Montreal-based dcbel, a smart home energy technology startup, has raised a $7.5 million non-dilutive loan from Silicon Valley Bank. Dcbel said the funding was in addition to a $40 million financing announced in April. Investors in the earlier round included Coatue Management, Narrative Fund, Real Ventures and WTI.
MONTRÉAL, Aug. 3, 2021 /CNW Telbec/ – dcbel has announced a new $7.5M USD non-dilutive loan from Silicon Valley Bank to bolster manufacturing and meet demand for its signature dcbel r16 intelligent home charger. This is in addition to a $40 million funding round announced in April of this year. dcbel is committed to helping families reshape their relationship with renewable energy and decarbonize the power grid by scaling production of the r16.
As a result of the additional financing:
Manufacturing of the dcbel r16 intelligent home charger will start in Québec, Canada with additional US & EU manufacturing capabilities to be announced in 2022.
New dcbel r16 units will be available for sale & installation in California, New York, and Texas this fall.
dcbel will continue to promote sustainability through innovative technology.
“We are excited to work with a financial partner like Silicon Valley Bank who understands the needs of a fast-growing company,” says Matthieu Vidricaire, Head of Operations at dcbel. “This will help us introduce our first manufactured product under challenging conditions in the global supply chain.”
“With their launch of innovative products like the r16, dcbel aims to provide homeowners with exceptional solutions for the management of their home, car and solar energy systems,” says Graeme Millen, Director of Technology Banking at Silicon Valley Bank. “We’re excited to provide this credit facility in support of dcbel’s continued growth and to help meet increasing customer demand.”
dcbel empowers homeowners to be self-reliant and sustainable. Their r16 intelligent home charger brings together solar energy conversion, electric vehicle charging, vehicle-to-home backup power and energy automation. Learn more at https://www.dcbel.energy/.
About Silicon Valley Bank
For nearly 40 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at www.svb.com/Canada.