Novele Closes $17M to Scale Energy Optimization

The big picture: Novele, a company focused on optimizing power usage in commercial buildings, has closed a $17 million Series A funding round led by Boisei Labs.

Why it matters:

• Growing Demand: Accelerating AI adoption is driving soaring power demand, necessitating advanced energy optimization solutions in the built environment.
• Grid Resilience: Novele aims to transform commercial buildings from passive energy consumers into active grid assets, enhancing overall grid capacity and stability.
• Operational Benefits: The platform offers building owners lower costs, greater resilience, improved sustainability, and enhanced tenant experience through intelligent energy control.

How it works:

• Modular Battery System: Novele deploys EnergyBoard, an indoor-certified modular battery system that stores and manages power.
• AI-Powered Software: The company’s BoardOS software optimizes power storage, usage, and sharing in real time, turning buildings into smart grid assets.
• Rapid Deployment: The system installs in hours without major infrastructure overhauls, with each new deployment contributing to a smarter, more efficient network.

The catch: The market for commercial building energy management is competitive, with established players and emerging AI solutions. Novele’s success hinges on rapid adoption and demonstrating clear ROI against alternative energy efficiency measures and grid services. Integration with diverse existing building management systems could also pose a challenge.

Key Facts

• Company: Novele
• Amount: $17M
• Round: Series A
• Investors: Boisei Labs (lead), Locke Health, Arup Ventures, Barton Malow, several large commercial real estate owners and operators
• Founder: Charles Conwell
• Sector: Commercial Building Energy Optimization AI
• Headquarters: Stamford, CT, US