Energetic Insurance raises $7 million

Credit insurance company Energetic Insurance announced the completion of a Series A financing of $7 million led by Schneider Electric Ventures with participation from MS&AD Ventures, MCJ Collective, and Atlantic Global Risk. Existing investors Congruent Ventures, SCOR P&C Ventures, MUUS Asset Management, Powerhouse Ventures, and Clean Energy Venture Group also participated in this round.

Founded in 2016, Energetic operates as an MGU with initial capacity provided by SCOR Global P&C. The startup created the EneRate Credit Cover insurance policy which covers default risk for payments made by commercial and other non-residential customers who purchase electricity through long-term power purchase agreements.

“Schneider Electric is a market leader in the deployment of distributed, digital and decentralized technologies for the renewable and energy efficiency sectors. To scale these deployments and achieve a successful energy transition we must have affordable and scalable financing options. We believe Energetic Insurance is a key to enabling our industry achieve this scale because their product enables all kinds of businesses – not just the giant investment grade corporations – to adopt renewable and energy efficiency. Energetic Insurance is unlocking the much sought-after “middle market” of energy and we are excited to support them in their growth.” – Varun Jain, general partner at Schneider Electric Ventures.

“At MS&AD Ventures, we care about creating a better future for the world. The clean energy transition is an important global topic and we see climate change as a critical risk management issue. Energetic Insurance’s products will be a key enabler for the financing and development of this transition. We have been tracking the team for some time and their deep market expertise and analytical prowess has yielded a robust, data-driven approach to underwriting credit risk for the energy sector. The growing demand for their EneRate Credit Cover validates the need for better financing options for solar and next generation energy. We are excited to support the team at Energetic as they scale their impact on climate and energy finance.” – Tiffine Wang, partner at MS&AD Ventures.

“I’m honored to be able to work every day with such a dedicated and committed team at Energetic. Because of their relentless efforts, we are poised to harness this additional capital and investor support to grow and streamline operations as we expand our current offering and enter new markets. Thanks to the enthusiastic support of our existing and new investors, Energetic Insurance is becoming a driving force behind the clean energy transition.” – James Bowen, co-founder and CEO of Energetic Insurance.

“EneRate Credit Cover is a powerful tool I can bring to bear as a financier and developer of resilient and sustainable distributed generation projects. It allows me to target with confidence the large segments of the US market that have historically been considered “unbankable” by tax equity investors or lenders. I’m excited to see the global venture community’s support for the critical role Energetic is playing to expand the adoption of renewable energy in the US.” – Julian Torres, chief investment officer at Scale Microgrid Solutions.