Article by:
Austin Young
February 13, 2024
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2023 at a Glance: A Year of Achievements and Impact

As 2023 draws to a close, Ivy Energy looks back on a year defined by resilience, innovation, and remarkable growth, all amid the backdrop of unprecedented demand. The challenges we faced became pivotal moments of triumph, showcasing our ability to navigate complex landscapes with unwavering resolve.

Funding to Power the Future

Despite the capital market facing considerable difficulties, Ivy successfully navigated through, securing funding and establishing a robust foundation for supporting the future of onsite energy. Between early 2023 and February 2024, the company successfully completed their initial Series A fundraising round which will have an official announcement in the coming weeks.

Awards & Recognition: Gold Edison Award and Solar Power World Top Solar Software

Ivy Energy's commitment to excellence earned it the prestigious Gold Edison Award in the Critical Human Infrastructure category. Defying the odds, Ivy Energy outshone competitors that had much larger budgets and marketing teams. Additionally, the company was featured as a 2023 Top Solar Software in Solar Power World, further solidifying its position as an industry leader.

Press Highlights: Recognition Across Diverse Platforms

Ivy Energy made headlines across various platforms and outlets, reinforcing its influence in the industry. Some notable mentions include a feature in the AMFAM Institute's list of game-changing companies combating climate change,  the Adobe Worldwide Tech Index Report - Multifamily Edition, Business Chief’s Insights "Top 10 Innovative Companies to Watch in 2023”, and  San Diego Business Journal, showcasing Ivy’s transformative impact on clean energy adoption in multi-unit buildings. Ivy’s impact on rooftop solar for renters was discussed in a Canary Media article, and it was recognized by Bessemer Venture Partners in the energy transition software stack. 

Participation in Key Events: Defining the Future at Leadership Summit and More

Ivy Energy took an active role in prominent industry events such as Blueprint, Optech, Realcomm, and Modern Ventures Passport Program, leveraging these platforms to educate industry professionals and offer insights into our Virtual Grid platform. Demonstrating a strong commitment to community engagement, Ivy Energy hosted a WomenHack event at its San Diego office, highlighting its dedication to enabling a diverse clean tech workforce.

Focusing on internal excellence and how to overcome large external challenges, the Ivy leadership team came together for a transformative retreat, not only shaping the organizational compass to provide the best experience to customers but also aligning the collective vision toward enabling optimized shared energy infrastructure at the last mile of the grid. This pivotal event reaffirmed our commitment to providing the private market with the clarity and digital tools needed to be a major stakeholder in the energy transition.

Policy Wins: Advocating for Change and Making an Impact in VNEM Policy Decisions

Ivy Energy celebrated significant policy wins, particularly with regard to California’s Virtual Net Metering tariff. The company's efforts helped convince the California Public Utilities Commission to carve out an exception from its decision to do away with virtual net metering to allow virtual netting for residential meters. This carve-out allows multifamily properties to optimize onsite energy with energy storage. Ivy Energy’s advocacy in Colorado, along with other participants, resulted in the Public Service Company of Colorado passing new regulations to allow multi-unit net metering, which is similar to California’s original VNEM program.  Ivy Energy continues to advocate for policies that allow better optimization of onsite energy for multi-tenant properties.

Product Innovations: Launches, Improvements, and Optimizations

During 2023, Ivy made significant product advancements. They launched Virtual Grid 2.0, upgraded their solar bill design, and enhanced the Trellis User Experience to ensure better service quality and faster delivery. Ivy also refined its shared DER accounting framework to offer clearer billing structures, more versatile meter management to improve data quality and access for different meter management arrangements and support access to new jurisdictions and utilities. Existing communities will see these updates in the coming months. Moreover, Ivy implemented major operational efficiency improvements, introduced a new resident portal, and undertook several other initiatives to underscore their commitment to providing cutting-edge onsite energy services.

Quarterly Expansion and Team Growth Highlights

Quarterly onboarding efforts in 2023 resulted in the successful integration of 27 new communities and over 100 started their onboarding process contributing to Ivy Energy's environmental impact. On top of growing revenue 5x from 2022, Ivy Energy experienced a significant expansion in its team, marking a pivotal chapter in its journey. The addition of 19 new team members played a crucial role in fortifying the company's foundation and building a knowledgeable team to move Ivy Energy to new markets. Among these additions, key leadership roles were filled, including the appointment of a Chief Operating Officer/General Counsel (COO/GC), Chief Legal & Policy Officer (CL&PO), and Head of People. 

Environmental Impact: 47,027,250 Lbs of CO2 Offset

The company's commitment to environmental sustainability continues to be evident in its impressive CO2 offset. Ivy Energy's solutions have offset a staggering 47,027,250 pounds of CO2, contributing to a cleaner and more sustainable future.

Looking Ahead to 2024: Embracing Growth, Innovation, and Collaboration

As we reflect on the remarkable achievements of the past year—from fundraising triumphs to policy wins, product innovations, and environmental impact—we are reminded of the collective effort and dedication that have propelled Ivy Energy forward. Together, we have overcome challenges, embraced change, and made a tangible difference in the world of clean energy. Our journey has been made possible by the unwavering support of our clients, investors, and partners, to whom we extend our heartfelt gratitude. Your belief in our mission fuels our determination to push boundaries and achieve excellence. Looking forward, we are excited to unveil new initiatives, forge strategic partnerships, and pioneer groundbreaking solutions that will shape the future of onsite energy. With a solid foundation and a growing community, Ivy Energy is poised to continue leading the way in the shared onsite energy revolution. Here's to a bright and prosperous 2024!