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Redhawk Roundup: Blip Energy ⚡️

Redhawk Ventures invested in Blip in 2021, here’s an update on their growth since then.

What is Blip Energy?

Blip’s in-storage system promotes clean energy adoption, working seamlessly at home without permitting barriers. It stores electricity overnight for later use, enhancing energy equity and affordability. Clients save on monthly bills by leveraging electricity price fluctuations. Their innovation meets global demand for affordable, reliable energy storage, expands smart grid accessibility, and strengthens the domestic Lithium supply chain.

Founders

Sophia Wennstedt

Co-Founder and CEO

📓- Bachelor Of Arts/Science at Harvard University, Master Of Arts/Science at Northwestern, MBA at Northwestern

Experience: Tesla, Exelon, iRobot

Chance Cobb

Co-Founder and COO

📓- Bachelor of Arts/Science at Lafayette College, Master of Arts/Science at Northwestern, MBA at UNC Kenan Flagler

Experience- General Electric, CSC Corptax, Scott Madden

Dennis Kontorovich (2016 Miami University Graduate)

Co-Founder

📓- Bachelor of Arts/Science at Miami University, MBA at Northwestern

Experience- Bain and Company, Bruk Consulting

What drives the clean energy markets?

Over the past two years, the climate technology sector has faced challenges in equity investment, but companies like Blip have adapted by seeking alternative funding sources. While early-stage investment may be undergoing correction, the continuous influx of first-time funders signals sustained attractiveness in the climate tech industry. With a new year comes fresh opportunities, and Blip anticipates capitalizing on increased investment in 2024. The U.S. Inflation Reduction Act is poised to stimulate the energy storage market, with analysts predicting a surge in projects over the next few years. This growth is not limited to traditional energy companies; diverse sectors such as home appliances, technology, and environmental protection are also entering the fray, contributing to an unprecedented surge in activity and anticipation of substantial growth, particularly in China and the United States, with growth rates projected between 110% to 120%.

Drivers include ⬇️

Regulatory Incentives and Support: Tax credits and subsidies reduce costs for consumers.

Energy Transition Grid Transformation: Home batteries can play a crucial role in smoothing out fluctuations in renewable energy generation and supporting grid stability.

Grid Vulnerability and Public Awareness: Public awareness campaigns highlighting the benefits of home batteries in terms of energy independence, cost savings, and environmental sustainability

Connected Collaborative Solutions: Smart grid integration enhances battery value. Partnerships accelerate product development.

Blip’s Traction

Blip’s product is currently in Beta testing but they have already made some huge steps in scaling and funding. In 2021 they raised a friends and family round and have raised a total of $1.27 million so far. Investors include Climate Capital, Southern Energy Gas, and Invenergy.

In 2023, Blip was selected for the Department of Energy BENEFIT Program grant, which gives Blip a non-dilutive grant of $1.1M in R&D funding. This grant will allow them to formalize their partnership with Argonne National Labs and increase investor participation in their upcoming raise.

They have their first MVP in the field collecting data for their official release. Blip is fine-tuning its software communications and control platforms in preparation for larger, revenue-generating projects later this year.

Blip is currently raising a new round of funding.

Partnerships and Support

Forbes 30u30, Harvard Innovation Labs, Nicor Gas, Angel List, and more.

Blip Energy emerges as a promising player in the clean energy market, offering innovative in-storage solutions that enhance energy equity and affordability. With a skilled leadership team boasting experience from top-tier companies like Tesla and General Electric, Blip is well-positioned to capitalize on the growing demand for reliable energy storage solutions. Backed by strategic partnerships and funding support from notable investors and programs, Blip is on track to scale its operations and drive further innovation in the sector. As regulatory incentives, grid transformation, public awareness, and collaborative solutions continue to drive the clean energy market forward, Blip stands poised to make significant strides in reshaping the future of energy storage.