Smart Wires announced it raised $65 million to propel its growth and meet rising energy needs, driven by the appetite for electricity from data centers and the rise of artificial intelligence (AI). This funding includes new investments from BP Energy Partners and significant Keystone Group contributions.
Smart Wires’ grid-enhancing technologies (GETs), like the SmartValve advanced power flow control (APFC) device, give utilities the flexibility to manage capacity and load issues and have already helped utilities gain nearly 4 GW of firm capacity from their existing networks. SmartValve can be rapidly deployed, adjusted, or relocated as needed to adapt to changing system demands and accommodate new power generation sources. These advancements have been essential for meeting the growing global energy demand in a cost-effective and sustainable manner.
Leading utilities across the Americas, Europe, and the APAC region also partner with Smart Wires to address critical grid challenges, with hundreds of power flow control devices deployed across four continents. And recent deployments include projects with Central Hudson Gas & Electric, National Grid Electricity Transmission, and ISA TRANSELCA. The company has also been working on upcoming projects with Southern Company and Georgia Tech, Avista Utilities and Idaho Power, ISA ENERGIA BRASIL, and many other utilities.
Smart Wires will use the funding to further scale its commercial operations in 2025 and beyond to address the growing market opportunity. For example, a recent Goldman Sachs Research found that data center power demand will grow 160% by 2030.
KEY QUOTES:
“The urgent need for solutions that create more energy capacity has never been clearer, and every day we see validation of the transformative work our team is doing through real gigawatts unlocked. With this additional funding—and our strong partnership with BP Energy Partners and Keystone Group—we’ll be able to accelerate our work with customers worldwide and drive further technological innovation.”
- Joanna Lohkamp, CEO of Smart Wires
“Smart Wires’ solutions increase existing grid capacity and reliability in a way that addresses growing energy needs. We believe the company will be a critical player in the global energy transition, as its solutions offer the fastest way to tackle increasing electricity demand. This is why the company is seeing such strong traction in the market.”
- Ramon Betolaza, managing director of BP Energy Partners
“With the global energy landscape undergoing rapid transformation, now is the time to capitalize on rising market demand. Smart Wires has the most impactful solutions and the best team in place to seize this opportunity and drive substantial growth in the coming years. The company’s solutions, which are not dependent on grid circumstances or weather, ensure that utilities have the ultimate flexibility to reliably address congestion issues at any time.”
- Christopher Bass, principal, Keystone Group
