Evolve Energy
AI-powered platform optimizing residential energy consumption.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
* | N/A | Acquisition | |
| Total Funding | 000k | ||
Evolve Energy, founded in 2018 by Michael Lee and Samit Shah, operates as a technology-driven electricity provider based in Houston, Texas, with roots in Silicon Valley. The company developed a platform that provides residential customers with access to wholesale electricity rates, which fluctuate based on real-time grid conditions. Evolve Energy's business model is centered on a monthly subscription fee, granting users access to these wholesale prices without long-term contracts or early termination fees.
The core of its service is a proprietary software platform that functions as a 'robo-advisor for energy'. This system uses artificial intelligence and machine learning to connect with smart home Internet of Things (IoT) devices, such as smart thermostats and electric vehicles. By analyzing real-time pricing and a household's energy usage patterns, the platform automatically shifts electricity consumption to times when energy is cheapest and sourced from renewables, thereby reducing costs and carbon footprint for the consumer.
In September 2020, the UK-based tech unicorn Octopus Energy acquired Evolve Energy for $5 million as a key component of its $100 million investment strategy to enter the U.S. market. Following the acquisition, the business was rebranded as Octopus Energy US, with an initial focus on the Texas market. At the time of the deal, Evolve's technology was integrated with Octopus Energy's own cloud-based energy technology platform, Kraken, which serves millions of accounts globally.
Keywords: wholesale electricity provider, AI energy optimization, smart home energy management, real-time energy pricing, residential electricity, pay-as-you-go energy, renewable energy consumption, IoT energy platform, energy robo-advisor, carbon footprint reduction, Texas electricity market, connected home devices, energy usage analytics, subscription electricity service, Octopus Energy US, decarbonization, energy cost savings, electricity bill reduction, Kraken technology platform, wholesale energy rates