed a $650 million fund and recently backed Headway and Checkly) led the round, with participation from existing investors Picus Capital (which invested in coboworx and Baselayer) and Eka Ventures.
A number of notable angel investors also participated, including Amit Gudka (founder and CEO of Field Energy), Sierra Peterson (founder of Voyager Ventures), Hanno Renner (founder and CEO of Personio), and Nico Rosberg (Formula 1 World Champion and sustainability entrepreneur).
Funds utilisation
The funding will be used to expand Axle Energy’s team and support the company’s continued growth across the UK and European energy markets. It will enable the company to accelerate its mission to decarbonise the grid.
Zhenya Loginov, Partner at Accel, said: “Karl and Archy have a wealth of experience in the energy sector, and their vision for rebuilding the grid in favour of renewable energy sources is truly exciting – and necessary. They’ve seen strong early traction, with their easy-to-use software platform already being used by major manufacturers. We’re proud to back Axle Energy as they continue this growth.”
What challenge does it bring?
Renewable energy sources such as wind and solar provide the cheapest electricity in history, but they’re not easy to control. They rely on inconsistent local weather patterns that can’t be switched on at will to meet the demands of the power grid at its peak. As countries eject fossil fuels from the grid, they’re looking for new ways to match supply and demand that don’t require precise control over energy generation.
Axle Energy is an energy flexibility company, connecting flexible assets to energy markets, saving consumers money and decarbonising the grid.
What does the company do?
Axle Energy was founded in 2023 by Karl Bach and Archy de Berker who witnessed the challenges of the current system first hand, they identified the opportunity for distributed flexible assets to provide a key part of the solution.
It develops a platform that connects EVs, heat pumps, solar panels, and batteries to electricity markets. Its software platform provides a zero-carbon solution to facilitating swift adjustments to energy usage in response to the needs of the grid. These are connected, can store energy and be switched on at will. This helps build a dynamic grid and supports the transition away from fossil fuels.
Since its debut, the company has connected over 15,000 assets totalling over 85 MW, and partnered with clients including SolarEdge, myenergi, Pod Point, and GivEnergy.
Karl Bach, CEO and Co-Founder of Axle Energy, added: “Millions of people have assets in their homes that can stabilise the power grid, save them money on their energy bills, and help us pivot away from fossil fuels. At Axle Energy, we’re connecting these devices to flexibility markets so they can become the backbone of the future energy system. The past few years have shown us that relying on fossil fuels is an expensive risk, and now we have the opportunity to radically rebuild and decarbonise the power grid, which the UK Government has also pledged to overhaul. This new funding will help us meet increased demand for flexible power sources and get closer to kicking fossil fuels out of the grid once and for all.”
What do we think about Axle Energy?
The company is poised to revolutionise the energy market with its platform that connects EVs, heat pumps, solar panels, and batteries to electricity markets. By facilitating swift adjustments to energy usage, it supports the transition from fossil fuels to renewable energy. With strong early traction and key partnerships, Axle Energy is well-positioned to become a backbone in the future energy system, driving significant decarbonisation efforts.
