Pearl Edison, a startup based in Detroit, has successfully raised $3.3 million in a seed funding round led by New System Ventures and Commonweal Ventures. This infusion of capital will help further the company’s mission to make high performance home energy retrofits the new norm by enabling more innovative renovation projects. Pearl Edison works alongside utility companies to identify customers who will benefit the most from energy upgrades. In addition to these renovations, such as heat pumps and additional insulation.
The nascent startup bucks convention by working hand-in-hand with utilities. They are engaged now with DT Energy in Michigan and Duquesne Light in and around the Pittsburgh area. Pearl Edison connects homeowners and partners, but it works with the city of Ann Arbor, Michigan, to expand energy-saving programs and services for local residents. With plans to onboard two additional utilities by the end of this year, the company’s network will grow considerably.
By creating an economically sustainable model through adoption of energy efficient systems, Pearl Edison makes it possible for both the homeowner and the company to thrive. The company’s new operational model allows them to ensure that the majority of jobs end up costing significantly less than the original job customer quotes. This pricing structure brings energy upgrades within easier reach for many more homeowners. It helps to make these improvements economically attainable for a broader range of people.
Evan Anderson, co-Founder and CEO of Pearl Edison, highlighted the benefits of their approach. By tapping into the proven goodwill and brand equity of utility companies, Pearl Edison can cut its customer acquisition costs exponentially.
“As much as anything, we are leveraging their brand equity and trust,” – Evan Anderson
Pearl Edison’s cloud-based software is key to the machine’s magic and smooth operations. It develops prototype designs for energy retrofits. Workers subsequently review these plans in the field to confirm their accuracy before finalizing them. This careful approach enables the company to offer highly customized solutions to address the unique requirements of every home.
When the installation phase begins, a network of VT- and MDOT-vetted contractors execute the work. They hold everyone’s feet to the fire to get the work done quickly and correctly. This approach allows Anderson to assert that Pearl Edison can offer competitive pricing for installations, as contractors do not waste time looking for customers.
“We’ve found them to be good partners,” – Evan Anderson
Pearl Edison is quickly outgrowing its space and expanding the depth of its partnerships. It is focused on enabling families to afford home retrofits that deliver cost-saving energy improvements. As for what’s next, the startup has some big plans ahead. To that end, it wants to grow its catalog of products and services, and better connect with customers who seek green residential retrofits.
