Microgrid operators in emerging markets often struggle with electricity and revenue loss because of non-payment, load management challenges, and poor customer service. To address this, SparkMeter, which offers grid management solutions, is expanding its emerging market play with $12 million in new financing.
The Series A financing was led by Clean Energy Ventures and Breakthrough Energy Ventures, alongside Goodwell Investments, in partnership with Alitheia Capital, Total Energy Ventures, and other investors.
Founded in 2013, SparkMeter describes itself as offering a simple plug-and-play solution that enables microgrids and distribution utilities in remote locations to to offer flexible billing, customer communications, and remote monitoring and control.
The Washington, DC-based company will scale its products in developing markets across Africa, Asia, and South America.
Lack of access to reliable electricity is a major barrier to economic advancement in emerging markets around the globe. SparkMeter said that its system is specifically for hard-to-reach and low-consumption customers.
Daniel Goldman, co-founder and managing director of Clean Energy Ventures and SparkMeter board member noted that close to one billion people live without access to electricity and another billion have unreliable access.
“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.”
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. The company has sold more than one million meters in 25 countries for utilities and microgrids. Its largest markets are currently Nigeria, Kenya, and India.
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