Monday, October 26, 2020 UTC
Recognized by industry leaders for extensive coverage on African Asset Management

AGF 2020 Educational Webinars

News > Private Equity > Deals

Clean Energy Ventures and others invest in SparkMeter

Africa Global Funds
Aug. 25, 2020, 3:55 p.m.
751

Word count: 420

Clean Energy Ventures and Breakthrough Energy Ventures, alongside Goodwell Investments, in partnership with Alitheia Capital, Total Energy Ventures, and other notable investors, have invested $12m in a Series A round in SparkMeter, a provider of grid management services, equipment, and software solutions.

Receive ONE magazine and TWO locked articles of your choice for FREE when you register an account
Share:

Clean Energy Ventures and Breakthrough Energy Ventures, alongside Goodwell Investments, in partnership with Alitheia Capital, Total Energy Ventures, and other notable investors, have invested $12m in a Series A round in SparkMeter, a provider of grid management services, equipment, and software solutions.

“With utility companies in developing countries struggling to provide power to their communities in a sustainable and profitable way, SparkMeter can assist them in responding to demand, providing greater power reliability and serving as a gateway to clean energy,” said Carmichael Roberts, Managing Partner of Breakthrough Energy Ventures.

“We’re excited about SparkMeter’s specialized grid management solution, which is well on its way to driving a step-change improvement in emerging markets over the next decade.” 

SparkMeter, founded in 2013, provides grid-management solutions tailored to emerging markets, where 2.1 billion people live without reliable electricity access.

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. 

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 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 revolutionize 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.” 

Registration Login
Sign in with social account
or
Lost your Password?
Registration Login
Sign in with social account
or
Registration Login
Registration