Our Investment in Haven Energy – Accelerating the Adoption of Home Energy Storage
We’re excited to announce Comcast Ventures’ investment in Haven Energy – a company that’s accelerating the adoption of home energy storage – as part of their recently announced $7M Series A. We’re looking forward to joining an incredibly strong group of new and existing investors including Giant Ventures, Lerer Hippeau, LifeX, TO VC, Habitat Partners and more.
Homeowners currently face a growing number of energy reliability and cost hurdles. On the reliability side, power outages have increased 64% since the early 2000s, and weather-related outages have increased 78%. Approximately 83% of major outages in the U.S. between 2000 and 2021 were attributed to weather-related events – with climate change increasing the frequency and intensity of extreme weather events.
Investments in clean energy technologies and home energy storage solutions can help solve some of these reliability and cost issues, giving homeowners more energy independence and resilience to grid-disrupting events.
Haven Energy offers an end-to-end solution for both homeowners and installers, guiding homeowners through the selection of a home battery and pairing them with vetted electricians for installation. Batteries can connect to solar panels or to the grid for emergency backup power, with homeowners provided the option to integrate their batteries into an aggregated virtual power plant, enabling monetizable participation in grid services and the ability to reduce overall electricity costs.
In addition to Haven’s best-in-class product offering, broader market trends help explain why we believe now is the ideal time for Haven’s expansion. The home battery market continues to grow alongside solar, with adoption rapidly increasing in recent years driven by significant cost reductions and greatly improved battery performance. The market opportunities are only expected to grow, with an increasing number of electrification incentives becoming available to homeowners through new federal and state policies like the Inflation Reduction Act.
Our investment in Haven aligns with Comcast’s ongoing focus on decarbonization as part of our goal to be carbon neutral by 2035 in our Scope 1 & 2 emissions. Particularly on the energy front, we’ve set a goal to double the energy efficiency of our network by 2030 – and we’ve already reduced the electricity it takes to deliver each byte of data by 36% since 2019.
Needless to say, we’re big believers in supporting a climate-smart future, and Haven’s vision to help homeowners take control of their home energy is a critical step forward.
Of course, none of this can be accomplished without an exceptional team. Haven is led by an strong set of repeat founders who bring a valuable mix of energy industry expertise, paired with experience building and scaling consumer-facing businesses. Co-Founders Jeff Chapin and Philip Krim previously founded Casper Sleep, while Haven’s CEO Vinnie Campo was previously with Uber and Bulb Energy.
We couldn’t be more excited to invest in Haven and play a small part in the company’s journey.
This communication includes estimates, projections and statements regarding plans and goals that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. For more information on these statements, please see https://corporate.comcast.com/impact/environment/forward-looking-statements.