Reservoir raises $8M to make water heaters that people — and the grid — will actually want
Reservoir has raised $8 million in a seed funding round to develop intelligent water heaters that can reduce energy consumption and stabilize the electrical grid. Co-founder Luke Winston-Almanzar highlighted that traditional water heaters are inefficient and lack smart technology, prompting the need for an upgrade. The funding will facilitate the installation of more units in the Boston area, with a goal of reaching 1,000 installations by next year, potentially allowing the company to participate in utility demand response programs.