“`html
Reservoir, a startup founded by former Formlabs chief business officer Luke Winston-Almanzar, has secured $8 million in seed funding to commercialize an intelligent water heater designed to benefit both homeowners and electrical grids. The company announced the funding round, led by Asymmetric Capital Partners with backing from Founder Collective and MCJ, as it expands installations beyond its initial Boston-area market.
The Reservoir water heater incorporates several features absent from conventional models. Its predictive heating technology learns household water usage patterns during an initial month and optimizes heating times when electricity is cheapest and grid demand is lowest. The device also includes ultrasonic sensors to detect plumbing leaks throughout homes, alerting residents via mobile app. Advanced versions include recirculation valves for instant hot water access and mixing valves to prevent pipe freezing.
The technology promises significant efficiency gains, with Reservoir’s heat pump operating nearly four times more efficiently than traditional electric water heaters and five times more efficiently than natural gas models. The company estimates typical Boston homeowners could save approximately $1,000 annually on energy costs. Pricing starts at $5,000 for the base model and $6,500 for the advanced version, with installation included. After applying available state rebates, the base model costs $3,950—competitive with existing heat pump alternatives while undercutting traditional electric units when accounting for installation.
Reservoir has established its own plumbing company to ensure proper installation and customer adoption, a strategy inspired by the company’s experience with distribution challenges in other industries. With roughly 100 units currently installed, the startup aims to reach 1,000 installations by year’s end.
“`
Originally reported by Techcrunch →
About the Author
