QUEBEC — Canada Growth Fund Inc. (“CGF”) announced an investment of $40 million USD in dcbel Inc. (“dcbel”), a Montreal-based smart home energy platform company which has developed a unique bidirectional electric vehicle (“EV”) charging hardware integrated with a home energy management system.
This transaction was completed in the context of a larger financing round of up to $55 million USD. In addition to CGF’s investment, Idealist Climate Impact Fund LP (“Idealist”), alongside other investors, will invest up to $15 million USD. This funding will support dcbel’s commercialization efforts across North America and Europe while maintaining headquarters in Canada, protecting Canadian intellectual property and creating high quality jobs.
Since its launch in summer of 2023, CGF has closed 12 transactions, including this investment in dcbel, and has committed nearly $2.3 billion CAD across five Canadian provinces. CGF invests in Canadian clean technology businesses that are advancing innovative technology solutions through commercialization, such as dcbel’s Ara—the world’s first comprehensive home energy solution. Ara integrates bidirectional EV charging, advanced home intelligence, and solar power generation and storage.
dcbel offers AI-driven sustainable technologies which enable people to leverage solar energy to power their cars, homes, and lifestyles.
“Scaling up companies and protecting Canadian intellectual property is essential as Canada works to improve its competitiveness on the world stage,” said Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management Inc. (“CGFIM”). “Consumers are increasingly seeking solutions to maximize energy efficiency and reduce household energy costs, and dcbel has developed an innovative optimization solution to meet this need.”
dcbel is a Montreal-based company founded in 2015 with approximately 80 employees. Since its inception, dcbel has developed around 50 patents across six technologies in power electronics and power conversion.
“Developing and scaling breakthrough clean technology requires capital partners at each phase of development, and CGF’s unique investment mandate is flexible and aligned with the realities of growing clean technology companies,” said Marc-André Forget, CEO of dcbel. “This investment marks a pivotal inflection point for dcbel, enabling us to accelerate our growth and further our mission of providing sustainable energy solutions that empower homeowners and communities.”
Given its multiple functionalities and use of artificial intelligence, dcbel’s Ara supports renewable energy use, leverages underutilized EV batteries, and cuts energy costs for homeowners. dcbel’s technology is one of the most advanced in its sector, solving for blackout events for homeowners and potentially shielding consumers from higher electricity prices during peak grid demand.
“Idealist is pleased to make this additional investment in dcbel. We have been shareholders in dcbel since 2023 and have strong conviction that dcbel offers a unique solution to satisfy the growing customer needs for smart, clean and cost-efficient energy solution’ said Pierre Larochelle, co-Managing Partner of Idealist. ‘We look forward to continuing to work with the dcbel management team as they scale their business globally.”
Transaction Highlights
- dcbel and CGF have reached a financial agreement to accelerate the deployment of dcbel’s technology;
- CGF to invest $40 million USD in dcbel with new and existing investors to invest up to an additional $15 million USD;
- dcbel’s investor base is comprised of private family offices and investors from across the globe, including, amongst others, Idealist, Coatue, and Volvo Cars;
- This round of funding will enable dcbel to accelerate its commercialization in North America and Europe in the near-term;
- As a bidirectional device, Ara connects to energy programs provided by utilities, energy service providers, microgrids and virtual power plants;
- With its included EV connectors and the ability to solar-charge any vehicle, Ara reduces everyday EV charging costs. Drivers can also monetize the energy in their EV’s battery via vehicle-to-grid (V2G) and tap into several days’ worth of blackout power through vehicle-to-home (V2H) power flow;
- dcbel’s residential bidirectional DC charger was the first to achieve certification in the US to UL Solutions, a global company that sets industry standards for product safety.
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