Atlanta-based renewable energy manufacturer Emrgy Inc. raised over $13 million, nearly doubling its intake of investments over the last five months, according to a filing with the U.S. Securities and Exchange Commission.
Emrgy has its sights set on a $27 million round. It's $1.2 million from that goal.
There were 55 investors participating in the most recent investment. It is not clear who the investors were. Total funding for the company now stands at over $49 million across 10 rounds, according to Crunchbase.
The company did not respond to requests for comment from Atlanta Business Chronicle.
Each of Emrgy’s latest investments represent some of the largest for Atlanta startups over the last few months as venture capital has dipped from a shift in investors’ priorities.
Its September raise of $13 million was the fifth-largest for a local business during the third quarter of 2022. Its most recent raise is the sixth-largest for an Atlanta company in 2023, behind $150 million to Nexus Circular, $25 million to Love Renaissance, $36 million to Lemon Perfect, $28.1 million to Rialtic Inc. and $14 million to Altesa BioSciences Inc.
Environmentally focused startups are suited for strong growth amid an uncertain economy due to demand and long-term incentives, according to Deloitte. The Inflation Reduction Act signed in 2022 will also bolster the industry with hundreds of billions in federal investments toward greening the environment.
Founded in 2014 by CEO Emily Morris, Emrgy taps into energy sources in waterways to generate renewable power with its portable, modular hydropower generators. It has partnered with The Southern Co., Denver Water, General Electric Co. and the city of Atlanta, according to its website.
The company’s technology has been developed through sponsored research by the U.S. Department of Energy and the U.S. Office of Naval Research, Morris told Atlanta Business Chronicle in 2017. Its customers are water treatment authorities and utilities that are encouraged to decrease operating costs and electricity consumption.
