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Daniel Goldman, co-founder and managing director of Clean Energy Ventures and SparkMeter board member, noted that close to one billion people live without electricity, and another billion have unreliable access.
Fremont, CA: Washington based provider of grid management services, equipment, and software solutions that increase access to electricity in underserved communities across Africa, Asia, and the Americas, SparkMeter, secured USD 12 million in a Series A funding round 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 funds will enable the company to launch its new Digital Solutions offering, connecting smart grid data insights to business operations for large electricity distribution utilities in emerging markets.
“SparkMeter’s technology has the potential to revolutionize how we address electricity access in markets like Nigeria and Kenya,” added Mobola da-Silva, investment principal at Alitheia Capital, Goodwell Investments West Africa partner. “In Africa, equitable energy access is top of mind for many local communities. We are extremely pleased to be SparkMeter’s first major investor in Africa and look forward to supporting the company.”
Daniel Goldman, co-founder and managing director of Clean Energy Ventures and SparkMeter board member, noted that close to one billion people live without electricity, and another billion have unreliable access. The company is also launching digital solutions to help sizeable incumbent distribution utilities digitalize their operations, assess areas for improvement, and deploy customized algorithms and solutions to improve business performance. The digital solutions will also enable utilities to avoid system capital upgrades through customized solutions, including non-wires alternatives like distributed energy resources and load management.
As SparkMeter expands its market presence across Africa and Asia, its products open up ample opportunities for distribution utilities globally to improve their financial and environmental sustainability through the data analytics provided by SparkMeter. The company has also received funding from Lateral Capital, Schmidt Family Foundation, Incite Capital, Powerhouse Fund, Shell Foundation, Factor[e], The E8 Fund, and other investors.
