ElectronX, a financial infrastructure firm focused on electricity derivatives trading, has raised $10m in a strategic investment round.
The funding was led by Systemiq Capital, with participation from Equinor Ventures, Shell Ventures and Innovation Endeavors.
ElectronX previously secured a $15m seed round in June 2024, led by Innovation Endeavors.
ElectronX specialises in electricity derivatives trading, offering financial tools designed to hedge intraday price risks. The platform aims to address challenges in the US energy sector, particularly as rising demand from data centres and renewable energy integration creates market volatility.
ElectronX CEO Sam Tegel said, “Unprecedented demand for electricity, particularly from high-volume consumers like data centers, continues to strain the capabilities of the shifting U.S. grid.
“The resulting price volatility is now a critical worldwide challenge for the energy ecosystem. This follow-on strategic round, with participation from Equinor’s and Shell’s venture arms—both globally significant energy corporations—is a consequential step for ElectronX that greatly strengthens our ability to develop market-driven solutions for the industry at large. Systemiq Capital’s deep climate tech knowledge and power markets expertise will also help sharpen our approaches to technology, product and market structure.
“I look forward to collaborating with our new investors, and continuing to work with Innovation Endeavors, as we build the necessary financial tools to support increased investment in clean energy and grid modernization.”
Systemiq Capital managing partner Irena Spazzapan commented, “We are thrilled to invest in ElectronX and partner with Sam and the leadership team to accelerate the expansion of intraday power trading.
“Over the past few years, intraday power markets in Europe have seen remarkable growth, revolutionizing energy trading and enhancing market flexibility and responsiveness. By optimizing the integration of renewable energy and storage, intraday trading is pivotal to building a cleaner, more efficient energy grid. We are proud to support a platform driving this transformation in the US, unlocking innovative opportunities for the future of green energy.”
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