PearlX is an owner and operator of fully integrated smart grid infrastructure systems serving multi-family rental properties in the United States. Founded in 2019 by Michael Huerta and Peter Mendonez, the company combines rooftop solar panels, communal battery storage and community electrification to optimize landlords' "energy estate." Its solution provides renters with backup power and bill savings while delivering landlords new income streams, community amenities and improved ESG performance. PearlX positions itself as a first mover of scale in the US multi-family residential housing segment focused on decarbonizing existing properties. The company plans to scale its team and platform, execute a robust pipeline of solar and storage systems, and expand electrification offerings to underserved multi-family rental communities. Expansion efforts are focused on California, Texas, and across the US to increase resilience and energy accessibility for middle-to-lower income rental communities. PearlX installs and operates solar panels and backup batteries at multifamily rental communities under long-term lease agreements with landlords, then sells the power to tenants at a 5%–10% discount. The company signs 30-year agreements with landlords, which grant rights to host and manage the solar and battery systems while landlords handle billing. PearlX aggregates individual batteries into a virtual power plant to prioritize tenant power needs and sell excess back to the grid. PearlX launched installations in Texas through its “TexFlex” project and is planning a California expansion called “Flexifornia.” The founders, CEO Michael Huerta and Pete Mendonez Jr., say the company views solar as a foot in the door to provide additional electrical amenities like heat pumps, energy-efficient lighting, and shared EVs. The company has a backlog of landlords representing a couple thousand tenants and has completed a handful of projects, with about a third of the backlog in construction. Financially, PearlX has raised just under $5 million in prior rounds and is now pursuing a Series B of up to $70 million that values the company at $115 million.

Total raised

$70M

Funding rounds

2

Latest round

Series B

Latest activity

Sep 2022