SparkMeter raises $12m from Clean Energy Ventures, Goodwell, others
SparkMeter, a provider of grid management services, equipment, and software solutions that increase access to reliable electricity in underserved communities across Africa, Asia and the Americas, announced today the closing of a $12 million series A financing. The round was led by Clean Energy Ventures and Breakthrough Energy Ventures, alongside Goodwell Investments, in partnership with Alitheia Capital, Total Energy Ventures, and other notable investors. The latest funding will allow SparkMeter to launch its new digital solutions offering, connecting smart grid data insights to business operations for large electricity distribution utilities in emerging markets.
“The team at SparkMeter has developed a disruptive, low-cost and highly impactful grid management solution, enabling utilities in developing countries to simultaneously improve electricity access and mitigate carbon emissions,” said Daniel Goldman, co-founder and managing director of Clean Energy Ventures and SparkMeter board member. “Close to one billion people globally live without access to electricity while another billion have unreliable access, and we have an obligation to address this inequity sustainably and cost-effectively. Our team at Clean Energy Ventures believes that SparkMeter’s solution has the potential to mitigate over 2.5 gigatons of CO2e between now and 2050 if widely deployed.”
In emerging markets, microgrid and distribution utilities often struggle with electricity and revenue loss due to non-payment, load management challenges, and sub-optimal customer service. SparkMeter’s low-cost combination of patented two-way meter communication and smart grid software designed specifically for hard-to-reach and low-consumption end-users improves load management, customer services, and billing. The company is currently operating in over 25 countries with over 100,000 meters sold, with more locations added every day.
“In Africa, equitable energy access is top of mind for many local communities, and therefore a growing focus for our uMunthu Fund. SparkMeter’s technology has the potential to revolutionise how we address electricity access in markets like Nigeria and Kenya,” said Mobola da-Silva, investment principal at Alitheia Capital, Goodwell Investments West Africa partner. “We are extremely pleased to be SparkMeter’s first major investor in Africa and look forward to supporting the company to expand and reach its business and social impact goals across the continent.”
SparkMeter has also received funding from Lateral Capital, Schmidt Family Foundation, Incite Capital, Powerhouse Fund, Shell Foundation, Factor[e], The E8 Fund, and other investors.
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