Comcast Ventures is thrilled to announce its investment in Haven Energy, a company dedicated to advancing the adoption of home energy storage. This investment is part of the recently revealed $7 million Series A funding round, in which we are proud to join a formidable group of investors, including Giant Ventures, Lerer Hippeau, LifeX, TO VC, Habitat Partners, and others.
The challenges faced by homeowners in terms of energy reliability and costs are on the rise. Power outages have surged by 64% since the early 2000s, with weather-related disruptions increasing by 78%. A staggering 83% of major outages in the U.S. from 2000 to 2021 were attributed to weather-related incidents, exacerbated by the escalating frequency and intensity of extreme weather events due to climate change.
National electricity rates have also seen a rapid increase, largely attributed to elevated fuel costs for power plants. Investments in clean energy technologies and home energy storage solutions are crucial in addressing these challenges, providing homeowners with greater energy independence and resilience against grid-disrupting events.
Haven Energy stands out by offering a comprehensive solution for both homeowners and installers. The company assists homeowners in selecting a home battery and connects them with certified electricians for installation. These batteries can be linked to solar panels or the grid, serving as emergency backup power. Homeowners also have the option to integrate their batteries into a virtual power plant, enabling participation in grid services for potential monetary gains and reducing overall electricity costs.
Beyond Haven’s top-tier product offerings, market trends support our belief that now is the opportune time for Haven’s expansion. The home battery market is growing alongside solar, driven by significant cost reductions and enhanced battery performance. With increasing electrification incentives available through federal and state policies like the Inflation Reduction Act, the market opportunities are expected to expand further.
Our investment in Haven aligns with Comcast’s ongoing commitment to decarbonization, aiming to be carbon neutral by 2035 in Scope 1 & 2 emissions. In the energy sector, we have set a goal to double the energy efficiency of our network by 2030, already reducing the electricity required for each byte of data by 36% since 2019.
Comcast firmly believes in supporting a climate-smart future, and Haven’s vision to empower homeowners to take control of their home energy aligns seamlessly with this objective. The exceptional leadership team at Haven, led by Co-Founders Jeff Chapin and Philip Krim, former founders of Casper Sleep, along with CEO Vinnie Campo, previously associated with Uber and Bulb Energy, reinforces our confidence in the company’s journey.
We are enthusiastic about our investment in Haven and are eager to contribute to the company’s pivotal role in shaping a sustainable and resilient future for homeowners.