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Reservoir raises $8M seed funding for smart, grid-stabilizing water heaters
Key points
- Reservoir raised $8 million in seed funding.
- Asymmetric Capital Partners led the funding round.
- The company develops smart water heaters with heat pump technology.
- Reservoir aims to install 1,000 devices by the end of next year.
Funding Announcement
Reservoir, a company focused on intelligent water heater technology, has secured $8 million in seed funding. The round was led by Asymmetric Capital Partners, with additional participation from Founder Collective and MCJ.
Product and Technology
Reservoir's water heaters are designed to be more energy-efficient and grid-friendly than traditional models. The devices use heat pump technology, which is nearly four times more efficient than electric water heaters and five times more efficient than natural gas versions. They also incorporate intelligence to predict hot water demand, allowing them to heat water when electricity demand is low and prices are cheaper.
Market and Expansion
The funding will support the installation of more Reservoir water heaters, initially in the Boston area. The company has installed approximately 100 devices to date and plans to reach around 1,000 installations by the end of next year. This expansion aims to achieve megawatt-scale capacity for energy storage through hot water.
Grid Stabilization Potential
By storing energy as hot water and optimizing heating schedules, Reservoir's technology can help stabilize the electrical grid. The company has demonstrated its ability to relieve strain on the grid at a neighborhood level. Eventually, Reservoir intends to aggregate its fleet of water heaters to participate in utility demand response programs, which could offer financial incentives and help keep product prices down.
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Reporting from
Reservoir, a startup co-founded by Luke Winston-Almanzar, Gabriel Parisi-Amon, and Jake Felser, announced it has raised $8 million in a seed funding round. The company develops intelligent water heaters designed to reduce energy consumption and stabilize the electrical grid by optimizing heating times.