Haven Energy secures $7 million in Series A funding, just nine months following its initial seed funding round.

The residential solar sector has experienced setbacks due to its rapid growth. Nationwide, homeowners have eagerly installed solar panels to benefit from favorable net metering policies, leading to significant changes in energy production patterns. This shift has particularly impacted power companies, which have faced reduced demand during traditionally profitable hours.

In response to the evolving landscape, California has witnessed a noticeable shift. The increase in solar panel adoption has caused a midday decrease in grid load, a trend that has deepened over the past decade and a half. This situation prompted regulatory bodies to adjust compensation rates for solar power, affecting both new and existing installations. A recent initiative encourages the integration of batteries with solar systems, enabling energy storage for use outside of peak sunlight hours.

The transition to including batteries with solar installations presents varying degrees of challenge, particularly for existing solar panel owners. This gap in the market led to the inception of Haven Energy by entrepreneurs seeking to address their personal challenges in acquiring home batteries. The company, which started just as new regulations were introduced, focuses on facilitating battery additions to solar systems through a unique platform that connects homeowners with contractors.

Haven Energy has quickly progressed, securing significant funding and expanding its offerings to include a comprehensive suite of services for installers, from design and permit acquisition to grid interconnection. Its business model, which simplifies the installation process for contractors, has seen rapid growth and is looking to expand beyond California.

Furthermore, Haven Energy is exploring innovative solutions like vehicle-to-grid and vehicle-to-home technologies, as well as launching a virtual power plant program to leverage homeowner participation in demand-response events. This growth trajectory underscores a significant demand for battery storage solutions in the residential sector, with Haven Energy at the forefront of addressing this need.