Kerogen Capital (“Kerogen”) is pleased to announce the completion of its US$30 million investment in Enervee Corporation (“Enervee”) as part of a US$35 million capital injection together with JP Morgan Chase.
Energy efficiency, representing more than 40% of emissions abatement needed by 2040, is one of the most important drivers for global decarbonisation. In addition, Scope 3 emissions largely related to use and consumption has historically been a difficult area for the energy industry to influence.
Founded in 2010, Enervee provides an integrated platform for electric and gas utilities to cost-effectively achieve their energy efficiency and decarbonization targets. Enervee serves over 20 utilities in the US accessing over 40 million households – representing one-third of total US households. Furthermore, Kerogen aims to assist Enervee in entering European and Asian markets.
Enervee combines data science, behavioural science, e-commerce and consumer finance to assist utility customers to effect better energy-related purchases across more than 70,000 consumer products. In 2021 Enervee reached 3.4 million e-commerce sessions.
Proceeds from the investment will be applied towards expanding the team and product offerings as well as entry into new markets. Post-investment, Kerogen will have a representative on the Board of Enervee.
Kerogen’s CEO and Managing Partner, Jason Cheng, commented:
Energy efficiency is amongst the fastest and most cost-effective means to reducing global CO2 emissions. We continue to see strong regulatory support and global decarbonization tailwinds. We are thrilled to partner with a leader like Enervee as it continues to define this new category of energy efficiency e-commerce for its leading utility and residential customers.
Enervee’s CEO & co-founder, Matthias Kurwig, commented:
We are thrilled to partner and collaborate with Kerogen to respond to increasing market demand, accelerate key hiring and enter into new markets & product categories to reduce residential energy consumption and carbon emissions.