SparkMeter – a provider of grid management services, equipment, and software solutions that increase access to reliable electricity in underserved communities across Africa, Asia, and the Americas – announced a strategic $5 million investment and global partnership with Honeywell Smart Energy, one of the largest utility digital solution providers in the world.
Through the partnership, Honeywell Smart Energy will provide its base of US utility customers with SparkMeter’s integrated approach to cloud-based metering and operational analytics software and offer SparkMeter’s metering hardware to large emerging market countries.
The pioneer of Somalia’s first smart grid project, SparkMeter – in partnership with Honeywell Smart Energy – will now migrate their approach to digitizing grids for U.S. utilities.
This partnership is timely as utilities globally are no longer satisfied with the “base case” of smart metering deployments, which only deliver simple automated meter reading and billing integration.
All utilities- whether an investor-owned (IOU), electric co-op or municipal – now experience major financial and operational challenges that require real-time, accurate data from the grid edge from their smart meters to solve. And after achieving success in emerging markets, SparkMeter has proven its capabilities to transcend the small microgrid market and up into the larger global utility market. It recently closed its first utility-scale contract with NECSOM in Somalia and expects to close two more contracts in Somalia and its first in the Philippines by year’s end.
SparkMeter’s modern industrial IoT technology platform brings grids into the future, providing a first-of-its-kind end-to-end metering and operational analytics solution compatible with any Advanced Metering Infrastructure (AMI). And with SparkMeter’s technology and product offerings, utilities can circumvent electricity and revenue loss due to load management or payment challenges and begin to plan for new grid dynamics such as DERs and EV chargers. SparkMeter is currently operating in more than 25 countries worldwide.
KEY QUOTES:
“As Honeywell Smart Energy continues to expand its digital capabilities, SparkMeter’s innovative approach to smart grid technology is a good fit to access visibility into a utility’s operational and financial performance. Their success in emerging markets complements our commitment to driving operational excellence and sustainability across the utility sector. This partnership aligns with our strategy to integrate cutting-edge technologies that enhance grid reliability and efficiency, propelling our service offerings into the next era of smart utility management.”
— Kinnera Angadi, Chief Technology Officer at Honeywell’s Smart Energy and Thermal Solutions
“Due to the lack of visibility into existing grid performance in many parts of the world, disadvantaged and rural areas often struggle with unreliable or inadequate electricity. Our goal is to enable greater grid resilience by partnering with leaders like Honeywell Smart Energy to bring our plug-and-play grid management technology to address the needs of utilities in all markets.”
— Dan Schnitzer, CEO of SparkMeter
