SAN JOSE, Calif., Aug. 24, 2023 /PRNewswire/ -- FranklinWH Energy Storage Inc. ("FranklinWH"), a leader in whole-home energy management, today announced that it secured $25 million in Series B funding. The financing round was led by Particle Future to propel FranklinWH's growth and solidify its position as an innovative leader in delivering whole-home energy freedom for every household in the United States and Puerto Rico.
The funding comes as the U.S. is in the middle of an energy transformation. More than 70% of the U.S. electricity grid is more than 25 years old and vulnerable to disruption. The U.S. Department of Energy announced that two thirds of the country is at risk of a power outage in summer 2023 alone. Today's changing and complicated energy landscape must support bi-directional energy flow and a variety of renewable energy sources. These developments and other factors, such as infrastructure investments via the Inflation Reduction Act, are paving the way for the 'age of the battery.'
The funding will support FranklinWH's mission to create a seamless living experience by integrating diverse energy sources with home battery technology. FranklinWH envisions a world where energy independence is within everyone's reach, regardless of geographical or socio-economic status. Funding will allow the company to focus on solving the challenge of energy storage and management, which has been a limiting factor in the broader adoption of renewable energy. FranklinWH plans to allocate the invested funds to expand its R&D capabilities, optimize supply chain and scale up its company operations and sales network.
"The best days of renewable energy are ahead of us," said Gary Lam, Co-Founder of FranklinWH. "Battery storage systems are positioned to expand in the energy market because they are strong alternatives to the vulnerable, outdated and expensive energy grid. This funding from Particle Future will help FranklinWH advance home battery technology and make renewable energy options more accessible."
Founded in 2019, FranklinWH is originally funded by Sequoia Capital and committed to bringing homeowners energy independence. Its team is well experienced in energy systems and designed the Franklin Home Power (FHP) solution, a whole-home energy management system with AC-coupled storage. After just over one year on the American market, FranklinWH has onboarded over 1,000 installation companies through its FranklinWH Certified Installer program. FranklinWH is AVL listed with multiple financial institutions, and its tier one lithium iron phosphate (LFP) cell access allows it to bring homeowners, installers and distributors the highest-value of battery products.
FHP is FranklinWH's marquee offering to homeowners providing flexibility and energy independence to homes. FHP's powerful, integrated home energy management system consists of the aPower battery — offering the highest LFP AC capacity on the market — and the aGate, an intelligent power control system that creates maximum home comfort. The solution is pre-assembled for fast and easy installation.
"Solar panels had their day in the sun over the past few years, but homeowners are becoming interested in pairing solar with other energy efficient technologies to balance a home's energy supply," said Vincent Ambrose, Chief Commercial Officer at FranklinWH. "Our Franklin Home Power system is designed to integrate seamlessly with existing infrastructure and a mix of energy sources, including traditional generators and renewable energy technologies. This provides a smooth, pragmatic transition that minimizes disruption in households adopting renewable energy."
For more information about FranklinWH, please visit the website.
FranklinWH Energy Storage is the manufacturer of the Franklin Home Power system. FranklinWH is a research-driven company focused on next-generation residential energy management and storage solutions. Founded in 2019 and headquartered in the San Francisco Bay Area, FranklinWH's team has decades of experience in energy systems, from design, through manufacturing, to sales and installation. FranklinWH is also on the Approve Vendor's List with multiple financial institutions. Learn more about how homeowners can achieve energy independence at franklinwh.com.