SparkMeter to modernise distribution utilities in Africa and Asia
Power solutions provider, SparkMeter, announced the closing of a $12 million Series A financing. The latest funding will allow 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.
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 investors.
“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.
Goldman noted: “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.”
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