A startup developing a home energy system to take on the likes of Tesla has secured $2.6 million.
California-based Kora’s technology consists of a smart panel, modular batteries, a hybrid inverter, and an energy trading platform.
It gives residents an energy storage platform to help them cut their energy bills, and also sell excess energy generated from solar panels on the wholesale market.
“Most people have a 100-year-old technology, a metal box with some plastic switches in their homes,” Greg Connolly, the cofounder and CEO of Kora, told Business Insider. “They have no control over their circuits, no backup, no insight into how their energy is being used.”
Renewable energy is intermittent, which means its supply may not always match demand. That can lead to wasted energy or a forced reduction of power generation, usually from sources like wind and solar.
“We could significantly power more of the grid with…
