Smart electrical panel company Span gets a $90 million shock – MovieUpdates

The humble breaker panel has been around for a century without getting much love, and here comes Span. The company is making an attractive offer for better, smarter electrical panels and has just received a $90 million revaluation to continue its evolution. The company solves the challenges of electrification and micro-grid balancing and ensures that the smart homes of the future have a better understanding of the how, what and why of power consumption.

Span raised $10 million a few years ago, integrated with Alexa and launched a smarter EV charger to match the smart panels earlier this year.

“I was fortunate enough to join Tesla in the very early days of defining what Tesla Energy later became. So I was one of the first leaders in the Energy Group. People are probably most familiar with the Powerwall battery, but I was the product team leader there that designed, developed, and implemented residential, commercial, industrial, and utility products, both on the hardware and software side. During my time, they were also responsible for products such as the solar roof and solar energy deployment, the glass roof portion, if you will,” Arch Rao, CEO and founder of SPAN told me in an interview earlier this year. “One of the Things that I’ve seen first hand in deploying home batteries and solar systems and electric vehicle charging systems around the world is that there is a fundamental problem associated with infrastructure. It will act as a deterrent to the adoption of distributed clean energy, especially if you believe electrification is a meaningful part of the Fossil Free journey we want to take. If we want to repress [fossil-fuel focused appliances] with superior electrical appliances, it will require a massive infrastructure upgrade, starting with the electrical panel in the home.”

“We’ve started reinventing the electrical panel because it’s the core component of any scalable path to home electrification, but the consumer experience demands more,” Rao says. “We are excited to use this new capital to expand our product offering that simplifies home decarbonisation, and to continue to develop the unparalleled approach to home energy management that Span is uniquely positioned to deliver.”

Span’s Series B funding round was led by Fifth Wall Climate Tech and Wellington Management. Other investors include Angeleno Group, FootPrint Coalition, Obsidian Investment Partners and A/O PropTech. The company explains that it will use the new funding to continue developing the Span Home suite of energy products and solutions to drive commercial growth and accelerate home electrification.

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