ARKANSAS, Oct 4 (Future Headlines)- Amperon Holdings, a leading provider of AI-powered electricity forecasts, has successfully raised $20 million in a Series B funding round. The funding was spearheaded by Energize Capital and saw participation from notable entities, including the D. E. Shaw group, Veriten, existing investor HSBC Asset Management, and two long-standing Amperon customers, Ørsted, and another strategic utility partner. This latest funding round brings Amperon’s total funding to $30 million.
Amperon Holdings is known for its expertise in electricity demand forecasting. However, the company’s strategic vision extends beyond forecasting, aiming to transform it into a comprehensive data analytics solution provider. This evolution will empower businesses to navigate the complexities of the energy landscape and accelerate the crucial process of grid decarbonization.
In today’s dynamic energy landscape, predicting and planning for power demand has become increasingly complex. Factors such as climate change, the growing presence of variable energy resources like wind and solar on the supply side, and surging demand driven by flexible loads and rapid electrification contribute to this challenge. Amperon’s data analytics software is designed to address these complexities and mitigate the systemic risks associated with turbulent power grids worldwide.
Sean Kelly, CEO and co-founder of Amperon, emphasized the company’s unique positioning in a rapidly changing energy transition landscape. He stated, “The energy transition is creating unprecedented market volatility, and Amperon is uniquely positioned to help market participants better navigate the transitioning grid – both in the U.S. and as we expand globally.”
Amperon has already established itself as a premier provider of electricity demand forecasting software. With the infusion of $20 million in funding, the company is well-prepared to leverage its cutting-edge AI models to enable customers to extract more value from their data. This will encompass a wide spectrum of applications, ranging from on-site solar solutions to commercial load management with backup generation and the deployment of microgrids.
Amperon has experienced substantial growth, increasing its revenue fivefold since 2021 while successfully identifying product-market fit with its existing customer base. During the same period, the company has expanded its workforce, quadrupling its headcount. Looking ahead, Amperon has ambitious plans to hire additional engineers, data scientists, customer support professionals, and sales roles. These new team members will play a crucial role as the company expands its presence into new markets.
Amperon’s work in advancing AI-powered electricity forecasts and its commitment to helping businesses navigate the evolving energy landscape position it as a key player in the transition toward a more sustainable and efficient energy future. With its innovative data analytics solutions, Amperon is poised to contribute significantly to the success of grid decarbonization efforts and the optimization of energy assets across various sectors.
Reporting by Alireza Sabet; Editing by Sarah White