Euclid Power, a provider of software and services for renewable energy project development, has secured $20 million in Series A funding. The investment round was led by Venrock, with participation from HSBC Asset Management and several existing investors, including Spero Ventures, Toba Capital, Designer Fund, and Commonweal Ventures.
The funding comes at a time of significant growth in U.S. energy demand, driven by factors such as the expansion of AI data centers and the increasing adoption of electric vehicles. This surge in demand is placing considerable pressure on the nation’s power grid. Simultaneously, new federal regulations are adding complexity to the development of renewable energy projects.
Euclid Power‘s platform aims to address these challenges by providing renewable energy developers, investors, and asset owners with a streamlined process for managing projects. The company’s software and services are designed to reduce the time and effort required for due diligence, documentation, and deal closure.
The company, founded in 2021 by Jacob Sandry, Ryan Guay, and Brian DeMaio, has already worked on over 1,000 solar and storage projects across the United States. Its client list includes major players such as UBS, Catalyze, and Apollo Global Management. These clients utilize Euclid Power‘s platform to manage risk, maintain compliance, and accelerate deal completion.
A senior vice president at Catalyze noted the significant time savings achieved by using Euclid Power‘s platform, describing a transformation from weeks of manual work to a matter of days.
The new funding will allow Euclid Power to enhance its AI-powered workflows, expand its product offerings, and bolster its service team. The company intends to leverage its technology to manage the increasing complexity of the renewable energy market.
Sandry emphasized the importance of accelerating the clean energy transition in the face of regulatory challenges and market uncertainty. He highlighted Euclid Power‘s role in helping clients navigate these complexities and deliver the energy needed to meet growing demand.
Euclid Power has supported over $10 billion in renewable energy investments and facilitated the development of over 12 gigawatts of solar and storage capacity. The company has seen rapid growth, doubling its enterprise client base in the first quarter of this year.
A partner at Venrock highlighted the company’s innovative approach to project management in a market characterized by increasingly complex compliance requirements. He praised Euclid Power‘s team expertise and vision for unlocking significant renewable energy resources.
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