UPDATED 12:00 EST / SEPTEMBER 20 2022

EMERGING TECH

Solar power project management startup ENACT raises $11.5M

Cloud-based solar power project management startup Enact Systems Inc. today raised $11.5 million in new funding to accelerate its plan to support the global climate transition and boost the adoption of renewable generation globally.

Energy Growth Momentum led the Series A round with NB Ventures, ARKA Venture Labs, Olympus Capital and Alumni Venture Funds also participating. Including the new funding, ENACT has raised $16 million to date, according to data from Crunchbase.

Founded in 2014, ENACT provides a single business platform for solar project management, design, financing, installation and asset management. The platform is claimed to transform how distributed energy resources are deployed and managed to accelerate the deployment of clean energy solutions.

For installers, ENACT’s platform is designed to assist in growing their solar and storage business by speeding up sales and project execution. The platform supports remote design using satellite images, putting together proposals with detailed pricing and energy analysts and seamless project management.

Benefits include the ability to close deals and manage projects more effectively. With support for tracking and managing leads, installers are said to save hours while never losing a lead.

All lead sources and contracts are managed in one location, preventing losing leads, contracts, documents and site photos. The platform further manages and monitors projects, including assigning tasks, generating email reminders and reporting progress through a customized workflow.

For homeowners, the company’s platform provides independent analysts and personalized recommendations to make the most of their solar and storage journey.

ENACT has seen strong growth, with about $1.5 billion in projects managed by the platform over the last year across 20 countries. Notable customers include Exide Industries Ltd., Rubicon Technology Inc., Duracell Power Center, Cummins Inc. and Harmony Energy Works Inc.

“We have been tracking ENACT’s steady progress on building out its unique two-sided platform strategy,” Neelesh Bhatnagar, managing partner of NB Ventures, said in a statement. “ENACT is poised for rapid growth ahead as solar and storage becomes a new purchase category across major urban markets globally.”

Image: ENACT

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