Axle Energy raises £7m in seed funding led by Accel to expand its grid decarbonisation platform.
Accel led the seed round with participation from Picus Capital, Eka Ventures, and notable angels to fund team expansion and market growth.
Axle Energy develops software that links household clean tech devices to electricity markets. The company works to balance power networks and support the shift away from fossil fuels.
Axle Energy has secured £7m in seed funding led by Accel to expand its team and grow its presence across the UK and Europe. Existing backers Picus Capital and Eka Ventures also contributed to the round alongside several high-profile angel investors.
The London-based business provides a software platform linking distributed energy assets like electric vehicles, heat pumps, and batteries to electricity markets. Since launching, the company has connected more than 15,000 assets totalling over 85 MW.
The fresh capital will support the firm as it scales operations to help balance renewable energy supply and demand on power grids.
From the founder
"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."
Karl Bach
CEO and Co-Founder at Axle Energy
Investor perspective
"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."
Zhenya Loginov
Partner, Accel
Use of funds
- 01Grow the team
- 02Expand into international markets
Investors
About the company
Axle Energy
Axle Energy builds software to connect home appliances and electric vehicles to the power grid.