Volvo Cars’ VC fund invests in smart home energy startup dcbel

• The investment was made Volvo Cars Tech Fund, the corporate venture capital arm of Volvo Cars
• The proceeds will be used to support dcbel’s research and development and go-to-market endeavors
• Volvo Cars is a Swedish automobile manufacturer

Dcbel, a Montreal-based smart home energy company, has secured an investment from the Volvo Cars Tech Fund, the corporate venture capital arm of Volvo Cars. No financial terms were disclosed.

Dcbel’s r16 Home Energy Station is a multifunction residential bidirectional electric vehicle charger. By converting the electricity generated from rooftop photovoltaics and stored inside home batteries, it automates the management of home energy. Intelligent software built into the device uses these alternative energy sources to seamlessly reduce environmental and financial costs for homeowners and also the environmental impact of energy usage generally.

The investment’s proceeds will be used to support dcbel’s research and development and go-to-market endeavors.

“Home Energy Management Systems will play a vital role as we move towards bi-directionality of electric vehicles,” said Alexander Petrofski, CEO of Volvo Cars Tech Fund. “Rising energy prices coupled with frequent blackouts are challenges faced by consumers today and our investment in dcbel and their technology can help alleviate those challenges for our customers.”

With headquarters in Gothenburg, Sweden, Volvo Cars is an automobile manufacturer.