- Modular power flow control solutions company Smart Wires announced it has raised $75 million in growth equity financing
Smart Wires — a modular power flow control solutions to help electric utilities and grid operators solve their biggest challenges — announced it raised $75 million in growth equity financing led by Lime Rock New Energy. This funding will be used to provide growth capital to the company as it deploys its SmartValve solutions with customers on four continents in 2020.
How does it work? Smart Wires power flow control devices allow utilities to increase the efficiency and resilience of today’s power grid infrastructure. And the technology’s modular nature means it is quick to install and easy to move thus providing valuable flexibility.
“We are gratified to be ending 2019 with strong momentum as we head into a transformative year in 2020. Lime Rock New Energy’s growth financing, combined with our rapidly expanding customer base including our recently announced five-year framework agreement with National Grid Electricity Transmission sets a solid base as we continue deploying our industry-leading SmartValve technology across grids in the U.S., Europe, Australia, and South America,” said Smart Wires CEO Gregg Rotenberg.
This is the first investment by Lime Rock New Energy, which is a provider of growth capital to the new energy economy. And Lime Rock New Energy representatives will join the board of Smart Wires alongside representatives from the company’s existing primary investor 3×5 Partners.
“We welcome Lime Rock New Energy to the Smart Wires board and team. Their capital will accelerate our global sales efforts, and we look forward to partnering with them in our next phase of growth,” added 3×5 Partners managing diector Tony Arnerich.
Smart Wires power flow control technology enables utilities and grid operators to unlock large amounts of underutilized transmission capacity that exists on their systems today. This means they can reduce congestion to save customers money and more quickly connect new renewables and demand. And increasing the utilization of the existing grid is a more cost-effective and less disruptive way to deliver clean and renewable energy to end customers.
“Our respect and admiration for the Smart Wires and 3×5 Partners teams is deep, and we are excited to be able to partner with them on the next phase of growth for Smart Wires. We believe that the SmartValve™ technology will become an increasingly essential technology for grid operators worldwide as they address the opportunities and challenges of transforming the grid for ever increasing renewables penetration globally,” explained Lime Rock New Energy managing director Mark Lewis.
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