ElectronX Secures $10 Million to Expand Renewable Energy Trading in the US
ElectronX, a financial infrastructure firm specializing in electricity derivatives trading, has successfully raised $10 million in a strategic investment round. This funding was spearheaded by Systemiq Capital and included contributions from Equinor Ventures, Shell Ventures, and Innovation Endeavors.
In June 2024, ElectronX had previously raised $15 million in a seed round, also led by Innovation Endeavors. The company focuses on electricity derivatives trading and provides financial tools aimed at mitigating intraday price risks. The platform seeks to tackle challenges within the US energy sector, especially as the increasing demand from data centers and the integration of renewable energy contribute to market volatility.
Sam Tegel, the CEO of ElectronX, remarked, “Unprecedented demand for electricity, especially from high-volume consumers like data centers, continues to exert pressure on the evolving U.S. grid. The resulting price volatility has become a significant global challenge for the energy ecosystem. This follow-up strategic round, with backing from Equinor’s and Shell’s venture arms—two major players in the energy sector—marks a pivotal moment for ElectronX and significantly enhances our capacity to create market-driven solutions for the industry. Systemiq Capital’s extensive expertise in climate tech and power markets will also refine our strategies regarding technology, products, and market structure. I am eager to collaborate with our new investors and continue our partnership with Innovation Endeavors as we develop the essential financial tools needed to boost investment in clean energy and modernize the grid.”
Irena Spazzapan, managing partner at Systemiq Capital, expressed enthusiasm about the investment, stating, “We are excited to invest in ElectronX and partner with Sam and the leadership team to accelerate the growth of intraday power trading. In recent years, intraday power markets in Europe have witnessed substantial growth, transforming energy trading and improving market flexibility and responsiveness. By enhancing the integration of renewable energy and storage, intraday trading plays a crucial role in constructing a cleaner, more efficient energy grid. We are proud to support a platform that is driving this transformation in the US and unlocking innovative opportunities for the future of green energy.”
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