Elum Energy secures USD 13m to enter new markets

Elum Energy, a French company offering solutions for renewable energy assets’ optimisation, has closed a USD-13-million (EUR 11.7m) Series B financing found to fund its growth plans, including its entrance into new technological and geographic markets.

The fresh capital will help the Paris-based firm address the booming global renewable market, including a US launch, and support product evolution within the energy storage and EV integration categories, a statement says.

The fundraising transaction was led by Energize Capital and supported by existing investors Alter Equity and Cota Capital.

Elum specialises in monitoring and control of standard and hybrid solar projects. Using advanced technology for real-time insights and predictive maintenance, it facilitates the integration across commercial and industrial (C&I) installations, microgrids and utility-scale projects.

The company opened three new offices in Spain, Nigeria and Madagascar in 2023 and is now looking to set foot in the US. With over 350 clients, it has been engaged in more than 2,500 projects in 50 countries.

(USD 1 = EUR 0.906)

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